Estate Planning & Administration
Estate Planning Specialists.
Witt Law is a Southern Utah law firm with the experience to help you be certain your wishes will be carried out when the time comes.
Our firm has the experienced staff to help you plan your estate and provide protection to you and those whom you love. Along with planning a will and trust, we can also help you set up trustees, guardians, and conservators.
No matter the value of your home or assets, it is necessary and important for everyone to make sure that their estate planning is in order.
Our specialists will help you choose the plans and options that best work for you and your family.
There are a wide variety of benefits when you choose to transfer your assets to a trust. These benefits are helpful now and after your death. It helps to ensure that you and your family are taken care of.
There are other important steps as you grow older such as appointing a living will or a power of attorney. Whatever your choices are, we want to guide you on the path to making them happen efficiently. It is our goal to remove as much worry and stress from you and your loved ones as possible. We are here to take care of you.
What is a Trust?
The primary purpose of a trust is to establish a structured method of asset protection and management for someone’s assets and legacy after they have passed on from this life.
When creating a trust the original owner of the assets, called the grantor, trustor, or settlor, transfers ownership of their assets to a designated individual known as the trustee. The trustee then takes charge of the assets and manages them in your stead.
In essence, the trust is a vessel both to store and distribute your assets to your beneficiaries. There are many different types of trusts, and each one has its benefits and advantages. They are versatile and can be tailored to your specific needs and goals.
How Can a Trust Help Me?
When you create a trust you establish guidelines and a foundation for what to do with your assets when you are no longer able to manage them on your own. This includes after you pass away, however, there are many other situations where you might become incapacitated while still alive and will need directives in place that indicate your wishes on how you and your assets should be treated.
Living grantors can have protections for their health and well-being set in place if they have an accident or get sick, and are unable to verbally dictate what they would like done both for themselves, and their estate. Their trustee or trustees can act in their stead and give directives until such a time when they have recuperated and can take the reins again.
You can’t take your assets with you, so before you go it is a good idea to decide who you want to be in charge of them after you are gone. Trusts make this easy because you can set up a structure for the terms of how, when, and to whom different pieces of your estate and other assets are distributed. Your chosen trustee will be in charge of managing this, but having it all spelled out makes the process easier, and smoother. It also helps avoid contention for family members and business partners, because the trustee must follow the outlines and instructions of the trust.
Probate is the legal process by which a deceased person’s assets are distributed to their beneficiaries or heirs, usually under the direction of a will. The process of probate can take time and sometimes have unexpected costs, especially if the deceased had unpaid debts or other liabilities. One of the biggest reasons for choosing a trust over a will is that many of the different types of trusts allow your beneficiaries to avoid probate, and receive their inheritance in a more private, and secure fashion. Additionally, certain trusts, like irrevocable trusts, have ways to shield certain assets from potential creditors and other legal claims.
Meeting with an estate planning attorney to help you plan and establish your trust can save you and your beneficiaries a lot of time, and headache. At Witt Law, we have many years of experience in tailoring trusts to the personal needs and goals of our clients. We are positive that we can help ensure that your legacy and estate are taken care of after you are gone. Call Witt Law today to get started.