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Living trusts In Utah, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (its similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Write a Living Trust The most straightforward way to avoid probate is simply to create a living trust. A living trust is merely an alternative to a last will.
Estate assets are those assets that will pass in accordance with your Will. They are those assets held in your personal name or as tenants in common with another person. Examples of estate assets are property, shares or motor vehicles owned solely by you or as a tenant in common with another person.
This may include real property, personal property, stocks, bondsanything that you own that is in your name will be controlled by that will, absent other estate planning that youve done. A last will and testamentcommonly shortened to just willis a legal document that expresses your last wishes.
Most Important Assets to Include in Your Will Money. This might be the most important part of your Will. Real Estate. Investments. Businesses. Other Assets. Guardianship Considerations.
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Probate is required if: the estate includes real property (land, house, condominium, mineral rights) of any value, and/or. the estate has assets (other than land, and not including cars) whose net worth is more than $100,000.
Which Assets are Not Considered Probate Assets? Life insurance or 401(k) accounts where a beneficiary was named. Assets under a Living Trust. Funds, securities, or US savings bonds that are registered on transfer on death (TOD) or payable on death (POD) forms. Funds held in a pension plan.
An inheritance is a financial term describing the assets passed down to individuals after someone dies. Most inheritances consist of cash thats parked in a bank account but may contain stocks, bonds, cars, jewelry, automobiles, art, antiques, real estate, and other tangible assets.
Heres an example: I give to my son, Alan John Smith, one-third of my estate. If Alan John Smith does not survive me, this inheritance should be distributed to Alan John Smiths descendants, per stirpes.
Which Assets are Not Considered Probate Assets? Life insurance or 401(k) accounts where a beneficiary was named. Assets under a Living Trust. Funds, securities, or US savings bonds that are registered on transfer on death (TOD) or payable on death (POD) forms. Funds held in a pension plan.

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