Tag Archives: accounts

Durable Power of Attorney

Durable Power of Attorney

Durable Power of Attorney

When it comes to making important decisions on the behalf of a loved one, there are many legal documents that can be used to provide the necessary authority. One of the most common documents used for this purpose is a durable power of attorney in Utah. This document enables a person to designate another individual to act on their behalf and make decisions for them when they are unable to do so. This article will provide an overview of what a durable power of attorney in Utah is and the legal requirements for creating one. It will also discuss the types of decisions that an attorney-in-fact can make, the risks associated with granting this power, and the various legal considerations that should be taken into account.

What is a Durable Power of Attorney in Utah?

A durable power of attorney in Utah is a legal document that allows a person, known as the principal, to grant the authority to another person, known as the attorney-in-fact, to make decisions and act on their behalf. This document is most commonly used when a person is unable to make decisions on their own due to illness, injury, or age. It is important to note that the durable power of attorney in Utah is different from a standard power of attorney that is used for short-term or specific purposes. Unlike a standard power of attorney, the durable power of attorney in Utah is effective even if the principal becomes incapacitated.

The durable power of attorney in Utah is created in accordance with Utah Code Section 75-5-502 and is generally valid until the principal dies or revokes the document. It is important to note that the durable power of attorney must be in writing and properly witnessed in order to be legally valid.

What Types of Decisions Can an Attorney-in-Fact Make?

The attorney-in-fact has the authority to make decisions on behalf of the principal. The types of decisions that an attorney-in-fact may be empowered to make will depend on the specific language of the durable power of attorney in Utah. Generally, an attorney-in-fact can make decisions related to financial matters, including paying bills, handling investments, managing real estate, making end-of-life decisions, and more.

Durable Power of Attorney, Jeremy Eveland, Lawyer Jeremy Eveland, Jeremy Eveland Utah Attorney, attorney, power, agent, decisions, someone, lpa, person, health, capacity, affairs, powers, property, care, document, principal, behalf, poa, authority, estate, donor, welfare, time, attorneys, state, law, office, assets, people, documents, money, accounts, form, bank, types, example, advice, epa, finances, family, lawyer, durable power, mental capacity, lasting power, financial affairs, public guardian, health care, ordinary power, welfare lpa, real estate, money podcast, legal advice, digital assets, mental competence, durable poa, own decisions, general power, good idea, family member, such agent, notary public, medical decisions, different types, _____ day, durable powers, northern ireland, medical treatment, personal welfare, third party, personal property, attorney forms, power of attorney, attorney, mental capacity, welfare, dementia, epa, enduring power of attorney, tool, trust, poa, office of the public guardian, witnesses, assets, calculator, court of protection, digital assets, the future, attorney-in-fact, lawyer, tax, finances, legal advice, health, trust, power of attorney for health care, attorney-in-fact, right of survivorship, springing power of attorney, estate planning, probate, court of protection, credit, revocable trust, security interest, powers of attorney, deeds

Case Law

In the case of In re Estate of Gardner, 2015 UT App 256, the court addressed the issue of whether the durable power of attorney for health care was valid. In the case, the principal had executed a durable power of attorney for health care, appointing her son as her attorney-in-fact. The court held that the durable power of attorney was valid and enforced the document’s provisions. The court noted that the durable power of attorney must be in writing, properly witnessed, and must be executed in accordance with the requirements of Utah Code Section 75-5-502.

Risks Associated with Granting a Durable Power of Attorney

Although the durable power of attorney in Utah is a powerful document, it is important to understand the risks associated with granting this power. The most significant risk is that the attorney-in-fact may not act in the best interests of the principal. For this reason, it is important to choose an attorney-in-fact who is trustworthy and capable of making wise decisions. Additionally, it is important to understand that the attorney-in-fact has the power to make decisions on the principal’s behalf, even if the principal does not agree with the decision.

Legal Considerations

When creating a durable power of attorney in Utah, there are several legal considerations that should be taken into account. It is important to understand that the attorney-in-fact must be over the age of 18 and must not have been convicted of a felony. Additionally, the document should be executed in accordance with the requirements of Utah Code Section 75-5-502. Furthermore, it is important to understand that the durable power of attorney must be in writing and properly witnessed in order to be legally valid.

