Estate Planning Attorneys Ogden UT

Stevenson Smith Hood Knudson

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An estate plan is vital because it allows your assets to be distributed at your death in the way you choose and that your wishes are respected. In a previous article, we discussed 4 reasons to create an estate plan; read on for 4 more. 

Secure An Education For Family Members

4 reasons to create an estate plan utah

Estate plans can help you fund education for your family members. Some of your children or grandchildren may not have the funds to go to college or university after high school. You can help them obtain an education by leaving them funds. However, there is always a risk when leaving money to a younger person for this purpose (especially if they are under age 18), that the funds may not be used for an education, thereby depriving your beneficiary of the benefit you intended to leave to them. To avoid this, your estate plan can include an Educational Trust, which designates that certain funds are only available for educational purposes.

Provide For Blended Family Situations

An estate plan can help to protect your children and grandchildren’s inheritance from unconventional situations that sometimes arise in a blended family. Sometimes one or more of your children may get married and divorced, your grandchildren will have stepparents, or other situations may arise in which someone who is not a blood relative may be in a position to wrongfully deprive your family members of assets you intended for them. An estate plan becomes of paramount importance in these situations, because it greatly increases the likelihood that your assets will be distributed in the way you intended.

Help Plan For Potential Nursing Home Stays

Your estate plan can be designed to help protect you and your family from losing money to nursing homes. A stay at a nursing home can be extremely expensive, and a large burden on the family of the nursing home resident. A properly designed estate plan can ensure that your family still has funds to care for themselves after you or your spouse have stayed in a nursing home. 

Address Specific Needs

A properly designed estate plan is not a one-size-fits-all proposition. The estate planning needs of individuals and households vary widely, making it crucial to work with a professional who can tailor your plan to your particular needs, and those of your beneficiaries. An estate plan can allow you to list specific assets and to whom they should be given. If family members have particular needs you can also plan and accommodate those needs. 

We Can Help You Create An Estate Plan

If you would like to create an estate plan, we are happy to assist you. Our estate planning attorneys are knowledgeable, experienced, and  prepared to guide you through the process. We believe that no matter what your financial situation may be, an estate plan is crucial in ensuring that your wishes for distribution of your assets are respected. Please reach out to us today to schedule an appointment with one of our attorneys.

Filed Under: Estate Planning, Trusts

Most of us assume marriage is a lifelong commitment. Unfortunately, about 50% of the marriages that are entered into these days end in divorce. Divorce can be a messy process for everyone, especially if there are children involved. Divorce can have a significant and lasting effect on a person’s future and the future of their estate. The impact of divorce on your estate plan is often something that is overlooked during the divorce proceedings. While more immediate matters may consume energy and attention during a divorce, it is important to make certain considerations and legal updates if you are contemplating divorce or have divorced.

The Impact Of Divorce On Your Estate Plan

As previously stated, divorce is not an uncommon occurrence. Divorce is the termination of a marriage contract between two individuals. Namely, divorce gives the two individuals the legal ability to marry other people, divides the couple’s assets, and outlines the details of the care and custody of any minor children. Following a divorce, there are numerous results that will come about, some contemplated and some less obvious.

The Impact Of Divorce On Your Estate Plan

Upon entry of a divorce decree, Utah law typically revokes nomination of your former spouse or his/her family members to act as your trustee, executor, or agent. However, if you pass away after a divorce, your former spouse will most likely become the primary guardian of your minor children. However, in rare circumstances your former spouse may not be suitable to become a primary custodian. In those cases, it is important that you have worked with your attorney to make sure that someone suitable is appointed to be your children’s guardian. If you have an estate plan that nominates a guardian in the event both you and your spouse die, after a divorce it is critical to review that plan to ensure that guardian is still your preferred nominee.

Under Utah law, in most circumstances a divorce revokes any disposition of property to your former spouse from your will or trust. However, it is important to keep in mind that if you leave your assets to your minor children outright your former spouse will likely have control over those assets. Every situation is different, and perhaps you would not want your former spouse to have control over the assets that are for your children. That is why it is important to make legal arrangements for your assets after a divorce, particularly if your children or beneficiaries are minors.

