Whether you are a developer, landlord or individual property owner, we can help you navigate through legal considerations, financing issues, contracts and conflicts that often accompany real estate transactions.
Land Use and Real Estate Development
A fundamental estate plan includes a will, revocable living trust, durable power of attorney, and health care document. New clients often say that they do not have an estate plan. Most people are surprised to learn that they actually do have a plan. In the absence of legal planning otherwise, their estate will be distributed after death according to Utah’s laws of intestacy. Of course, this may not be the plan they would have chosen. A properly drafted estate plan will replace the terms of the State’s estate plan with your own.
Leasing and Landlord/Tenant Issues
A revocable living trust is frequently recommended as the centerpiece of many of our clients’ estate plans. Our clients’ trusts typically help them avoid probate, plan for taxes, and pass their wealth to their heirs when they want and how they want. Revocable living trusts are superb tools to facilitate a smooth administration of an estate.
A last will and testament is just one part of a comprehensive estate plan. If an individual dies without a last will and testament, they are said to have died “intestate” and state laws will determine how and to whom the person’s assets will be distributed. A last will and testament has no legal authority until after death. As such, it will not help manage a person’s affairs when they are incapacitated, whether by illness or injury. A will does not help an estate avoid probate. In fact, a will is the legal document submitted to the probate court, so it is basically an “admission ticket” to probate. Generally, a will is the best legal document through which parents can name the guardians (or back-up parents) for minor children should those children become orphaned.
Pud and Condominium Development
A power of attorney is a legal document giving another person (the attorney-in-fact) the legal right to do certain things (powers) for another. What those powers are depends on the terms of the document. A power of attorney may be very broad or very limited and specific. All powers of attorney terminate upon the death of the maker and may terminate when the maker (principal) becomes incapacitated (unable to make or communicate their own decisions). When the intent is to designate a back-up decision-maker in the event of incapacity, then a durable power of attorney should be used. Durable Powers of Attorney should be frequently updated as banks and other financial institutions may hesitate to honor a document that more than a few years old.