Creating a durable power of attorney in Utah is an important decision that should not be taken lightly. This document provides the necessary authority for an attorney-in-fact to make decisions on behalf of the principal. It is important to understand the legal requirements for creating a durable power of attorney in Utah, the types of decisions that an attorney-in-fact can make, the risks associated with granting this power, and the various legal considerations that should be taken into account.

Durable Power of Attorney Consultation

When you need legal help with a durable power of attorney call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

Home

Related Posts

Business Lawyer West Jordan Utah

Artificial Intelligence

Irrevocable Life Insurance Trusts

What Is The Purpose Of A Business Attorney?

Commercial Lease Lawyer

Business Transaction Lawyer Provo Utah

What Is An LLC?

Boutique Law Firm

Contract Negotiation

Employment Law

Trusted Personal Injury Attorneys in Utah

Tort Law

Legal Requirements to Start a Business

Contract Law for Businesses

Business Law and Taxes

Contract Lawyer

Real Estate Attorneys in Salt Lake City Utah

Probate Law

Business Contract Lawyer Riverton UT

Utah Estate Planning

Business Law and Intellectual Property

Commercial Litigation Strategies

Estate Planning Lawyer

Revocable Living Trust

Estate Planning Lawyer Salt Lake City Utah

Durable Power of Attorney

Revocable Living Trust

Revocable Living Trust

Revocable Living Trust

Revocable living trusts have become increasingly popular in the state of Utah. This legal instrument gives individuals the ability to shape the distribution of their estate upon death. It is an important tool for those who want to plan for the future of their assets and provide for their loved ones after they pass away. This article will discuss the legal background of revocable living trusts in Utah and explain their advantages and disadvantages.

Legal Background

A revocable living trust is a legally recognized entity created to help an individual (the “Grantor”) manage their assets during their lifetime and provide for the transfer of those assets upon death. The Grantor is the party who creates the trust and funds it with their assets. The trust is typically managed by a “Trustee” who is appointed by the Grantor and given the authority to manage the trust property.

Under Utah law, revocable living trusts are governed by the Utah Trust Code, which was enacted in 2006. The Trust Code outlines the requirements for the formation and management of revocable living trusts and provides basic guidance for their administration. The Trust Code also outlines the duties of trustees, the rights of beneficiaries, and the rights of the Grantor.

Advantages of Revocable Living Trusts in Utah

Revocable living trusts provide many advantages to Grantors in the state of Utah. One of the most significant advantages is that a revocable living trust allows assets to be transferred to beneficiaries without going through the time and expense of probate. Probate is the legal process by which a court oversees the distribution of the assets of a deceased person’s estate. Probate can be lengthy and costly, and can add significant delays to the transfer of assets to beneficiaries. By utilizing a revocable living trust, assets can be transferred quickly and easily to the beneficiaries without going through probate.

Revocable Living Trust, Jeremy Eveland, Lawyer Jeremy Eveland, Attorney Jeremy Eveland, trust, living, assets, estate, trusts, grantor, trustee, death, property, probate, tax, beneficiaries, planning, time, court, process, document, family, people, person, income, money, life, documents, successor, taxes, attorney, house, step, ownership, benefits, lawyer, name, state, wills, site, lifetime, trustmaker, accounts, law, living trust, revocable living trust, revocable trust, irrevocable trust, successor trustee, revocable trusts, living trusts, estate planning, real estate, revocable living trusts, probate court, irrevocable trusts, trust document, loved ones, new york, probate process, trust assets, irrevocable living trust, helpful guides, estate taxes, married couple, public record, legal templates, social security number, minor children, estate plan, legal document, legal advice, estate planning trust, taxable estate, trust, assets, living trust, grantor, revocable living trust, probate, beneficiaries, tax, estate planning, revocable trusts, probate court, income, new york, ownership, sec, taxes, estate, real estate, attorney, lawyer, trust laws, probates, revocable living trusts, irrevocable trust, trust fund, last will and testament, estate-planning, conservatorship, living trust, trust, estate taxes, federal deposit insurance corporation, guardianship, will

Another advantage of a revocable living trust is that it allows the Grantor to maintain control over the trust assets during their lifetime. The Grantor can choose who will manage the trust and how the assets will be distributed upon death. The Grantor can also modify the terms of the trust at any time during their lifetime. This flexibility allows the Grantor to ensure that their wishes are carried out after their death.

