Lehi Estate Planning & Elder Law Attorney
Estate Planning & Elder Law in Utah
Whether you are married or unmarried, have minor children or not, Gibson Law Firm can help you prepare for the worst while we all hope for the best. When you create a solid estate plan, you can have peace of mind knowing that your loved ones will be taken care of no matter what the future holds. And, as you reach new milestones, Gibson Law Firm can help you make any necessary changes to your estate plan to ensure that your assets, your legacy, and your loved ones are protected.
Our Lehi estate planning and elder law attorney can help you create a fully customized plan to meet your unique needs, concerns, and goals. We recognize that no two estate plans are exactly alike, which is why we take the time to work directly with you and develop individual strategies tailored to your situation. As things change, we can help you modify your existing estate plan by updating documents, altering trusts, and adding elements to account for new concerns.
What Should an Estate Plan Include?
When it comes to putting together a well-rounded, comprehensive estate plan, there is no one-size-fits-all solution. You may choose a simple estate plan that covers your basic needs, or you may wish to create a more advanced plan to account for unique concerns, such as a child with special needs or a family-run business.
In general, the most elementary estate plan may include:
- A Will: A last will and testament, or simply a will, is the most basic estate planning document. All estate plans should include, at the very least, a valid will. This document allows you to designate how you would like your assets and properties to be distributed upon your death, rather than leaving this up to intestate succession laws. A will also allows you to appoint an executor, who will oversee the carrying out of your wishes according to your will.
- A Trust: There are many different types of trusts, but they all accomplish virtually the same thing. A trust allows you to transfer ownership and control of various properties, assets, and titles to a “trustee.” The trustee holds these assets for a designated beneficiary or group of beneficiaries. You may name yourself the trustee, allowing you to retain control of your assets while you are alive or until a designated date. With a trust, you can help your beneficiaries avoid probate, maintain financial privacy, and, in some cases, limit taxes.
- An Advance Health Care Directive: An advance health care directive is a legal document that outlines instructions for your health care if you become incapacitated or otherwise unable to communicate your wishes. Simply put, this document allows you to state what you would like your health care to look like if you are injured unexpectedly, fall seriously ill, or become permanently unconscious.
- A Durable Power of Attorney: A durable power of attorney is a legal document that grants an individual, known as the “agent,” the authority to act on your behalf in certain situations. This includes the authority to perform certain financial-related tasks, such as selling your real estate properties, managing your bank accounts, applying for government benefits on your behalf, or even running your business.
- Guardianship: Often included in a last will and testament, establishing guardianship allows you to appoint a person (or multiple people) to care for your children if you become unable to care for them yourself. This is important for anyone with minor children, as well as those with adult children with special needs.
While these elements are critical for nearly all basic estate plans, you may wish to draft additional estate planning documents based on your specific circumstances.
A more advanced estate plan may include:
- Special needs trusts
- Charitable trusts
- One or multiple LLCs
- HIPAA waivers
- Medicaid planning documents
- Multiple revocable or irrevocable trusts
At Gibson Law Firm, we are well-versed in all aspects of estate planning and elder law. Our firm regularly assists clients with everything from drafting wills and trusts to creating comprehensive plans for high net-worth estates. Reach out to our team today to discuss your estate planning needs with an experienced and knowledgeable attorney.
Why Choose the Estate Planning & Elder Law Attorney at Gibson Law Firm?
No two estates are exactly the same—so you shouldn’t expect to receive a standardized, cookie-cutter approach when you hire an estate planning attorney. Instead, when you turn to Gibson Law Firm, you can expect to receive a highly personalized approach and a completely customized estate plan to meet your unique needs.
We provide one-on-one estate planning and elder law services to clients in Lehi and throughout Utah County.
Our firm can assist you with the following and more: