When Do I Need A Will?

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The majority of Americans believe it is important to have a Will, but only about 34% of Americans actually have a Will.[ See the 2023 Wills and Estate Planning Study conducted by Caring.com, key findings available at .] These are a few life events that should motivate you to consider preparing a Will and other Estate Planning documents.

1. Marriage – The marriage of two people is an event that usually means the combining of assets. This is a crucial time to consider what will happen to those assets in the event of the death of one or both of the spouses.

2. Birth of a Child – The responsibility of raising a child is immense, and it should include consideration for who would care for your child if anything were to happen. A Will and Trust are vital for naming a guardian and providing a structure for inheritance. Updates should be considered after the birth of each child.

3. Home Ownership – The purchase of real estate is a great time to start thinking about estate planning. For many people, the best way to transfer real estate to your beneficiaries after death is through a Revocable Living Trust because it avoids probate court proceedings after your death.

4. Retirement – Often the end of a career will trigger individuals to consider their legacy and how they would like to be remembered. Making the necessary effort to prepare a careful estate plan can save your heirs and beneficiaries from probate court, family disputes, and unnecessary taxes. It can also provide structure to the way you leave an inheritance.

5. Divorce – In the event of a divorce, it is vital to update your beneficiary designations, powers of attorney, health care advanced directives, and all estate plans that were made with your former spouse.

If you would like more information tailored to your particular situation, please don’t hesitate to call me at 801-874-4546 to schedule a free consultation. I am an estate planning attorney in Spanish Fork, Utah. While my office is in Spanish Fork, I provide estate planning services in Utah County and beyond.

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