A last will is vital for providing clear instructions on distributing your assets to prevent losses from mismanagement and your wealth from falling into intestacy.
I cannot tell you how many times poor financial planning has left a wake of changes in relationships with kids or other family members. Each time this happens I cringe, knowing how preventable this is. When parents leave a well-thought-out and communicated will, it makes a huge difference for those they leave their estate to. Said another way, when a will is not organized and clear, it leaves the beneficiaries to make choices. Those choices can be scrutinized and criticized leaving those left making the decisions in a very tough spot.
Please, remember this! You get what you set up! This applies to every area of our lives, and it certainly applies to estate planning! If you leave ambiguity and chaos to your loved ones, they are going to have to navigate ambiguity and chaos. On the other hand, if you leave clearly stated, well organized, and properly communicated planning, you set your family up for a very different experience! Both outcomes are possible! Which one are you committed to! Please, do not leave your kids or other family members to sort out or squabble though things. “They can figure it out” is rarely a prudent approach to estate planning!
I watched two siblings lose love and respect for each other because the sibling authorized to make medical decisions did the best they could, but the other sibling harbored ill feelings towards her brother for the decisions he made. In this example Mom left both of them with very little instructions or guidance. Knowing how she left this earth was a primary cause for her children to resent each other is not the way she wanted it. Trust me. It’s what happened, not what she wanted to have happen. Please be clear, be organized, be intentional and communicate plainly.
Building out an Estate Plan in Utah.
Since the requirements for drafting a valid will vary from state to state, you must familiarize yourself with Utah last will and testament requirements and how they differ from other states to help you draft your own. Adhering to Utah will requirements ensures your document is legally binding and enforceable.
What Are the Basic Requirements for a Valid Will in Utah?
The following requirements from the Utah Uniform Probate Code confirm that your will accurately reflects your intentions as the “testator” and is free from undue influence or fraud. Failing to meet them might result in courts deeming it invalid and subjecting your assets to intestacy laws.
Minimum age and mental capacity
You must be at least 18 years old and of sound mind to craft a valid will in Utah. In other words, you must have the mental capacity to understand your property’s nature and extent, your beneficiaries, and the legal implications of signing a will.
Written requirements
Wills must be in writing to be valid in Utah. A holographic will, which is entirely handwritten and unwitnessed, is valid as long as the document bears your signature. However, it may be subject to legal scrutiny for validation. Conversely, oral wills are invalid in the state.
Signatures
You must sign the will for it to be valid. If you can’t do so because of a disability, another person may sign it on your behalf, in your presence, and with your instructions. Signatures affirm that the document is your genuine last will.
Witnesses
In Utah, your will must bear the signature of at least two competent witnesses. They must observe you signing it or acknowledging you have signed it if you didn’t do so in their presence. Furthermore, Section 505 states that a witness’ signature is valid even if they have a stake in your will, such as a beneficiary.
How Utah Last Will and Testament Rules Differ from Other States
Besides the requirements for drafting a will in Utah, the process of creating one in the Beehive State differs from others.
Witness requirements
Utah requires at least two witnesses for a will to be valid, except for holographic documents. Meanwhile, states like Colorado allow testators to submit wills to a notary public or other authorized people instead. In Louisiana, two witnesses and a notary must sign their names on each page.
Holographic wills
Section 502 of the Utah Uniform Probate Code states that a holographic will is acceptable, even without witnesses, provided it’s in your handwriting and bears your signature. Arkansas allows it as long as there are at least three disinterested witnesses. Meanwhile, Delaware strictly requires written and signed wills and doesn’t allow holographic documents.
Self-proving affidavits
A self-proving will is a document meeting specific requirements that make it valid without going through probate court.
According to Section 504, Utah allows your will to be self-proved as long as you, your witnesses, and an officer who can administer oaths sign an affidavit. In California, there’s no need to file a self-proving affidavit for your will to bypass probate courts—provided that your assets have named beneficiaries.
Electronic wills
Electronic wills are valid under Utah per Section 1405. However, it must be readable as text and bear your and your witnesses’ signatures. Other states, like Texas, do not recognize electronic wills. However, there have been legal developments toward establishing this format, such as the Texas Senate Bill 1779.
Only nine states recognize electronic wills, namely:
- Arizona
- Colorado
- District of Columbia
- Florida
- Illinois
- Indiana
- Nevada
- North Dakota
- Utah
5 Last Will Drafting Mistakes to Avoid in Utah
Avoid these missteps to ensure your will is valid, doesn’t encounter legal disputes, and accurately reflects your wishes.
1. Not including a self-proving affidavit
Without a self-proving affidavit, the probate court might need to locate your witnesses and bring them in to testify—a time-consuming and complicated process. So, prepare this document for additional proof of your will’s validity beforehand.
2. Not considering non-probate assets
Non-probate assets pass directly to your beneficiaries without going through probate courts, such as life insurance policies and retirement accounts. Failing to factor these assets into your estate plan might create conflicts among your beneficiaries.
3. Not taking state-specific requirements into account
Utah has specific criteria that make a will valid, and failing to consider them or mistaking other states’ criteria as Utah’s can result in your will becoming invalid. Contact your legal advisor to ensure your will is enforceable and legally binding.
4. Not revoking previous wills
Did you create multiple wills over your lifetime? If so, it’s crucial to revoke prior wills explicitly. Otherwise, it might lead to confusion and legal disputes among your beneficiaries. Simply including a statement revoking previous documents will do the job, but it’s best to shred old wills.
5. Not consulting a financial advisor
Building an estate plan involves more than just drafting a will. Consult with a financial advisor from Tencap Wealth Coaching, who can help you understand the financial implications of your estate planning decisions. Then, you can rest assured your will aligns with your financial goals.
Secure Your Beneficiaries’ Future
Planning for when you pass away is an act of care for your loved ones, and drafting a valid last will is a significant part of it. After all, you don’t want infighting and squandering resulting from asset distribution when you pass. A valid will is crucial for high-net-worth families and individuals, where the stakes and the complexities are considerably greater.
If you’re ready to plan your estate, don’t hesitate to reach out to Tencap Wealth Coaching’s Certified Financial Planner® in Utah. Our decades of experience working with high-net-worth individuals makes us your trusted choice for financial advice.
Find out why our services are worth it: 7 Reasons Why Our Financial Advisory Services Are Worth the Fee.
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Joe Griffin
Joe has been building and managing financial planning firms for the past 14 years. He loves the financial planning space and is very proud of the success and growth that has come from his proprietary marketing and leadership. Joe spent years being involved with the bright minds of the investment committee at Utah’s 529 college savings plan – a plan managing over 20 billion. Joe only works with firms that are stated fiduciaries on a client relationship. Joe is committed to leading a financial planning firm with ethics and integrity. The money management philosophy that Tencap subscribes to is built on strong academics and is supported by a highly impressive academic board. We can't wait to coach you on the excellence that Tencap stands for.
