Legal Question in Wills and Trusts in Utah
Account beneficiary toward total estate?
My husband has termnal espohageal cancer and no desire to create a will. I am beneficiary on accounts with about $300K and there are other assets both personal and in the sole proprietorship business of about $800K. The Utah Bar website says that a wife and children from another marriage split the probate estate 50% each. Would the accounts designated to me be included in that, or just the other assets? I know I should try to convince him to create a living trust, but we're both heartbroken about the whole situation and not ready to face the reality of it. Thank you so much!
2 Answers from Attorneys
Re: Account beneficiary toward total estate?
There is no way for me to know how your husband's estate will be handled. However, if your husband dies without a trust, the estate will have to go to probate, which will require attorneys and probably accountants - all at great expense. It will also take time. For a fraction of the cost of probate you can create a trust, avoid probate entirely, provide for the family they way you want it, and also obtain all of the documents you will need as his health declines. Please call for a free consultation. As hard as this may be now, it will never be easier - or cheaper.
Re: Account beneficiary toward total estate?
Pursuant to UCA 75-2-102 and 75-2-206, if there are heirs other than the surviving spouse, the amount goint to the surviving spouse will include non-probate transfers, i.e., life insurance and retirement plans. It really would be best for your husband, if he wants any say in how the assets transfer, to do some planning before he dies, so he can avoid what it appears he doesn'w want to happen. If you have any questions, please call me.
Randy M. Lish
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