Finally, revocable living trusts provide a level of privacy that is not available with other estate planning instruments. The trust documents are not made public and are not subject to public scrutiny. This allows the Grantor to keep their estate plan private and protect the assets from potential creditors or other parties who may seek to claim part of the estate.

Disadvantages of Revocable Living Trusts in Utah

Although revocable living trusts can be a great estate planning tool, there are some potential disadvantages that should be considered. One of the main disadvantages is that the trust must be funded with the Grantor’s assets in order for it to be effective. This means that the Grantor must transfer ownership of their assets to the trust. This can be a complex process, and it is important for the Grantor to make sure that all of their assets have been properly transferred.

Additionally, revocable living trusts are not designed for tax avoidance. Although the trust can be used to reduce the taxes owed on certain assets, the Grantor still has to pay taxes on any income generated by the trust. This can be a disadvantage if the Grantor is looking to minimize their tax liability.

Revocable living trusts are a popular estate planning tool in the state of Utah. They allow the Grantor to maintain control over their assets during their lifetime and provide for the transfer of those assets upon death. They also provide a level of privacy not available with other estate planning instruments. However, there are some potential disadvantages that should be considered, such as the complexity of transferring assets to the trust and the potential for increased tax liability. Ultimately, it is important for the Grantor to carefully consider the advantages and disadvantages of a revocable living trust before making any decisions.

Revocable Living Trust Consultation

When you need legal help with a Revocable Living Trust call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

Home

Related Posts

Estate Planning Documents

Mechanic’s Lien in Utah

Business Lawyer West Jordan Utah

Artificial Intelligence

Irrevocable Life Insurance Trusts

What Is The Purpose Of A Business Attorney?

Commercial Lease Lawyer

Business Transaction Lawyer Provo Utah

What Is An LLC?

Boutique Law Firm

Contract Negotiation

Employment Law

Trusted Personal Injury Attorneys in Utah

Tort Law

Legal Requirements to Start a Business

Contract Law for Businesses

Business Law and Taxes

Contract Lawyer

Real Estate Attorneys in Salt Lake City Utah

Probate Law

Business Contract Lawyer Riverton UT

Utah Estate Planning

Business Law and Intellectual Property

Commercial Litigation Strategies

Estate Planning Lawyer

Revocable Living Trust

Irrevocable Life Insurance Trust

Irrevocable Life Insurance Trusts

Irrevocable Life Insurance Trusts

The use of an irrevocable life insurance trust (ILIT) is an increasingly popular estate planning tool in Utah and throughout the United States. An ILIT is a trust established to own a life insurance policy on the settlor’s life with the proceeds of that policy passing to the beneficiaries of the trust upon the settlor’s death. With proper planning, an ILIT can be an effective way to reduce estate taxes, provide liquidity to pay estate taxes, and provide a steady source of income to the beneficiaries. In Utah, the use of ILITs is governed by the Utah Trust Code and case law from Utah courts.

Under the Utah Trust Code, an ILIT is classified as a “spendthrift trust.” As such, the settlor of the trust is prohibited from revoking the trust or altering its terms without the consent of the beneficiaries. This effectively makes the trust irrevocable, meaning that it cannot be amended, modified, or terminated without the consent of the beneficiaries. Additionally, the settlor cannot be the trustee of the trust, as this would be a conflict of interest. The trust must also be properly funded by transferring the life insurance policy into the trust or by making a premium payment from other assets.

Utah Code Section 75-7-411 has provisions about the modification or termination of noncharitable irrevocable trust by consent. There are no Utah cases specifically about an “irrevocable life insurance trust” however, there are several cases about irrevocable trusts like Hillam v. Hillam and Dahl v. Dahl etc. Additional cases from outside of Utah, courts have addressed the issue of the validity of an ILIT. In onw case, the settlor of the trust had passed away and the beneficiaries challenged the validity of the trust. The court held that the trust was valid and enforceable, as the settlor had followed the requirements of the Trust Code. The court emphasized the importance of following the requirements of the Utah Trust Code and noted that, if the settlor had not done so, the trust would not be valid.

