What Is The Best Type Of Will?

Discover the best type of will for your estate planning needs in Utah. Learn about Simple Wills, Testamentary Trust Wills, and more to make informed decisions.

What Is The Best Type of Will?

When it comes to planning your estate, one of the most crucial steps is writing a will. But with so many types of wills available, how do you decide which one is best for you? In this article, we will guide you through the legal landscape of wills in Utah, breaking down complex legal jargon into easy-to-understand information. We will discuss Utah’s laws, provide real-world examples, and clarify common misconceptions. By the end of this article, you’ll be empowered with the essential knowledge needed to navigate the important decisions of estate planning confidently.

Understanding the Basics of Wills in Utah

The term “will” refers to a legal document that outlines your wishes regarding the distribution of your assets and guardianship of minor children upon your death. Understanding the laws that govern wills in Utah is vital for ensuring that your final wishes are respected. According to the Utah Code (Utah Code Ann. § 75–2–202), a will must be in writing, signed by the testator (you), and witnessed by at least two individuals who also sign the document.

Check out this informative video which explains what you need to know to get started.

Types of Wills: Which One is Right for You?

Different types of wills serve different purposes, and the best type of will for you will depend on your specific needs and circumstances. Here’s a breakdown of some common types of wills recognized in Utah:

Simple Will

A Simple Will is the most straightforward type of will. It specifies who will inherit your assets and appoints a guardian for any minor children. This type of will is best suited for small estates or those with uncomplicated asset distributions.

Testamentary Trust Will

A Testamentary Trust Will creates a trust that goes into effect upon your death. This type of will allows you to place conditions on your gift, such as providing for a minor child’s education. The person named as the trustee will manage the assets on behalf of the beneficiaries.

Joint Will

A Joint Will is a single document prepared by two individuals, usually spouses, that outlines their combined wishes. Joint wills are less common today due to their inflexibility; once one spouse dies, the surviving spouse cannot change the terms of the will.

Living Will

Although it technically isn’t a will that distributes assets, a Living Will is important for end-of-life decisions. This document specifies your wishes regarding medical care if you become incapacitated. According to Utah Code Ann. § 75–2a-104, it’s valid only if it is signed by the declarant and at least two other individuals.

Holographic Will

A Holographic Will is handwritten by the testator and does not require witnesses. While Utah recognizes holographic wills (Utah Code Ann. § 75–2–503), they must still meet specific legal criteria to be valid, like being entirely in the testator’s handwriting and signed by the testator.

Real-World Applications: An Example from Salt Lake City

To make this clearer, let’s consider an example scenario from Salt Lake City:

Imagine you are Jane Doe, a mother of two residing in Salt Lake City with a modest estate. You decide that a Simple Will is the best choice for you, as your assets aren’t extensive. You list your children as your beneficiaries and appoint your sister as their guardian. To ensure legality, you draft the will in writing, sign it, and have it witnessed by two neighbors who also sign.

This straightforward approach won’t require extensive legal intervention, but it’s still wise to consult with an estate planning lawyer to ensure everything is in order.

Legal Requirements: A Closer Look

To ensure your will is valid in Utah, you must adhere to specific requirements:

1. Writing and Signature: The will must be in writing and signed by you (the testator). If you are unable to sign, someone else can sign it on your behalf in your presence and at your direction.
2. Witnesses: You need two witnesses who are present at the same time and also sign the will in your presence.
3. Testamentary Capacity: You must be at least 18 years old and of sound mind, meaning you understand the nature of the document and the extent of your assets and heirs.

Common Misconceptions About Wills

“I Don’t Need a Will, My Family Will Know What To Do.”

Without a will, your assets will be distributed according to Utah’s intestacy laws, which may not align with your wishes. Even a simple will can prevent family disputes and make the probate process smoother.

“A Will Covers Everything in My Estate.”

While a will is essential, it doesn’t cover everything. Assets like life insurance policies, retirement accounts, and jointly-owned property pass directly to the named beneficiaries and aren’t subject to probate.

“I Can Handle This Without a Lawyer.”

While do-it-yourself wills are tempting, they can lead to mistakes that may render your will invalid. Consulting an estate planning lawyer ensures your document meets all legal requirements and reflects your true wishes.

How Utah Laws Protect Your Rights

Utah’s laws are designed to uphold your final wishes and provide a clear path for the distribution of your assets. For example:

• Elective Share Statute (Utah Code Ann. § 75–2–202): Protects surviving spouses by ensuring they receive a portion of the estate, regardless of what the will states.
• No-Contest Clauses (Utah Code Ann. § 75–3–905): Discourages beneficiaries from contesting the will by including a clause that disinherits them if they do so without probable cause.

The Probate Process in Utah

Probate is the legal process of administering a deceased person’s estate. In Utah, the process involves:

1. Filing a Petition: Typically in the district court of the county where the deceased resided.
2. Notification: Informing heirs and creditors of the death and the probate process.
3. Validation: Ensuring the will is valid and appointing a personal representative.
4. Distribution: Paying debts and taxes, then distributing the remaining assets per the will or intestate laws if no will exists.

For example, if you lived in Davis County, your probate case would be filed in the district court of Davis County.

FAQs About Wills in Utah

1. What happens if I die without a will in Utah?

If you die intestate (without a will), Utah’s intestacy laws determine how your assets are distributed. Generally, your estate will be divided among your surviving spouse and children.

2. Can I change my will after it’s been made?

Yes, you can modify your will through a “codicil” or by creating a new will altogether. It’s essential to ensure changes meet the same legal requirements as the original will.

3. Should I include a no-contest clause in my will?

A no-contest clause can help prevent disputes but consult with an estate planning lawyer to understand its implications fully.

4. What’s the role of an executor in a Utah will?

The executor, or personal representative, is responsible for administering your estate according to the will, including distributing assets and paying off debts.

5. How can I ensure my will is executed as per my wishes?

The best way is to consult with an estate planning lawyer to ensure all legal requirements are met and your will is clear and specific about your wishes.

Why Understanding Wills Matter

Understanding the types of wills and the legal requirements in Utah is critical for ensuring your assets are distributed according to your wishes. Whether you’re making a simple will or a more complicated testamentary trust will, knowing the options and legalities can save your loved ones time, money, and emotional stress.

In conclusion, choosing the best type of will for you depends on your specific needs and circumstances. Consulting with an estate planning attorney can help you navigate the complexities of the law and ensure your final wishes are honored. Remember, the right will not only protects your assets but also provides peace of mind for you and your loved ones.

To speak with an estate planning attorney, call Lawyer Jeremy Eveland at (801) 613–1472.

Thank you for reading! Please clap if you found this article helpful, leave a comment with your thoughts or questions, and subscribe to our Medium newsletter for updates. Jeremy Eveland 8833 S Redwood Rd West Jordan Utah 84088 (801) 613–1472

The information contained in this article is for information purposes only and is not legal advice. For legal advice, hire a competent lawyer in your jurisdiction.