![]() The grantor will designate a trustee to manage the trust, although more often than not, the grantor will elect themselves. Living Trust (Revocable) – A living trust is an entity created by a grantor to which they can transfer the ownership of assets and real property. Signing Requirements – A Last Will and Testament must be signed by the testator and two (2) witnesses. Unlike a Trust, a Last Will and Testament passes through probate court before the beneficiaries can receive their inheritance. If the testator has children under the age of eighteen (18), they will be required to leave instructions regarding guardianship. The testator (principal) will designate an executor to carry out the instructions relayed within the document. Last Will and Testament (‘Will’) – This is the most common document used to relay one’s wishes for the division of one’s estate following death. There are fundamental differences between these two legal instruments, and deciding which is most suitable to the principal’s needs can be based on a number of variables. ![]() The conveyance of an estate following the principal’s death can be carried out in accordance with the instructions found in a Last Will and Testament, or a Revocable Living Trust. Benefits from Governmental Programs or Civil or Military Service.Estates, Trusts, and Other Beneficial Interests.Signing Requirements – A power of attorney must be signed by the principal before a notary public or other individual with the authority to take acknowledgments. ![]() The authority granted upon the agent can be defined within the document, and any special instructions the principal wishes to include can be detailed to ensure that the agent can carry out their responsibility as effectively as possible. The representative will not have the authority to make healthcare decisions for the principal.ĭurable (Financial) Power of Attorney – This legal instrument provides an agent with the authority to make decisions relating to the principal’s finances. A financial agent’s authority to handle property on the principal’s behalf becomes effective immediately following the signing of a power of attorney unless otherwise specified therein. The individual selected should be trustworthy and able to carry out financial transactions with the best interests of the principal in mind. The financial representative, or agent, is much like a health care attorney-in-fact in that they can be elected to make decisions for the principal in the event they are unable to do so themselves. It is highly recommended that those planning their estate seek the guidance of an attorney who is well-versed in estate law to ensure that all documents completed will remain effective following their death or incapacitation. The below step-by-step guide sets forth the process of planning one’s estate. Draft Will and/or Revocable Living Trust. ![]() How to Create an Estate Plan in Utah (6 steps) A Durable (Financial) Power of Attorney will enable the individual to elect a trusted financial representative while an Advance Health Care Directive (Medical POA) will ensure that their end-of-life treatment preferences are accounted for and carried out by an attorney-in-fact. In the case where the individual loses decisional capacity, they will require an agent to make financial and health care decisions on their behalf. These documents delineate the division of one’s estate following the owner’s death. The most essential aspect of the planning is the creation of a Last Will and Testament and/or Utah Revocable Living Trust. A Utah estate planning checklist is an overview of the process of preparing one’s asset base in the event of physical/mental incapacitation and death.
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