Law Office of Penniann J. Schumann PLLC Law Office of Penniann J. Schumann PLLC 2026-06-09T16:17:00Z https://www.estateplanningforutah.com/feed/atom/ WordPress /wp-content/uploads/sites/1304161/2020/06/cropped-site-Icon-min-32x32.jpg On Behalf of Law Office of Penniann J. Schumann PLLC <![CDATA[Digital Assets in Your Estate Plan: What Utah Law Says About Your Online Legacy]]> https://www.estateplanningforutah.com/?p=51003 2026-06-09T16:17:00Z 2026-06-09T16:17:00Z What qualifies as a digital asset under Utah law Digital assets include any electronic record or file you own or control. The Utah Uniform Fiduciary Access to Digital Assets Act governs how fiduciaries can access these assets. This law covers a wide range of online property that many people overlook when creating estate plans. Common digital assets that require planning include:
  • Cryptocurrency and digital wallets
  • Email accounts and cloud storage files
  • Social media profiles and online business accounts
  • Digital photos, videos and music libraries
  • Loyalty rewards points and online gaming assets
Without clear instructions in your estate documents, your executor may lack legal authority to access these accounts. Service providers often have strict privacy policies that prevent even family members from gaining entry after your death.

How Utah law grants access to fiduciaries

Utah's digital assets law lets you grant specific permissions to your personal representative, trustee or agent through your estate planning documents. The law puts your expressed wishes above default service provider terms. However, if you do not give clear instructions, your fiduciary must work through each platform's individual policies and may face long court battles. The law draws a line between access to account content and access to a list of communications. Your fiduciary may see a list of your emails but cannot read the messages unless you specifically allow that level of access. This protects your privacy while allowing basic account management.

The risks of incomplete digital planning

Families who cannot access digital assets often lose precious memories, financial accounts and business records. Crypto held in wallets without shared passwords may become lost forever, and social media accounts may stay active, causing pain to grieving family members. An experienced estate planning attorney can draft documents that cover both personal and business digital property, giving your fiduciary the legal power needed to preserve your online legacy for those you leave behind.]]> On Behalf of Law Office of Penniann J. Schumann PLLC <![CDATA[Top 3 benefits of a Utah trust (and why it matters)]]> https://www.estateplanningforutah.com/?p=50982 2025-10-06T13:15:57Z 2025-10-06T13:15:57Z A trust can simplify what happens to your property and protect the people you care about. If you live in Salt Lake City, it may also save time, money and stress for your family.

Avoids probate

Utah’s probate process can impose additional delay and expense. A properly funded trust transfers assets directly to beneficiaries without court intervention and preserves family financial privacy. Under Utah’s Uniform Trust Code, trustees have clear duties to manage and distribute assets as the trust directs. Funding the trust remains essential. Merely listing property in the trust document does not place it within the trust itself. You must retitle or reassign ownership to ensure inclusion. Failing to complete this step can trigger a real estate probate despite having executed a trust. Use this concise funding checklist to confirm full transfer:
  • Real estate: Deed the property to the trust.
  • Bank and investment accounts: Retitle to the trust or add TOD to the trust.
  • Vehicles: Follow Utah DMV rules for trust titling.
  • Business interests: Assign or reissue ownership to the trust.
Review these items yearly. A “paper” trust that holds nothing is an empty trust.

May minimize taxes

A revocable trust alone does not reduce estate tax liability but it can coordinate advanced tax strategies. By contrast, an irrevocable trust can remove assets from your taxable estate and utilize annual exclusion gifts. Outcomes depend on the trust’s structure, timing and integration with your overall estate plan. Trust tax consequences arise under federal transfer tax provisions and hinge on whether the settlor retains control or incidents of ownership. Utah’s trust code defines trustee powers and obligations but does not, by itself, create tax advantages. You should design your plan to align with both your asset mix and long-term objectives.

Protects assets from creditors

Utah recognizes domestic asset protection trusts. With an irrevocable Utah DAPT, a co-trustee controls distributions and future creditors face limits after statutory periods. Existing creditor claims and fraudulent transfer rules still apply.

Planning your next step

Creating a trust is not just about signing documents. It is about funding, managing and updating the trust so it continues to work as intended. The right structure depends on your family, property and long-term goals. A qualified Utah estate planning attorney may also review your assets, explain your options and ensure your trust complies with state law.]]> On Behalf of Law Office of Penniann J. Schumann PLLC <![CDATA[What happens when you die without a will in Utah?]]> https://www.estateplanningforutah.com/?p=50976 2025-09-19T12:35:10Z 2025-09-19T12:35:10Z Intestate succession laws step in When you die without a will in Utah, the state's intestate succession laws automatically kick in. These laws establish a specific order for distributing your assets:
  • Spouse, no children/parents: Your spouse inherits your entire estate.
  • Spouse and descendants (children, grandchildren): Your spouse inherits the first $75,000 of your estate, plus one-half of the remaining balance. Your descendants inherit the other half.
  • Descendants, no spouse: Your descendants inherit your entire estate, divided equally among them.
  • Parents, no spouse/descendants: Your parents inherit your entire estate.
  • Siblings, no spouse/descendants/parents: Your siblings inherit your entire estate.
These are general rules, and the exact distribution can vary based on specific circumstances. The court system supervises this entire process.

Probate still applies

Your estate will go through probate court supervision. The court appoints an administrator to handle your affairs since you did not name an executor. This person collects your assets, pays debts and distributes property according to state law. The probate process typically takes several months to complete and creates additional expenses for your estate.

Creating a valid will

Writing a will gives you control over your legacy. To craft a legally valid will in Utah, ensure the following:
  • You must be at least 18 years old.
  • You must be of sound mind (mentally competent).
  • You must sign your will in the presence of two witnesses.
  • The two witnesses must also sign the document.
It is crucial to note that the witnesses should not be beneficiaries in your will. Otherwise, they risk losing their inheritance.

Your story, your rules

Life rarely follows a template, but intestacy does. Utah’s statute may work for some, yet it seldom matches real families and real priorities. Protecting children, recognizing blended families and safeguarding a family business require a plan. Start with a will, review beneficiary designations and consider trusts where appropriate to ensure intentions are honored. An experienced estate planning attorney can help you tailor your plan, reduce taxes and fees and update documents as your life changes.]]> On Behalf of Law Office of Penniann J. Schumann PLLC <![CDATA[Pets and Estate Planning]]> https://www.estateplanningforutah.com/?p=46051 2025-06-24T12:29:57Z 2020-06-01T06:49:22Z