Category Archives: Estate Planning

Estate Planning

Women’s Estate Planning Issues

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You might be surprised to learn that men and women often have different estate planning needs and perspectives. This blog will focus on the needs and goals of females. Factors such as whether the woman is married, has children or is employed can make a significant difference in her estate planning needs. Thus, it is imperative that women take an active role in estate planning, which means talking to the attorney and asking your own questions.

The following a three considerations for women when it comes to their estate planning:

  • In general, females are the caregivers. In many families, the wife is the primary caregiver for not only the children, but also for elderly parents and in-laws. As a result, the estate planning issues that women are typically focused on are appointing a guardian for their minor children or because they want to protect their older relatives by creating a trust or through the use of a power of attorney.
  • Although it should no longer be assumed that men are the breadwinner for their families, for many families it is still the case. If this is your situation, you could lose your income stream if your spouse dies or becomes incapacitated. It is important for couples to ensure that both spouses have adequate life insurance policies.
  • Studies have shown that women generally live longer than men. This means that you will be left to handle your spouse’s estate and all related matters such as taxes. Will you have sufficient retirement savings to support you and your loved ones? Remember, creating an estate plan is not only about the distribution of assets, but also about insuring that you will have property and money to support you throughout your life.

If you are interested in learning more about the unique issues that are important in your estate plan, contact us to schedule an appointment. Let us help you create a plan that will protect you and the most important people in your life.

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

Setting Boundaries for Your Bequests

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When you create an estate plan, you have the flexibility to decide how and when your assets will be passed to your loved ones. You can also send a message regarding your values and priorities along with your wealth. If this is important to you, let one of our knowledgeable estate planners help you accomplish this goal.

There are numerous ways your estate plan can transfer not only your property, but also provide some instructions or directions to your beneficiaries. For example:

  • If you want to ensure that your beneficiaries do not spend their inheritance too quickly, you can put the money into a trust with instructions on when disbursements should be made (such as when the beneficiary reaches a certain age, graduates from college, etc)
  • If you have a “blended family,” you may leave direction regarding who you specifically consider as family or as your intended beneficiaries
  • Your estate plan can allow you to leave unequal amounts to your loved ones. This is especially important if you have a less privileged and/or disabled child. You may also want to discuss the reasoning behind your decision with your other beneficiaries so there are no hurt feelings.
  • If you have concerns regarding creditors or bitter ex-spouses (yours or those of your beneficiaries) attacking your assets, you can place inheritances into a trust.

Your estate plan can be tailor-made to suit your needs. We have assisted numerous clients (over 2000) with complicated family relationships and complex finances. Whether you want to provide your loved ones with financial guidance from the grave or you want to motivate them to accomplish certain important goals, we can 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

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

Handling Unoccupied Property in an Estate

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If you are tasked with handling the estate of a deceased individual or administering a trust, it is important to properly handle any property that is sitting unoccupied. While a house that is in good condition is likely to sell quicker, it is important to check the insurance coverage on the property before any work is done or improvements are made to it. You should also inform the insurer of the work or renovations that are planned before anything is done. Most insurance policies that cover unoccupied properties are set up with strict requirements and any deviation from the terms of the policy can put the coverage in jeopardy.

When work is being done on a house, it presents numerous risks. Not only can construction cause damage to the structure (which is often excluded from coverage), but it also increases the likelihood of vandalism and theft while the work is in progress.

Insurance companies write their policies with terms, exclusions and restrictions that can lead to coverage being completely invalidated if work commences without prior notification to the insurer. This can include even minor repairs and redecorating, so it is essential to carefully review the policy (or have your attorney review it) and confer with the insurer to verify that your renovations remain covered by insurance.

