Everyone over 18 years of age should have a will. This is the first step in estate planning. Writing a will helps create a mindset that you are passing on something that you value. For those who have more assets, estate planning in Utah would require the help of a law firm. With an estate, some things need to be done first before drawing out estate plans.
An estate is all the money and property that belongs to a person. Even before planning for the distribution of the estate upon death, the owner should inventory his physical assets. He or she should list all the items that are worth $100 or more. These include the house, appliances, jewelry, cars, computers, and more. An inventory of other non-physical assets is also required. These include paper properties as well as certificates of deposit and bank accounts, and insurance policies. At the same time as these assets are listed down, there should be a separate list of debts and credit cards. It may be necessary to ask your bank for your statements of account. If you are a member of organizations, these should also be listed since there are some who have unexpected life benefits as part of their membership benefits.
The Estate Administrator and More Paperwork
Appoint a person that you trust as an estate administrator. The individual must be in a position to detach himself or herself from any emotion. A lawyer familiar with your affairs is a logical choice. The estate administrator will be responsible for following the injunctions of the will. The list of assets and debts goes to his or her custody, along with a copy of the will. A copy of the assets should also go to your spouse, and another copy is kept in a safe place, like a safety deposit box.
There are other considerations and steps to follow for a complete estate plan. What is important is that the estate is well documented and that an estate administrator is designated. With an assets list and a debt list, the estate administrator has something to start with.