Legal Question in Wills and Trusts in Utah

Re: Wills Versus Co-Ownership With Children

A will serves several purposes, disposing of property is just one. An ideal estate plan always includes a will to appoint guardians for minor children, transfer property to individuals or to a trust, and to act as a catch all for other property which may not have been properly considered or appointed for distribution. The ideal estate plan would also have a trust to handle disposition of the property to avoid probate.

If children have been given interests in your real property, with rights of survivorship, then upon your death ownership will transfer to the children. However, using this method for estate planning alone may be risky. Your children may fall victim to an adverse judgment, or may suffer from credit problems. Then your property, now partly owned by your children, may be attached to pay the debts or satisfy the judgment. Other problems arise if married children get divorced. The divorcing spouse owns one-half of the child's interest.

You would be wise to consult with an attorney to review your estate plans. This is your retirement money and the assets you will leave to your children and grandchildren. Be careful. I will give you a free consultation if you wish.

Re: Wills Versus Co-Ownership With Children

http://www.elderlaw.com/probate.htm