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Show The Summit County Bee hgcB4 August 24, 2001 My Will or I .it'irew Already Prepared Trust Do I Still Need an Attorney? AND BY RANDALL IIOLMURKN MATTHEW MTTTON Many people have the misconception that once they have created a Revocable Living Trust, they no longer need the services of their estate planning attorney. After all, a Living This! avoids Guardianships and Probate, and attorneys and the court are involved in each of these processes So. obviously the planning that was done eliminated the need for any future services of the estate planning attorney. Nothing could be further from the truth. There are a number of times the services of an estate planning attorney are needed. First, there should be periodic reviews of an estate plan. This should occur at least every two to four years. You may be wondering what facilitates this need. Changes in relationships with loved ones; Changes in the size or make-u- p of your assets; Changes in the physical, mental or emotional status of your loved ones; Different needs that should be addressed to protect your loved ones. These are only a few of the many reasons why there must be periodic reviews of an estate plan. Second, if the Trustor (the person who creates a Trust) is serving as Trustee of the Trust and warns to resign, an attorney's services are needed. There must be a resignation prepared and signed and the Successor Trustee needs to qualify to serve. Additionally, questions about accounting and the transfer and value of assets, etc., all need to be addressed and resolved There should be continuity in the administration of the Trust. This is best accomplished by ensuring the Successor Trustee starts out the right way with the guidance fied attorney. of a quali- Third, suppose that the Trustor Trustee become physically or andor mentally incapacitated. How is incapacity determined and who determines it? These questions should only be answered by the estate planning attorney. Once properly determined, it is necessary to qualify the Successor Trustee to cany out the terms of the Trust. That person will need guidance at the outset with transferring assets and being certain they are performing their duties properly. In addition, they may periodically need to consult with the attorney about trust related matters. Finally, upon the death of a Trustee, it is again necessary to utilize the services of the estate planning attorney. This is when the work becomes more complex than merely changing Trustees. Are there death tax returns that' need to be prepared? Is an accounting needed? Do the assets need to be valued at date of death values? Are there any planning strategies to be implemented to reduce death taxes? When and how are distributions made? Is the Trust post-morte- m UJBG higher than a year earlier (17 cents). This is the company's 227th consecutive dividend without a reduction. Headquartered in Salt Lake City. Questar Cop. is a diversified energy company with $2.5 billion in assets. Through subsidiaries, it engages in energy development and produc- - It Works Wonders. ins American Heart nl Ltl SitipKf to be terminated? How does the Successor Trustee take ovfcr contra of the assets? These are only a few of the questions that must be answered. Yes, a properly drafted and folly funded Living Trust can avoid court involvement in your affairs. However, as demonstrated, it is absolutely necessary to involve the estate planning attorney at various limes after the Living Trust has been Association signed. There may be other occasions when the estate planning attorney should be consulted as well. Therefore, it is important that you use the services of an estate planning attorney experienced not only in planning estates, but also in handling trust administrations. Mr. Holmgren and Mr. Mitton are members of the American Academy of Attorneys and have been engaged in the practice of law for the last 23 years. For more information or to attend an upcoming seminar, call (801) Estate-Plannin- 366-996- 6. Questar Board Declares 227th Consecutive Dividend Without a Reduction Questar Corp.'s (NYSE-STR- ) board of directors today approved a $.175 (17.3-cen- t) quarterly common stock dividend. The dividend payable Sept. 17, 2001, to shareholders of record on August 24, 2001 is the same as the cent previous quarter's and one-ha- lf :V- Free JumpStart Spy Masters CD-Rowith every Great Clips Kid s Haircut m Only ona par household whte supplies last, At participating locations. so tap to II today. tion; gas gathering and processing; wholesale gas. electricity and liquids trading; retail energy services; interstate gas transmission and storage; retail gas distribution; and information systems and prodigy. Hurry! This Price Cant Last!! 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