A common concern for those who have remarried is that they still want to leave the bulk of their estate to their adult children without abandoning their current spouse. The solution? Create a life estate. A life estate is a tenancy that allows a person to use a property for the rest of their natural life, but not own the property.
An estate administrator has a duty to manage the estate and do so in the best interest of the beneficiaries. However, not every administrator acts in good faith, and even when they do, disputes and discrepancies can make a beneficiary want to know exactly where the assets are and where they’re going.
What duty does an administrator owe to the beneficiaries of an estate?
Dying intestate, or without a will, is very common. If you die without a will, your property will go through probate and is then distributed according to Utah’s intestacy laws.
Intestacy laws govern intestate property. They go into effect unless there is a valid will to testify to the deceased’s wishes or an established estate plan. In intestate inheritance, a spouse is first in line, then children, then their children, and so on. When there are no heirs in the direct bloodline, the heirs are the parents, then siblings, then nieces and nephews, and so on.
Special needs planning in Utah can be daunting if you’re just starting. However, a Salt Lake County special needs lawyer can save you the headache of planning and the worry over whether your plan will be executed properly. If you’re new to special needs planning and aren’t sure where to start, check out these do’s and don’ts for starting estate planning for your child with disabilities.
When the primary breadwinner dies, his or her surviving spouse, domestic partner and minor children can find themselves without the necessary resources to maintain their current lifestyle. If you find yourself in this position, you do have options.
Giving your children and grandchildren the legacy and pride of a family business can keep your nose to the grindstone for decades. Financial security, family harmony, and growing wealth together are some of the benefits of a family business. Legacies are meant to outlive the legacy makers. If you’re a business owner in Utah, don’t hesitate to consult an estate lawyer to help you plan for the future.
We’re often asked about using a solvent trap adapter as a substitute for buying a suppressor from a dealer.
The person asking the question is often interested in avoiding the wait time on a Form 1 or Form 4 application and in saving the $200 tax involved with those applications. We advise folks that they should not even consider it without an approved Form 1 in hand, but would be better off looking at a good commercial silencer in the first place.
When we prepare our estate in case of the event of our untimely death, you often take many things into consideration. Your children’s well-being, the division of your property and inheritance, and even avoiding taxes are all things commonly considered during estate planning. One aspect that is often forgotten or ignored is the welfare of your furry companions.
If you want to protect your assets from creditors or to alleviate the effects of taxes or divorce, a domestic asset-protection trust can help you feel secure. Trusts have a variety of uses and protecting your assets is just one of them. When you set up an asset-protection trust, you will be protected from creditors and others who might claim you owe them money.