Utah Estate Planning Questionnaire

State:
Multi-State
Control #:
US-Q1014
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in an estate planning matter, such as wills, trusts, healthcare documents, deeds, and more. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorneys case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new clients needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

Trustees have a duty to beneficiaries to disclose certain information; however, simply because you are a beneficiary, you cannot demand access to all the information regarding a trust.

The Utah Probate Code imposes the following informational requirements on trustees: Within 60 days after the settlor's death, the trustee must notify the beneficiaries of their right to request a copy of the trust instrument and of their right to receive an annual report of the trust's status and activities.

Wills, Trusts & Estate. Planning Team. The attached Estate Planning Questionnaire is designed to help you organize your personal and financial information, to help us effectively assess your goals and circumstances, and to enable us to recommend an estate plan that will work for you and your family.

For maximum flexibility, a revocable trust is best because you can adjust it as many times as you like while you're alive. In general, irrevocable trusts are best for those who have extensive assets, since these trusts offer greater tax benefits and asset protection.

6 strategies to protect real estate assetsLandlord insurance. Landlord insurance provides coverage specifically for owners of rental property.Limited liability company.Real estate trust.Avoid risk.Strategically use debt.Homestead exemption.

A Family Trust. This may be one of the best strategies to protect your personal assets. A trust will help protect your assets when you lose all your money. A family trust can also provide tax benefits to family members in lower tax brackets.

Five of the Most Common Estate Planning Questions AnsweredWhat is the difference between a will and a trust? Wills and trusts have some similarities.What is Power of Attorney?Do I need to create a medical directive?When should I make updates to my estate plan?I'm worried my family will contest my will.

Here is an estate planning checklist of items every estate plan should include:Will/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.

Estate planning in simple terms refers to the passing assets / investments down from one generation to another. You decide how much of your estate be it property(s), car(s), personal accolades, financial investments, etc. you want to pass on to whom and how, after your demise.

Options for asset protection include:Domestic asset protection trusts.Limited liability companies, or LLCs.Insurance, such as an umbrella policy or a malpractice policy.Alternate dispute resolution.Prenuptial agreements.Retirement plans such as a 401(k) or IRA.Homestead exemptions.Offshore trusts.

More info

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Utah Estate Planning Questionnaire