Future planning is deeply personal and can bring up a lot of difficult emotions as you walk through the process. There are several things to consider when making your future arrangements to ensure that you’re making the most “correct” decision for your unique circumstances. Below, we’ve compiled a guide that outlines exactly what considerations you should be making, in hopes that you can move through the steps of your decision in confidence. Read on to learn more about the different considerations you should make during your future planning process.
Consider what type of arrangements you want to have
Going into your estate planning process with a general idea of the arrangements you’ll want can be helpful and may streamline your process. There are many different types of arrangements you can pursue, each with its own benefits and drawbacks. Below are just a few of the options available to you:
- Revocable & irrevocable trusts: These forms of estate planning create a “trust,” which is its own legal entity that takes ownership of your assets. The designation of revocable vs. irrevocable trusts refer to the level of flexibility that you have within the arrangement, which may vary depending on your choice and the constraints in your unique situation.
- Charitable trusts: This form of trust can be chosen for the variety of tax benefits that come with it and directs your assets to the ownership of an organization of your choosing.
- Wills: There are four different types of wills: simple, testamentary, joint & living. There are benefits and disadvantages to each option, so if you’re considering a will, it’s best to reach out to an estate planning expert for the details on what you will be getting with your chosen arrangement.
There are other iterations of future planning tools, but all of them align with the same goal: distributing your assets fairly among your chosen beneficiaries in the event of your passing or if you become incapacitated and are incapable of making your own decisions.
Remember why you’re going through the estate planning process
We know it can be unpleasant to think about, but many benefits come with planning ahead for your future arrangements. The main benefits are that your family will not have to go through additional administrative processes or the hassle of the probate court in the event of your death. They will be able to freely grieve and focus on getting through the emotional time without the added weight of court-mandated deadlines, requirements and other inconveniences. It also helps to abate potential family fights and disagreements over the estate before they begin, which can be advantageous if the estate is large or if the family doesn’t get along well together.
Make it legally binding
In doing your research, you may have come across several “DIY” versions of your final will and testament or sites stating that you don’t need a lawyer in order to create your estate plan. While that is technically and legally true, we never recommend do-it-yourself legal “kits.” Many times, these sites and resources don’t take state law differentiation into account, nor are they able to apply the legal precedent in its full context. They may also not be legally binding to the extent that you need in the event of your incapacitation or death. This would lead to expensive and draining rounds in probate court, where your case may be found to be intestate – as if you died without any will at all.
If you’re looking for a place to start, consider reaching out to a reputable lawyer and estate specialist. They’ll be able to walk alongside you as you navigate your needs and preferences and can support you in making the arrangements legally binding in the state of your residence. They can work with you to compile the paperwork, appoint the beneficiaries and trustees and do any necessary court processes to get everything up to date.
Continue checking in on your plans and arrangements
Future planning is not a one-time event. It’s best practice to keep engaged with your legal team over the duration of your life, and remember to update your final arrangements accordingly. Whenever you amass a high amount in your banking accounts or if you acquire an asset that you want to move or add into the arrangement, contact your legal team. Continue to update them, and set aside recurring time (approximately every 2-5 years) to go back over your arrangements and ensure they are as comprehensive as possible.
Ascent Law helps with estate planning in Utah
If you’re looking to finalize your estate plan in Utah, the team at Ascent Law wants to help. We’ve had the opportunity to help hundreds of clients find success with their estate plan finalization and would love to help you do the same. For more information and to get started today, please visit our website.
Salt Lake City
Salt Lake City, Utah
|City of Salt Lake City|
“The Crossroads of the West”
|Named for||Great Salt Lake|
|• Type||Strong Mayor–council|
|• Mayor||Erin Mendenhall (D)|
|• City||110.81 sq mi (286.99 km2)|
|• Land||110.34 sq mi (285.77 km2)|
|• Water||0.47 sq mi (1.22 km2)|
||4,327 ft (1,288 m)|
|• Rank||122nd in the United States
1st in Utah
|• Density||1,797.52/sq mi (701.84/km2)|
| • Urban
||1,021,243 (US: 42nd)|
| • Metro
||1,257,936 (US: 47th)|
| • CSA
||2,606,548 (US: 22nd)|
|Time zone||UTC−7 (Mountain)|
|• Summer (DST)||UTC−6|
|Area codes||801, 385|
|GNIS feature ID||1454997|
|Major airport||Salt Lake City International Airport|
|Website||Salt Lake City Government|
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates), making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).
Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.
Immigration of international members of The Church of Jesus Christ of Latter-day Saints, mining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215.
Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings. It is home to a significant LGBT community and hosts the annual Utah Pride Festival. It is the industrial banking center of the United States. Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels, and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.
About Salt Lake City, Utah
Neighborhoods in Salt Lake City, Utah
Poplar Grove, The Avenues, Ballpark, Lower Avenues, Downtown, Woodbury, Central City, Neighborhood House, Salt Lake City Community Development, Rio Grande, The Neighborhood Hive, Neighborhood Services, University Neighborhood Partners, Salt Lake City, Neighborhood Auto Service, Sunnyside Park, Building at Rear, 537 West 200 South, Washington Square Park, Area 51, Brigham Young Historic Park
Things To Do in Salt Lake City, Utah
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Reviews for Ascent Law LLC Salt Lake City, Utah
We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.
I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!
This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need. My sister needed bankruptcy and I needed divorce. Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!
Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.
I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with. They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most. When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.