Review Your Will and Trust

It is important to note that if you do not make the appropriate changes to your estate and will, there could be several potential consequences. There are several important questions that you will need to ask yourself regarding your will and trust. You should ask yourself who is designated as the trustee of your trust, who is the executor of your will, and who is the agent under your property and health care powers of attorney. In many states, if your spouse was listed as any of these designations and you got a divorce, they would no longer qualify to be beneficiary. If you did not name a successor to your spouse, it may be that no one is designated to act as your trustee, executor, or agent. These laws differ by state. hence, it is important to check your designations, and change and update them as necessary.

Review Beneficiary Designations

In addition to reviewing your will and trust, soon after your divorce update your beneficiary designations for assets such as life insurance policies, stocks, and bonds. Utah law provides that a divorce can revoke these designations, but you should notify policy administrators and advisors of your changed marital status. You may have to leave your ex-spouse as a beneficiary for some of these assets if the divorce decree requires. You will need to look at your divorce decree and consult with your attorney to make this determination.

Do You Need A Estate Planning Attorney?

If you have recently divorced or are currently going through a difficult divorce process, it is important to consider your assets and estate. It is vital to hire an estate planning attorney in order to protect your future, your assets, and your heirs. Reach out to us at Stevenson Smith Hood Knudson to get in touch with an experienced attorney. We look forward to helping you assess your estate plan.

Filed Under: Estate Planning, Trusts, Wills Tagged With: divorce, estate planning, impact of divorce on your estate plan

If you watch TV or read books, then you’ve often encountered wills. Wills, unlike trusts, are often presented in TV and books as something that causes friction between family members. To help you understand what wills are, this article will compare two common types of legal documents that are used in estate planning: wills and trusts. The goal is to help you better understand what each document does and when it should be used. 

The Similarities Between Wills and Trusts

Before discussing the key differences between trusts and wills, it will be useful to learn some of the similarities between the two different types of legal documents. 

Wills and trusts are both used in estate planning.

Wills and trusts are both used in estate planning. For example, a will outlines who will care for minor children (if you pass away having children who are minors). It also outlines what to do with belongings and who they should be given to. This outlining of “what goes to who” is similar to what trusts can do as well. 

Wills vs Trusts: What You Need To Know

Wills and trusts require legal advice.

Both wills and trusts require legal advice. For example, a will requires someone who can fulfill the formal requirements as well as defining “what goes to who” after death. In the case of a trust, an experienced legal expert can ensure the documents are formally correct and accomplish your goals. 

Both wills and trusts also come in many different forms. Wills can be modified and customized. When it comes to trusts, there are revocable, irrevocable, and testamentary trusts. Even more so than wills, trusts can be customized in numerous ways. You will need to consult with a legal expert to find out what type of will or trust is right for your situation. 

The Differences Between Wills vs. Trusts

Wills and trusts mayboth accomplish division and distribution of property but they are, nevertheless, different. Here are some key differences between wills and trusts.

Wills require a probate court; trusts do not.

For a will to take effect requires a probate court. Probate courts make sure that the will is complete according to state law. It also makes sure that debts and other loans have been paid off before distributing the deceased’s property according to his or her wishes. Even with a will, no one has authority to distribute assets or spend money until the probate court appoints the personal representative, also called an executor. If there’s no will in place, a probate court will follow state laws to appoint a personal representative and distribute the assets. 

Trusts, on the other hand, do not require a probate court in order to take effect. Trusts can take effect immediately upon the creation, at death, or under various other circumstances. Trusts can be designed and customized to address your specific concerns, and accomplish your specific goals both for yourself and for your family.

Stevenson, Smith, Hood, Knudson P.C. Can Help You 

If you’re not sure of the differences between trusts and wills, Stevenson, Smith, Hood, Knudson P.C. can help you understand these key differences better and determine which option is the best for you. Wills and trust come in different forms: you should have a knowledgeable attorney who can design an estate plan to meet your needs, whatever those may be. 


For more information about wills and trusts, contact us at 801-821-5775. We’ll answer any questions that you may have. You can also contact us here.

Filed Under: Attorneys, Estate Planning, Trusts, Wills

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