Common Myths About Utah Estate Planning

Myth #1: In Utah, children have an absolute right to inherit from their parents

Myth #2: In Utah, parents must treat children exactly equal in inheritance

Myth #3: Safe deposit boxes are sealed at death

Myth #4: When I die the government gets everything!

Myth #5: When I die the lawyers get everything!

Myth #6: If I put my assets into a trust, my creditors (and the IRS) cannot get them

Myth #7: If I have a will, there will be no probate

Myth #8: Probate takes forever and is very costly

Myth #9: If I have a will, I have my affairs in order

Myth #10: A will is read out loud to the family in the lawyer’s office right after the funeral

Myth #11: It is best to give my property away before I die

Myth #12: My new spouse will take care of my kids and treat them fairly

Myth #13: To avoid disputes, a child should be a co-signer on all of my accounts

Myth #14: I should designate all of my children to serve jointly as trustee of my trust and as personal representative of my estate

Myth #15: Estate planning is only for the wealthy

Myth #16: Estate planning is a once-in-a-lifetime event – no updating is needed