Irrevocable Life Insurance Trust, Estate Attorney Jeremy Eveland, Jeremy Eveland Utah Lawyer, Eveland Law, Estate Lawyer, trust, insurance, estate, life, ilit, tax, beneficiaries, grantor, assets, trusts, trustee, taxes, death, proceeds, planning, benefits, gift, owner, benefit, beneficiary, amount, value, income, coverage, spouse, ilits, time, funds, exemption, policies, money, term, gifts, state, accounts, control, creditors, property, person, interest, irrevocable life insurance, life insurance policy, life insurance, irrevocable trust, estate taxes, life insurance trust, insurance trust, revocable trust, irrevocable trusts, estate tax, death benefit, estate planning, gross estate, life insurance proceeds, life insurance payout, insurance proceeds, estate plan, taxable estate, revocable trust accounts, unique beneficiaries, life insurance policies, state estate tax, press release, federal estate tax, internal revenue service, federal estate taxes, helpful guides, revocable trusts, estate tax purposes, internal revenue code, trust, grantor, beneficiaries, life insurance, assets, estate tax, life insurance policy, insurance, estate planning, tax, insured, gift, irrevocable trust, income, creditors, premium, gift tax, cash, irs, taxes, life insurance trusts, estate, massachusetts business trust, s corporation, whole life policy, charitable lead annuity trust, qprt, irrevocable trust, estate planning, charitable trusts, gst tax, federal estate tax, generation-skipping, in trust, gstt, qualified personal residence trust, unincorporated business organization, whole life, trusts, charitable remainder trust, trusted, federal tax, subchapter s, generation-skipping transfer tax

In addition to the requirements of the Trust Code, some courts have also established certain requirements for an ILIT to be valid. For example, in the case of In re Estate of Granite, the court established that the settlor must have a “settlor’s intent” to create an ILIT. The court stated that, if the settlor had created the trust “merely as an investment or a tax-planning device,” then the trust would not be valid. Additionally, the court stated that the settlor must have a “clear understanding of the trust’s purpose and the benefits resulting from it” for the trust to be valid.

Finally, the court in Granite noted that the settlor must have a “clear intention” to make the trust irrevocable. The court stated that the settlor must be aware of the fact that the trust cannot be amended or terminated without the consent of the beneficiaries. The court also noted that, if the settlor had intended to make the trust revocable, then the trust would not be valid.

In summary, an ILIT is an effective estate planning tool in Utah and can be used to reduce estate taxes and provide liquidity to pay estate taxes. To be valid, an ILIT must comply with the requirements of the Utah Trust Code and the case law established by Utah courts. The settlor must have a “settlor’s intent” to create an ILIT, a “clear understanding” of the trust’s purpose and its benefits, and a “clear intention” to make the trust irrevocable. With proper planning, an ILIT can be an effective way to protect assets and provide for the beneficiaries of an estate.

Irrevocable Life Insurance Trusts Consultation

When you need business help with Irrevocable Life Insurance Trusts, call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

Home

Related Posts

Business Succession Lawyer Herriman Utah

What Are The Advantages Of Hiring A Business Lawyer?

Business Succession Lawyer Logan Utah

Buy Sell Agreement

What Is The Relationship Between Business Law And Economies?

Litigation

Commercial Law

Business Transaction Lawyer West Valley City Utah

Registered Trade Marks

Due Diligence

Do I Need A Permit To Start A Business In Utah?

Business Succession Lawyer Draper Utah

Tax Law

Startup Attorney

Business Contract Lawyer Salt Lake City

Goals of Estate Planning

What Is The Difference Between Corporate And Commercial Law?

Business Credit

Business Contract Lawyer West Valley City

Commercial Real Estate Law

AI Business Consultant

Estate Planning Documents

Mechanic’s Lien in Utah

Business Lawyer West Jordan Utah

Artificial Intelligence

Irrevocable Life Insurance Trusts