Tag Archives: accounts

Estate Planning

Is Your Estate Plan Complete?

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If you have an estate plan, you may be wondering if it is complete and comprehensive. This is especially true if your plan was created several years ago and your life circumstances have changed. Below is a checklist of questions you should consider regarding your current estate plan:

  • Do you have a Will and/or Trust, Healthcare Proxy and Power of Attorney?
  • Are the individuals or entities named as your executor, successor trustee, power of attorney or healthcare agent still the persons you want to serve in these roles?
  • Have you relocated since your estate planning documents were drafted? If so, do your documents still comply with the applicable law where you live?
  • Are you transferring any personal property to a person under the age of 18 years?
  • Are the beneficiaries you are giving your assets to capable of properly handling the bequests or new wealth?
  • Are there any specific gifts to certain individuals that you want to make?
  • Are any of your assets held in joint accounts or where you have a designated beneficiary? If so, do your estate planning documents match your designations?
  • Is your property being distributed to your beneficiaries outright or in trust?
  • Do any of your beneficiaries have special needs that should be considered?
  • Will your estate plan provide you with tax advantages?
  • Have you notified your loved ones of where your estate planning documents are located?
  • Have you left information regarding how to access your digital assets?

The above list is not exhaustive, but it provides you with a good start in determining where your estate plan stands. If you need assistance understanding the consequences of your plan as it is currently drafted or whether it should be updated, we can help. If you are like most people (and most of our clients), you understood your documents when they were signed, but they can be complex and you may not be clear now. A review with a good estate planning attorney can give you great peace of mind, or help you spot changes you may want to consider.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Getting Married? Time to Discuss Finances!

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If you are engaged, you are probably making a wide variety of plans for your future. Many couples spend considerable time planning their wedding, but they do not plan for how to combine their financial lives. Before you say “I do,” below are several issues you should discuss with your future spouse:

  • If you have always had your own accounts, you should consider each other’s spending habits and how to best organize your finances. In many cases, it makes sense to wait a while before combining your accounts, including credit cards. Many financial advisors believe it is wise for each spouse to maintain one individual credit card.
  • You will need to decide how your bills will be paid. Will one spouse be in charge of paying everything? Will you split the bills?
  • Should you consider a premarital agreement? If this is not a first marriage, or you have acquired significant assets prior to marriage, this is something you should definitely consider.
  • Both individuals should fully disclose their debt. You want to enter your marriage being open and honest about what you owe. It is surprising how many people get married only to discover their spouse has tax debt, credit card debt or even old DUI fines or court related payments being made. You should not undertake to pay these debts for your spouse!
  • If only one spouse has a job, you should discuss how the non-breadwinner will access and have some control over the family funds.
  • You should confer with a tax professional regarding whether you should file your taxes jointly or separately. This decision may make a significant difference in saving you money. It should not be done without thought, and each spouse should participate and understand the filing of tax returns. If one spouse has their own business they can create havoc on the household if they do not honestly and scrupulously report taxable income and expenses.
  • Once you are married, it is critical that you create a comprehensive estate plan. Not only will you want to protect your spouse if something should happen to you, your estate plan can provide you with many protections as well. We can assist you with creating wills, trusts, a health care proxy, power of attorney and an asset protection plan.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.