If you are concerned about your property, pets or children, you probably would have done your own research on a will or a trust and understand what exactly is it. After that research you might me planning for a will and trust attorney in Southern Utah because you probably think that’s the right thing to do. But the most important aspect is to get the correct information from the right source. So we, Ruesch and Reeve Legal, are here to tell you in and out about the will and trust attorney in Southern Utah give exactly what you need to know.
You must be thinking, why should you choose us? So here is your answer. We are concerned about our clients, and we want to give the best solution for their legal needs. As our client’s victory means a lot to us. Ruesch and Reeve Legal help people in business and corporate law by solving legal issues in Business relationships, building their family through Adoption, clearing up their water rights issues, and assisting in family laws involving family relationships like property agreements and divorce and child custody, etc.
Along with these, we help our clients in Bankruptcy, Construction Law, Criminal Defense, Estate Planning & Probate, Litigation, Mining Law, Land Use & Zoning, Personal Injury, Real Estate Development & Finance and Immigration Law. We have years of experience and knowledge to help you with your legal needs for fighting for your rights.
If you want to learn more about Will and Trust Attorney in Southern Utah, keep reading the blog till the end.
What is a Will?
A Will is a court-supervised document that consists of everything you state what should happen to your property after your death. It does not involve joint tenancy, and every detail is being followed as you have mentioned in the final Will. This highly structured process will allow you to name guardians to your minor children and pets, forgive debts, and distribute property and assets to the beneficiaries.
Along with these, you can even make a will, instructing for your funeral ceremony. In our experience, some clients have different wishes to cremate or get buried in their family ground or some other place else. But there is a condition to it: while establishing a will, Will’s creator, the Testator, must be an adult of sound mind. They choose an executor to execute estate affairs after their death.
According to our experts at Ruesch & Reeve, there are several types of Will. Some of them are Living Will, Testamentary Trust Will, Deathbed Will, Nuncupative Will, Pour-Over Will, Holographic Will, Simple Will, Joint Will, and an online will.
Here are the key features of a Will
- It’s a legal statement of a person’s wishes for the property or assets after their demise.
- A Will’s beneficiary can be anyone such as a corporation, minor, juristic person or someone of unsound mind.
- There can be various purposes of establishing a Will, for instance, guardianship of a minor child, distribution of property or assets, ownership of pets, instructions at funerals and many more.
- It includes court probation and is a public record that comes into effect after the death of the Testator.
- It is revocable and can be altered or modified until the death of a person.
Why do you need a Will?
- To provide guardians to your minor children
Every child needs an excellent upbringing to nurture their physical, emotional, and social development and face real challenges to cope with the real world. Suppose you have a prepared Will, then your minor children will be in the trusted hands even after your uncertain death.
And it’s way better than your family seeking help in a probate court to appoint a guardian. In worse cases, the court might give your child to a person who doesn’t have any experience or interest in raising a child, and it can turn out to be a little detrimental for the child in the end.
- To distribute your assets and property as per your wish
Your “Will” will assure that your assets and property will be distributed as per your wish even after your death. This will save time and minimise the chances of conflicts among your loved ones. And in case you do not have someone to manage your property or do not want your family to collect the same, you can mention in your Will what should happen with your property after your death.
- To add your further instructions or wishes
Generally, people treat their pets as their children. The Will satisfies a person’s mind that their pet is in safe hands. Not just this, in our experience, some clients mention in their Will the name of the person whom they want to handle their social media accounts or any other special wish.
In your Will, you also have the flexibility to add things you want at your funeral, like about your resting place, the name of the funeral executor or more. You can even support your favourite cause like charities.
Now let’s get an overview of a trust…
What is a Trust?
Trust is a separate legal entity that manages your estate privately, eliminating court probation. After you create a trust, you are no longer the property owner, but the Trust is.
It’s a complicated process with great benefits such as providing greater control over the distribution of assets, exercise in different forms and more. There are two types of Trust: Revocable Trust and irrevocable Trust.
- Revocable Trust
A Revocable Trust can be altered or revoked, also known as living Trust or testamentary. It allows you to transfer the property and take the property out from the Trust.
- Irrevocable Trust
An Irrevocable Trust can not be altered or revoked. Once your property is transferred to the Trust, no one can take the property out. However, a revocable trust can be converted into an irrevocable trust after your death.
Here are the key features of a Trust
- It is a fiduciary relationship in which the trustor gives the right to hold the property or assets to the trustee.
- It is adaptable and can be used to manage assets and property, invest funds, reduce taxes or probate, etc.
- It is time-consuming, expensive to create and can not be revoked easily.
Why do you need Trust?
1. Managing and protecting assets and property
Trust helps the settlers in managing the funds, assets or property. People often establish a trust to protect the assets and property from creditors or marriage breakdown. Even though the ownership is shifted to the Trust, you can still exercise power to use your assets or property. There may be a possibility that you do not want your beneficiaries to own your property now or never; then, you can go with the trust option and can distribute your property over time. It also provides a helping hand for the people like minors as it can hold the property.
2. To avoid or reduce taxation
People usually establish a trust to avoid the tax or to reduce the tax rates on their income. At immigration or emigration, you can set Trust to preserve your assets or property by eliminating taxes in the destination country. The Trust can give adequate protection to the people’s assets and property from punitive tariffs.
3. To avoid probate
Unlike a Will, Trust is private management that is never required to be registered anywhere. Trust does not involve the transfer of ownership after someone’s uncertain death. Thus, it reduces the chances of conflicts between the beneficiaries. Therefore, it avoids the probation of the court. Establishing Trust can be very beneficial for an individual as probate can sometimes become time-consuming.
Here is the takeaway: By now, you know many things about Will and Trust. So, we will not comment on which one is better than the other. You have to decide what suits you or fulfill your legal needs. Ask yourself questions, and you will get to know which one is best for you.
One of the most common differences between the two is that Trust can not provide guardianship for your minor children. Only Will can do that. Rest, if you are searching for a will and trust attorney in Southern Utah, then you can contact us.
As we told you earlier, your victory means a lot to us. It provides us with a sense of satisfaction. Other than that, if you need any legal help regarding Business and Corporate law, Family laws, Bankruptcy, Land Use & Zoning, Personal Injury, Construction Law, Water Rights, Estate Planning & Probate, Criminal Defense, Adoption, Litigation, Immigration Law, Real Estate Development & Finance and Mining Law, then will and trust attorney in Southern Utah, Ruesch & Reeve is here for you. We will help you to fight for your rights.