A Will or a Trust—Which One is the Best Choice for You?

At the law firm of Jensen, Adair & Bornemeier, LLP, we work with families at every stage of the life cycle. Our goal is to provide you with a flexible yet comprehensive estate plan that ensures your wishes are carried out. We also work with families to create estate plans that address the specific issues created by second marriages. Contact estate planning attorney Walter Bornemeier to schedule a free initial consultation to discuss your estate planning needs with one of our lawyers.

An estate plan is not a "one size fits all" project. It is highly personal and a variety of tools may be used to accomplish your specific goals. In broad terms, legal tools are available to:

• Distribute your assets upon your death, including distributing control of a family-owned business
• Inform your family or medical providers of your wishes regarding end-of-life medical care (a living will, or health care directive, with an accompanying HIPAA authorization form)
• Ensure the support and care of children, disabled family members, and dependent elders (through legal guardianship and durable power of attorney)
• Give other people decision making authority on your behalf for medical or financial decisions when you cannot make decisions for yourself (with a durable power of attorney)

Wills

A simple will provides written direction for the distribution of your property. It is an inexpensive solution that works best for individuals or couples with few assets, but it is not the best solution for many people. A will must go through probate, a court process that can be costly and can delay the distribution of your estate. Talk to estate planning attorney Walter Bornemeier to be sure this is the right option for you.

Trusts

For many people, a trust of some type will be the best estate planning choice. Trusts are typically more expensive to begin with, but less expensive over time, especially when it comes time to distribute assets to your heirs. A trust can be used to distribute wealth from one generation to another while you are still alive, including the transfer of a business (in a living trust).

The primary differences between a revocable trust and an irrevocable trust are the degree of control you have over assets in the trust while you are alive and the tax liability on those assets after you die. The more control you have, the greater liability for taxes.

Trusts can be used to accomplish specific goals, such as such as funding a child's education, providing for the special needs of a disabled child or an elder parent living in a nursing home (special needs trust), or distributing funds to a favorite charity (charitable trusts).

For people with very large estates, an irrevocable life insurance trust may be a good option to transfer wealth to the next generation while minimizing taxes.

Whatever your estate planning goals, contact an estate planning attorney at Jensen, Adair & Bornemeier to schedule a free initial consultation.

The attorneys at the Davis County, Utah, law firm of Jensen, Adair & Bornemeier, LLP, serve family and business clients throughout Davis County, Salt Lake County, Weber County and in the communities of the Wasatch Front, including North Salt Lake City, Bountiful, Layton, Farmington, West Valley City, West Jordan, Grantsville, Kearns, Pleasant Grove, Provo, Kaysville, and Ogden.