Add Selected Option Legal Utah Probate Forms For Free

Protect your assets - update your estate plan today Luckily, there are solutions. First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.

In Utah, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (similar to a will), naming someone to take over as trustee after your death (called a "successor trustee").

Probate is required if: the estate includes real property (land, house, condominium, mineral rights) of any value, and/or. the estate has assets (other than land, and not including cars) whose net worth is more than $100,000.

Property that is held in a revocable trust will avoid probate. However, it is not sufficient to just have a revocable trust. The deceased person's property must be held in it when she dies. Once a person signs a revocable trust, she should immediately transfer her property to the trust.

Establish a living trust: This is a common way for people with high-value estates to avoid probate. With a living trust, the person writing the trust decides which assets to put into the trust and who will act as trustee. When the trust owner dies, the trustee will divide the assets outside of probate.

An "estate" is the collection of real and personal property belonging to the decedent at the time of their death, as well as any debts they owed. Probate is required if: the estate includes real property (land, house, condominium, mineral rights) of any value, and/or.

Informal Probate in Utah Another difference from formal probate is the absence of a probate judge that renders judgment about estate assets. Instead, the parties themselves may agree on how best to distribute the inheritance within themselves.

Examples of non-probate assets are: jointly-owned property (car, home, bank accounts, etc.), 401(k)s, life insurance, Transfer on Death accounts, and life estate properties. Understanding what assets of yours constitute probate and non-probate assets is critical when structuring your estate plan.

Trusts: If the deceased had a trust, you will not need to go through probate. Trusts are created to allow the deceased's family and friends to inherit without having to go through the long and expensive probate process.