What Is Estate Planning And Why Do I Need It?
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Wills and Trusts in Ogden
Stevenson Smith Hood Knudson is a law firm in Ogden that specializes in wills, trusts, and other estate planning services. Many people may be under the impression that estate planning featuring wills and trusts is only for retirees — but that is not true. Anyone, regardless of age, income, marital status, or size of estate, would be wise to pursue a proactive estate plan as soon as possible. Contact our experienced estate planning attorneys today to schedule a consultation to discuss your individual needs.
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Do I Need a Will or Trust, and Why?
Determining whether you need a will or trust depends on your assets and preferences. A will outlines how your assets are distributed after your death, while a trust offers greater control and privacy. Consulting with a legal professional can help you decide which option aligns best with your estate planning goals.
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Our Will Package
A will is vital for specifying asset distribution after death and ensuring wishes are honored. Our will package includes a Last Will and Testament in which we will include your wishes about disposition of your property to your heirs. Don’t wait to plan your will! Speak with an estate planning attorney today.
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Our Trust Package
A trust provides control over asset distribution. Our trust package includes the main trust document, a “pour-over” will, a general durable power of attorney, an advanced medical care directive, and detailed instructions about funding and administering your trust. Protect your legacy and speak with one of our legal professionals today.
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Other Services
Stevenson Smith Hood and Knudson P.C. is here to help you protect your legal rights. In addition to estate planning, our firm offers legal representation for business law, family law, and real estate planning.
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Frequently Asked Questions
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What is a will?
A will, also known as a testament, is a legal document composed to communicate an individual’s wishes as to how their property should be distributed after the event of their death. Will documents also include information on the care of your children if they are minors. This legal document is the foundation of an estate plan. Wills must be managed properly for a final distribution that aligns with your needs. Contact an estate planning attorney at our Ogden law firm for more information and professional help conducting your will.
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What is a trust?
Do you want your family to receive assets you have established over your lifetime? Do you want to transfer your assets to your loved ones following your death? Living trusts are designed just for these reasons. A living trust will prevent the need for probate. Save your family from the frustration that occurs with the court process of probate. A revocable living trust is part of an estate plan that will provide benefits to your heirs that still allows you to manage your assets while you are alive.
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What is the difference between wills and trusts?
A will dictates asset distribution after death, subject to probate, public scrutiny, and potential legal challenges. A trust operates during life and after death, allowing control over asset distribution, offering privacy, and avoiding probate. Unlike a will, a trust can manage assets if the creator becomes incapacitated, and it offers flexibility in distributing assets over time.
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When should I start thinking about estate planning?
It is advisable to start thinking about estate planning as soon as you acquire assets, have dependents, or reach adulthood. However, any significant life event, such as marriage, the birth of children, or acquiring substantial assets, warrants revisiting and updating your estate plan. Considering estate planning in advance allows for thorough consideration of wishes, potential tax implications, and ensures preparedness for unexpected events, providing peace of mind for you and your loved ones.
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What is the benefit of estate planning?
Estate planning ensures assets are distributed according to your wishes, minimizes taxes, avoids probate delays, and provides for loved ones’ financial security. It also allows for incapacity planning, ensuring someone you trust can manage your affairs if you become unable to do so yourself. Overall, estate planning brings peace of mind and protects your legacy for future generations.
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What is the difference between a living will and power of attorney?
A living will is broken up into areas including terminal illness, injury, and permanent unconsciousness. It is a legal document that describes whether or not you would like to be placed on life support in the event of becoming terminally ill.
Part of proper estate planning includes your healthcare power of attorney. The healthcare power of attorney is designed to empower an individual of your choosing to make decisions about your medical care. It is crucial to choose your HCPA wisely, as they will legally be able to make medical decisions on your behalf. For more information, contact one of our estate planning attorneys today.
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Is estate planning just for the wealthy?
No, estate planning is beneficial for individuals of all income levels. It is not just about wealth distribution; it is about ensuring your wishes are carried out, protecting loved ones, minimizing taxes, and planning for potential incapacity. Even with modest assets, estate planning can prevent family disputes, streamline asset distribution, and provide clarity during difficult times.
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Can I draft a will myself or should I hire a lawyer?
While it is possible to draft a will yourself using templates or online tools, hiring a lawyer is advised. Legal professionals ensure your will complies with state laws, covers all necessary details, and minimizes the risk of errors or disputes. They also provide personalized guidance tailored to your unique circumstances, maximizing the effectiveness of your estate plan and providing peace of mind for you and your loved ones.
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What happens when someone dies without a will or trust?
When someone dies without a will or trust, their estate enters probate, a court-supervised process to distribute assets according to state intestacy laws. The court appoints an administrator to manage the estate, and assets are distributed among legal heirs based on predetermined rules, which may not align with the deceased’s wishes. This process can be lengthy, costly, and may lead to disputes among family members. Additionally, without a trust, the estate’s assets may be subject to unnecessary taxes and lack privacy in distribution.
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What is probate?
Probate is the legal process through which the deceased person’s remaining property is distributed and all final debts and taxes are paid. When a loved one passes away, the event can become emotionally draining and difficult to process. Settling your loved one’s final affairs is one of the last things you want to deal with.
Probate can sound intimidating, but in reality, if you have prepared and equipped yourself with the knowledge, the process can become less stressful. Gaining the help of an experienced estate planning attorney will help smooth this process further and more efficiently.
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Why would you choose an irrevocable trust over a revocable trust?
An irrevocable trust offers greater asset protection from creditors, lawsuits, and estate taxes, as the assets are no longer considered part of the grantor’s estate. It also allows for potential tax benefits and Medicaid eligibility. However, it lacks flexibility as it cannot be modified once established. Conversely, a revocable trust provides flexibility, allowing the grantor to amend or revoke the trust during their lifetime but offers less asset protection and tax benefits. Choosing an irrevocable trust depends on the specific goals of asset protection and tax planning.
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What Our Clients Have To Say
Sam Hood has helped me with both personal and business. He is very straight forward. I appreciate all the advice that he gave me throughout my case's. He is persistent and gets the job don . We need more Sam's.
Dwight R.
I dealt with Sam, and I can’t say enough about him! Very easy to talk to, very knowledgeable, and genuine. Really went the extra mile to help me out! Honest and down to earth.... take my word for it, use Sam Hood!
Zach S.
No one ever wants to have to hire an attorney, but I am glad I found Stevenson Smith & Hood. They were extremely helpful in navigating my legal situation & answered all of my questions/concerns! I would recommend this firm to everyone & anyone, don’t go at it alone!!! Thank You Again!!!
Zac M.
Known Sam Hood for a while and when I needed some legal help him and his firm got the situation handled. Would highly recommend them to anyone. Excellent service, extremely professional, and not afraid to battle it out.
Justin L.
I've had to hire sam once for my own affairs. Once for a family matter. And it has always gone in my favor. He's always been honest with me. Even if there was news I didnt want to hear. And I've sent 4 coworkers to sam as well. All with positive results. I highly reccomend them. Everyone in their office has a pleasant and positive attitude which really makes a stressful situation feel like it's going to be ok.
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