Tag Archives: divorce

Estate Planning

Divorce & Revising Your Estate Plan

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When you get a divorce (or legally separate from your spouse), it impacts every part of your life. Divorce constitutes a major life event, which means that you should review and revise your estate plan. Below are a few of the areas of your estate plan that you should consider updating after your divorce has been filed:

  • Beneficiaries. Most married couples have an estate plan that provides that all of their assets should transfer directly to their spouse upon their death. Presumably, you will want to remove your ex-spouse and name a new beneficiary of your estate.
  • Incapacitation. If your ex-spoue is named as your healthcare agent or financial power of attorney, you should name an adult child, parent, or trusted friend to handle your affairs if you become unable to act for yourself.
  • Account beneficiaries. Updating your estate plan will not change the beneficiary designations you have made on certain accounts and policies. For example, if you have life insurance policies that have your ex-spouse listed as your pay-on-death beneficiary, it is important to contact the life insurance company and update your beneficiary designations. The same is true for accounts such as your retirement accounts or bank accounts.

We understand that going through a divorce is an extremely difficult time in your life. However, to avoid unintended transfers of your assets or having important decisions made on your behalf by your ex-spouse, it is essential to update your estate planning documents as quickly as possible.

If you are facing divorce or another major life event, let us help. We can help you understand the areas of your estate plan that should be reviewed and updated.

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

Events that Motivate Us to Create an Estate Plan

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It is common for people to procrastinate in creating their estate plan. Nobody likes to think about dying or how their family will move forward without them. At the same time, most people feel guilty if they don’t have an estate plan in place.

Over our years as estate planning attorneys, we have seen certain events cause our clients to jump-start their estate planning. Below are a few of the events that cause people to stop procrastinating and contact us:

  • A serious accident or troublesome medical diagnosis
  • The death of a close friend or relative
  • The birth of a child or grandchild
  • A vacation, especially one out of the country
  • Marriage or divorce

There are many other life events that can force you to think about your mortality and motivate you to get your affairs in order. Whatever circumstances, you are facing, you should put creating or updating an estate plan at the top of your “to do” list. You don’t want to wait until you are pressured to meet a deadline to make these crucial decisions. However, if you have a life event motivating you to take action, take the first by contacting us to schedule your initial consultation.

If you have procrastinated, and you believe that death is imminent, we can still help! Many lawyers, our firm included, will meet with clients at home or in a hospital, or do what is necessary to help a client who is dying or close to death and give them peace of mind. We think it’s worth it to take that concern off your mind. Let us help!

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

Recently Divorced? Time to Update Your Estate Plan

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When you create an estate plan, it is important that you do not file it away and forget it. If your life undergoes a significant change, it is important to update your estate plan to reflect those changes. Some of the common life changes that warrant updating your estate plan are marriage, death, birth and divorce. Many people don’t think about updating their estate planning documents during the divorce process, which can lead to unintended consequences.

When you file for divorce, you should contact us to update your will, trust, power of attorney or healthcare directive. Below are a few factors to consider:

  • Inheritance planning.  Your estate planning documents probably direct that all of your property and assets should be distributed to your former spouse upon your death. While the divorce is pending and after your divorce is finalized, you will likely want to name other beneficiaries in your will or trust.
  • Incapacity planning.  If you named your ex-spouse as your healthcare proxy or as the power of attorney over your finances, you should consider whether you should appoint somebody else to look after you or your money if you should become incapacitated.
  • Account beneficiaries. If you have accounts, policies, or other types of assets that allow you to designate beneficiaries, you should consider updating them during and after your divorce. This includes life insurance, pay-on-death bank accounts, IRA’s and retirement accounts.

If you are facing divorce or you have been divorced for a while and you need to update your estate plan, we are ready to help you.

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.

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When Should I Update my Estate Plan?

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AlarmClockMany individuals think that their estate planning is complete as soon as they have created their estate plan. However, it is important to remember that your estate plan should be updated as your life circumstances change. It is commonly stated that you should have your estate plan reviewed every few years (at a minimum), or when one of the following events occurs:

  • Marriage. Don’t assume that your spouse will automatically be appointed as the executor of your estate. If you die without a will (intestate), the law of the applicable state will determine how your assets are distributed. By regularly updating your estate plan, you can ensure that the person you want to administer your estate is appointed and you can set forth how you want your estate distributed.
  • Children. When you have a child (including adoption), your estate plan should be updated to include the child. An estate plan can appoint a guardian for any minor children in the event both parents die. You can also create a trust as part of your plan and dictate when and how your children will receive their inheritance.
  • Divorce or death. You should review your estate plan if you get a divorce or your spouse dies to determine whether they still reflect your wishes. Most people want to name somebody other than their ex-spouse as their health care proxy, power of attorney, or as a beneficiary of your estate.
  • Remarriage. If you get remarried, your estate plan should be updated to include your new spouse. This is especially important if you or your new spouse has children from prior marriages because you will want to ensure that your children are provided for as you intend.
  • Retirement. When you reach retirement age, it is essential to review all of your finances, including your estate planning documents.
  • Significant financial changes. If your finances undergo a significant change, especially if your estate has dramatically increased in value, it is important to update your estate plan to determine if you need to shelter assets or take action to avoid certain taxes.

The above are just a few examples of events that warrant reviewing your estate plan. If you have an existing estate plan that you have not reviewed in several years, let us help you ensure it still reflects your wishes.

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.