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Estate Planning

Why New Parents Need an Estate Plan

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If you are expecting a baby or you have just had a child, you know that your world has totally changed. While all of the decisions you must make can be overwhelming, it is important to create or update your estate plan. Your child is the most important thing in your life, so you should take every step necessary to protect him or her now and in the future.

Below are a few reasons why new parents need to create or update their estate plan:

  • Appoint a guardian for your minor children. Nobody likes to think about not being there for their child, but none of us know the future. Thus, if something should unexpectedly happen to you or your spouse, it is important to choose who will raise your child. You should confer with the person you want to appoint to serve as the guardian of your minor children to verify that he or she is willing to do it. You should also name alternates in case your first choice is unwilling or unable to serve as the guardian when the time comes.
  • Create a trust. A trust can help ensure that your child’s financial future is protected. A trust provides you flexibility in deciding when and under what conditions your child will inherit from you, which may include a provision stating that your child must reach a certain age before distributions from the trust should be made.
  • Select a trustee to manage each child’s inheritance. You will want to consider appointing a trustee who will invest wisely on behalf of your child.
  • Provide for any special needs. If your child has special needs, you must take care in creating your estate plan. You will want to create a special needs trust to ensure that your child’s needs will continue to be provided for without jeopardizing his or her eligibility to receive government assistance.

If you are expecting a child or you are a new parent who would like to learn more about creating an estate plan to protect your child’s best interests, call us today to schedule an initial consultation.

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

3 Tips for Lowering Your Estate Planning Legal Fees

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There numerous areas in your life where you can save money by “doing it yourself.” However, estate planning is one area where DIY can cost you more than you might expect. Each state has very specific laws that apply and the process can be quite complex. Our experience with DIY wills or trusts has been uniformly bad. They may be good forms fundamentally, but the lack of understanding of terminology and lack of experience with the forms or estate planning concepts generally, often results in a bad document.

Most people fear that creating an estate plan will be expensive, but it doesn’t have to be. Keep in mind that “expensive” is a relative concept. If you have hundreds of thousands or even millions in assets, spending a few thousand dollars to make sure the assets transfer according to your wishes is a very modest cost. You can also create your plan in steps and following these three tips may help to lower your legal fees:

  • Get organized. Before you attend your initial consultation with your estate planning lawyer, get your documents and records organized. This includes creating a comprehensive list of all of your assets and all of your liabilities and debts. You will want to decide who your beneficiaries will be as well as who you want to appoint as your personal representative or trustee. If you have minor children, you should decide who you will want to appoint as the guardian of your minor children if you should become incapacitated or die. Finally, consider who you will appoint to make medical decisions for you if you are unable to do so for yourself. Don’t be surprised when your experienced estate planning attorney gives you guidance that causes you to change your mind as you formulate your plan. That is the benefit of using someone who understands this area of law. They can see things you don’t.
  • Keep it straightforward. If you can keep your estate plan simple, it can save a lot of money. Also, the more complex your estate plan is, the more expensive it will likely be to maintain as time passes.
  • Maintenance. It is important to review your estate plan each year and to make any necessary changes as you discover them while they are minimal and not as expensive. If you wait several years before reviewing your estate plan, making the necessary updates could be more costly.

Having a comprehensive estate plan can save you and your family money in a variety of ways. We can help you avoid costly estate taxes and create asset protection strategies. To learn more about how we can assist you, schedule your initial consultation.

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

How to be Prepared for the Unexpected

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We all know that life can change in an instant. Regardless of your age or your financial status, estate planning is critical to protecting your loved ones in the event an unexpected negative event occurs. Below is a checklist to consider in creating a “safety net” for your family:

  • If tragedy should strike, you want to have the financial resources to deal with it. This means having medical insurance and life insurance.
  • Execute the necessary documentation evidencing how you want your end-of-life medical treatment to be handled. This may include signing a living will, appointing a health care proxy, and/or signing a Do Not Resuscitate (DNR) order.
  • If you have minor children, it is essential that you appoint a guardian to care for them in the event you are unable to care for them yourself.
  • It is important to create a will or trust that sets forth who will inherit your property and assets. You should verify that any real estate, bank accounts, or financial assets that you own are titled to reflect your intent as set forth in your estate plan.
  • Take steps to organize your important records and make sure your loved ones know how to access them. You should include instructions regarding your digital assets as well.
  • Consider pre-planning your funeral and/or burial arrangements.
  • Review your beneficiary designations on your retirement accounts, life insurance policies and other pay-on-death assets.
  • If you have a pet, consider creating a plan for its care.
  • Have open and honest conversations with your family, friends and other loved ones so your intentions are clear.

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

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

Your Estate Planning Attorney

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When you are ready to create your estate plan, it is important to work with an attorney that you trust. Estate planning is a private matter that requires you to have confidence in your lawyer, so you should be careful in whom you choose. It can be helpful to obtain referrals from family and friends. You should also contact your local bar association to further investigate the attorney’s qualifications.

Once you have scheduled your initial consultation with your attorney, you should take steps to prepare for the appointment. This includes writing down all of your questions and organizing your records. Additionally, you should start preparing to answer the questions your attorney is likely to ask you, including:

  • What is your approximate net worth?
  • Who do you want to appoint as the personal representative or trustee of your estate?
  • What are your most significant assets (real property, businesses, investments, etc.)?
  • Who will you name as your beneficiaries?
  • Are you going to specifically disinherit anyone?
  • Who will you appoint as the guardian of your minor children?
  • Is there any information about your family or the property you own that will impact the way your estate planning should be handled (such as a special needs child)?

If you are prepared to answer the above questions, it will help your estate planning lawyer get started on creating an estate plan that will effectively meet all of your needs and goals. Contact us today to schedule your initial consultation with an estate planning you can trust.

