When Should You Start Estate Planning?

Wondering when to start estate planning? In this episode, an estate planning attorney explains wills, trusts and estates, trust services, and when setting up a trust may be the right choice to help protect your family and assets. 0:00 Introduction 0:12 When to start and when is too early for estate planning 0:39 Threshold minimum for estate planning 1:17 When is too early 3:49 Don’t leave everything up to chance, you need an estate plan 4:34 Testamentary trust 5:43 $100,000 threshold with Utah courts 6:15 How to get money under deceased person's name 7:36 Do I need a lawyer to receive the money? 8:33 Difference between trust types 9:03 Most common misconceptions about probate 9:20 What is probate for 9:48 How to avoid probate 10:09 What is estate planning 11:10 With any equity, you will need probate court 11:45 Story about Jordan’s will 12:28 What prep work should you do before you meet with Brent 13:03 Where to start with your estate planning 13:45 Meaningful equity should be held within a trust 14:15 How to carve out a trust 15:19 Come with a general idea of what they want to happen 16:00 IRA’s involvement in a trust 17:55 What to come to Brent with to start your estate planning 18:31 Know what questions to go to Brent with to start the process 19:09 Schedule a consultation 20:04 What questions to ask in this consultation 20:28 Want to keep family safe & not fight 20:57 Will & trust combined 21:10 Pour over will 21:37 Does this include funding the trust 22:40 Homes in a trust 23:09 Families are changing 23:34 Die with zero 24:12 Kids getting inheritance 25:29 How does estate planning protect the family and the assets 26:41 Who you should pick to be in charge of the trust 27:50 Families going to court 28:08 Structure of the will and trust 28:29 Do you need different trusts for different things or can they all be in one 29:04 Revocable trust- common trust 29:38 Irrevocable trusts 30:30 Different types of trusts 31:44 Rules and regulations on distribution between trust and will 32:32 Testamentary trust 33:14 It all depends on the family 33:20 Fees associated with a trust 34:08 Amendments are important 34:32 What does a smooth, well prepared estate look like 35:40 Where to keep your estate plan and what it should hold 36:20 Update with a year end statement