Jon H. Rogers, Attorney at Law

What is Estate Planning?

Your estate is, basically, everything you own. At some point, everyone is going to die and estate planning is simply preparing in advance of your death for dealing with your assets, your liabilities, and any taxes which may be associated with the transference of your estate.

1. Identify in writing, all assets, including life insurance proceeds.
2. Determine what you want done with your assets at your death.
3. Evaluate which estate planning tools will best suit your wishes.
4. Enact the estate plan and ensure that all needed action is taken.

A careful estate plan is drafted with both the expected and unexpected in mind.

Wills & Trusts

A will is a written document with important legal relevance. A proper will permits you to identify who will receive part of your estate, identify your intended personal representative, and nominate a guardian for your minor children. If you die without a will, the State of Utah has drafted one for you. This is called an Intestacy Statute and determines how the State thinks your assets should be distributed.

A trust is an entity recognized by Utah law to hold and manage assets. There are multiple benefits that trusts can offer: privacy, avoiding probate, providing for incapacity, and safeguarding assets. Trusts can be used for almost anyone, however, they simply may be more horsepower than you need your engine to have.

Probate & Powers of Attorney

Probate is the process of administering the estate of a deceased person. Formal probate is not necessarily a difficult or expensive process. It can have several benefits including providing a cutoff date for creditors to make claims and providing clear title to property.

A power of attorney is a written document in which you authorize another to make certain decisions for you. A Durable POA takes effect immediately upon signing. A Springing POA generally takes effect or springs into effect upon the incapacity of the person.

The Utah Advance Healthcare Directive essentially combines the powers of a healthcare power of attorney with a living will by allowing you to plan for medical incapacity.

Common Terminology

Intestate: If you die without a will, you are considered to have died intestate.

Codicil: A document modifying a will.

Holographic Will: Any document entirely in your own handwriting, signed and dated by you.

Self-Proved Will: A will which has been signed and notarized in accordance with Utah law; it doesn't need a witness to prove its authenticity in court.

Settlor & Trustee: The person creating the trust is called the settlor and the person managing the trust is called a trustee.

Joint Tenancy with Rights of Survivorship: The decedent's interest in the property is transferred to the other joint tenants as a result of the death. This type of property passes outside of the will.