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

What You Can Learn From Estate Planning Mistakes Made by Celebrities

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Most people assume that the rich and famous have bullet-proof estate plans to protect their expansive estates. The reality, however, is that celebrities make the same estate planning mistakes as everyone else.

Below are some of the mistakes celebrities have made and that you should avoid, including failing to:

  • Appoint proper guardians. When choosing a guardian for your children, it is important to take a wide variety of factors into consideration. For example, Michael Jackson appointed his elderly mother to serve as the guardian of his children. Diana Ross was named as a successor guardian. However, due to his mother’s age, it left questions about what would happen if Mrs. Jackson died before his youngest child becomes an adult or if she became unable to care for the children. When choosing a guardian, you should consider whether the individual will be able to care for your minor children until they reach at least 18 years of age.
  • Update your estate plan. As your life progresses, your circumstances can change. Certain events require you to update your estate plan, such as births, deaths, divorce, marriage and other changes that your family changes. Failure to update your estate plan after one of these events can lead to unintended consequences. You should look at these concerns at least annually to consider changes.
  • Organize finances. The rich and famous typically have complicated finances that include a variety of accounts, insurance policies, and numerous valuable assets which often include business investments. Your financial situation may also be complex, even if it is to a lesser extent than that of a celebrity. Whether your estate is big or small, it is important that you organize your financial records. The more difficult it is for your loved ones to locate your assets, the hard the administration of your estate will be for them.
  • Avoid taxes. It is important to consult with an estate planning attorney regarding how to prepare your estate to avoid unnecessary taxation. Again, Michael Jackson provides an example of an estate that was subjected to costly taxes, among other problems. If he had created a trust, created a limited liability company to hold assets and/or purchased a large life insurance policy, he could have minimized the taxes against his estate and solve many other problems.

One of the most important steps you can take in avoiding common estate planning mistakes is to work with a knowledgeable professional you can trust. 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

What is the Difference Between a Guardian and a Conservator?

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The terms “guardian” and “conservator” are often used interchangeably because they are related concepts, but they have two different and distinct meanings in Utah. It is important to understand these differences when making plans for the care of your loved ones or for yourself.

Guardian

The appointment of a guardian allows that person to make decisions about another person’s or the “ward’s” well-being. As a result, the guardian should be somebody you trust to act in the ward’s best mental and physical interests. A guardian is often appointed by parents who wish to provide for their children’s care in the event they both should die. A guardian can also be appointed to assist a ward who cannot take care of themselves due to age or disability. The guardian is responsible for taking care of the ward’s daily living needs. A guardianship can be limited if the ward is able to take care of themselves partially but not completely.

Conservator

A conservator is appointed to handle a ward’s finances and assets. When you appoint a conservator, you want to select somebody who will act prudently in handling the ward’s estate. A conservator can be appointed to manage the estate of a minor who is too young to handle it, or because the ward is not mentally capable to do so. Unfortunately, you may not be able to select the person who acts for you if you are already incapacitated. Further, you don’t have the right to select a Conservator for a minor child.

A professional institution or an individual can be appointed by a court to serve as a guardian or conservator. In many cases, the person or institution can serve in both roles and take care of the ward’s daily living needs and their financial needs. Depending on the circumstances, this may or may not be advisable.

While guardians and conservators are important tools for protecting persons who are underage or have disabilities, when it comes to protecting assets, the use of a trust is far superior to use of a conservatorship. You retain control because you choose who becomes your trustee and how assets are managed.

If you have questions regarding appointing a guardian or conservator for a loved one or for yourself, contact us to schedule an initial consultation.

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, Uncategorized

Estate Planning: Why are you avoiding it?

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QuestionYou probably understand that having an estate plan is very important, but like most people, you likely think you’ll get to it…eventually. It is normal to have some reservations about estate planning. Below are some of the most common reasons we hear for why our clients have procrastinated in creating their estate plan:

  • Fear of death. None of us like to think about dying. It can be uncomfortable to talk about appointing guardians, personal representatives or trustee. Your loved ones can feel awkward telling you what assets they would like to inherit from you. There is no correct way for having these discussions. As we conduct these types of discussions with clients, it is not unusual for clients to get emotional thinking about the event of death. You should use the approach that works best for you. Just remember that it is better to feel a little uncomfortable but to protect your loved ones and leave them feeling like you cared enough to plan for them, than to leave them resentful that you didn’t take care of matters while you were alive.
  • Fear of emotional upheaval. It can be difficult to deal with highly emotional and stressful situations, especially if you have strained relations with your family members. If you have different goals for your estate plan than your loved ones have, it can cause emotions and tensions to flare. Being forthright with your intentions can allow you to explain what you are trying to accomplish. It also gives you the opportunity to listen to how your loved ones feel. Even if you cannot reach a complete agreement, at least everyone knows where they stand and they are not left wondering. Whether or not to talk to family about your intentions depends on the circumstances. An experienced estate planning attorney can counsel with you on the best approach.
  • Fear of losing control over finances. Some individuals incorrectly believe that they will lose control over their financial security by creating an estate plan. We can help you develop an estate plan that not only makes you feel comfortable with your financial future, but that actually makes you feel more secure. In fact, creating a good estate plan keeps you in control. Instead of a judge deciding who controls your property and assets if you become incapacitated, you get to choose. That keeps you in control.

If you are procrastinating creating an estate plan, don’t delay any longer. Schedule your initial consultation to learn your options and let us eliminate your fears. All of our clients admit that they should have come to see us earlier and that they are relieved that they finally did! We have never had a client feel badly that they completed their estate plan. It is always a big relief, and they are pleased with the process.

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.