Frequently Asked Questions

Frequently Asked Questions (FAQs)

What is an Estate?

An Estate is a property (Real or Personal) in which you have a right or an interest.

Why do you need to plan your Estate?

  1. Preserve property for the maximum benefit of owners.
  2. Enable owners to transfer property to heirs with minimum shrinkage.
  • Minimize Federal and State Income and Inheritance Taxes.
  • Reduce probate and other transfer costs.
  • Conserve and enhance net worth currently and for future heirs.
  • Avoid pitfalls and mistakes

What is Probate?

  1. The practice of proving a Will
  2. In practice, it is a state mandated system for changing title to property
  • It is expensive
  • It is time-consuming
  • It is a public process

Why have a Will?

  1. A Will distributes your property to your heirs and Devisees according to your wishes.
  2. A Will appoints fiduciaries to administer your estate.
  • Personal Representatives
  • Guardians
  • Custodians

What is a Living Trust?

A Legal Entity that:

  1. Is created by Trustor(s) for the benefit of Beneficiary(s) to be administered by Trustee(s).
  2. May own property.
  3. Separates legal and equitable title.

Who needs a Trust?

Anyone with property subject to Probate, i.e.,

  1. Real Estate
  2. Bank/Credit Union Accounts
  3. Money Market, CDs and Brokerage Accounts
  4. More than four automobiles (in Utah)

What is a Living Will?

A directive under the Utah Personal Choice and Living Will Act. You direct your physician not to use heroic means to preserve your life under terminal circumstances.

Does it matter if children are married?

All children means ALL children, no matter the status.

How do we set up an Estate plan?

Go to our Estate Plan form and enter as much information as you feel comfortable with. You will be contacted by our office to finish gathering any remaining information.

Can someone challenge a Will or Trust even if it says you can't?

Yes - however, there must be reasonable cause. If a case is lost the person challenging the Will or Trust is usually disinherited.

Can anyone write a will?

Yes - A "Holographic Will" (Own Handwriting)

Do you keep copies of my Estate Planning?

We encourage clients to make copies for themselves, and send our office a copy.

Do these documents transfer from state to state?

Yes - James Baker has done Estate planning in about 42 of the 50 states. There are some differences that usually need to be addressed, but essentially the same required documents are accepted.

7109 S. Highland Dr., Ste. 201, SALT LAKE CITY, UT 84121 - PHONE: (801) 438-1222 - FAX: (801) 438-1225