Young, healthy parents in Utah need an estate plan to protect their children and their assets in case the unexpected happens. Here are some reasons why:
- Guardianship: An estate plan allows parents to name a guardian for their children in case both parents pass away or become incapacitated. Without a named guardian, the court may have to appoint one, which may not align with the parents’ wishes.
- Asset Protection: An estate plan can help protect assets for the children. The plan can create trusts for the children, specify how assets should be distributed, and appoint a trustee to manage the assets until the children reach a certain age.
- Tax Benefits: An estate plan can help minimize estate taxes for the parents’ assets. By using various estate planning tools, such as trusts and gifting, parents can reduce the tax burden for their children.
- Medical Decisions: An estate plan can also include a medical power of attorney, which allows parents to designate someone to make medical decisions for them in case they are unable to do so. This can be important in emergency situations.
- Business Succession Planning: If parents own a business in Utah, an estate plan can include a business succession plan to ensure the business continues to operate if something happens to the parents. The plan can designate who will take over the business, how it will be managed, and how assets will be distributed.
In short, young healthy parents in Utah need an estate plan to protect their children and their assets, ensure their wishes are carried out, and minimize the burden on their loved ones in case of unexpected events. It is important to consult with an experienced estate planning attorney to determine the best plan for their unique situation. Contact Fillmore Spencer today to schedule a consultation with an Estate Planning expert who can advise you as you plan for your future and prepare for anything that may come your way.