Handling an estate can be difficult. It is important to avoid putting any assets into jeopardy, so having a conversation with the insurer of the property before any work commences on it is essential. Insurance policies can be very confusing, so seeking legal counsel should be something you consider in understanding and obtaining the right insurance. If you need assistance properly managing the estate of a deceased loved one or you have questions regarding how to appropriately administer a trust, we can 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

Tips for Your Retirement Planning

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Planning for your retirement can be a difficult task. There is no mathematical formula you can follow that will tell you exactly what your needs will be when you retire. However, one of our knowledgeable elder law attorneys can assist you with creating a solid plan while also ensuring you avoid some of the common mistakes many individuals make.

Below are a few tips you can follow to start your retirement planning process:

  • Be realistic. It is common for people to be overly optimistic when they are planning for their retirement. It is good to be optimistic in most circumstances, but when it comes to finances, it is important to base your planning in reality. Think of it this way – it is never a bad thing to save more money than you actually need!
  • Eliminate debt. When most people think about retirement planning, they focus on building their savings. However, it is equally as important for you to eliminate your debt before you retire. If you have very little debt, you can make your savings go further and last longer.
  • Don’t compare with others. It is natural to compare what you are doing with what your friends and family are saving. However, it is important to focus on your unique needs and goals. Worrying about what others are doing can get you off-track.
  • Take care of your health. Staying healthy as long as possible can create a huge savings for you. Start focusing on your health now so you can hopefully avoid significant medical costs after your retire.

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

End of Life Marriages

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We’ve all heard the story where a much younger individual marries a much older person and inherits millions when he or she dies. If you have an elderly loved one that got married in his or her final years, you probably have questions regarding the new spouse’s ability to inherit. No two cases are the same, so if you have suspicions regarding the validity of the marriage and/or the revised estate planning documents, it is important to confer with an estate planning attorney regarding your legal options.

If you were a named beneficiary of your loved one’s estate plan prior to the marriage, your main tool for recourse is to object to the newly drafted Will and/or Trust that names the new spouse as the sole beneficiary. Some of the most common objections include lack of capacity, undue influence or mistake. You may also want to submit evidence that the marriage was a sham. For example, if your loved one was incapacitated, you may be able to have the marriage voided.

It is important to understand that objecting to an estate plan or attempting to set aside a marriage is not an easy task. Thus, you should obtain the advice and assistance of a skilled attorney.

It should be noted that if you have concerns regarding an elderly family member being taken advantage of by another party, you can avoid many of the problems by obtaining a power of attorney and establishing a trust for the person. These types of documents can help you avoid litigation and protect the individual, saving you a considerable amount of time and money. It will also allow you to protect your loved senior citizen from being taken advantage of later in life.

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.

Asset Protection Trust Attorney Utah
Estate Planning, Uncategorized

What does an Estate Plan Cost?

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If you are considering establishing a comprehensive estate plan, you are probably wondering how much it will cost you. Like most things, the answer depends upon your individual circumstances. Your family and your finances are unique, so your estate plan will be designed to fit your specific needs and goals.

Before one of our seasoned estate planning lawyers can provide you with an estimate to create your estate plan, we must review your financial documents and learn about your family structure. It is important that you do not jump to the conclusion that an estate plan is too expensive! In fact, when compared to what it will cost you and your family if you do not have an estate plan, the cost is typically very minimal.

If you die without a Will, Trust and other estate planning documents, it is likely that significant portion of your estate will go to pay taxes. Additionally, it can be expensive for your family to handle the administration of your estate through the probate procedures. By paying for your estate plan now, you can save you and your family thousands of dollars in the future. Finally, you should also consider how an estate plan may help protect your assets from creditors.

To learn more about what your estate plan will cost and how it can save you money, contact our office today. We can create an estate plan that is tailor-suited to meet your unique needs and that will provide you the peace of mind that you, your family and your wealth is protected.

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

Important Questions to ask Your Estate Planning Attorney

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Creating an estate plan is one of the most important things you can do for your loved ones. Thus, it is critical that you work with a seasoned and knowledgeable estate planning attorney. Below are a few questions you should consider asking lawyers you are considering hiring:

What percentage of the lawyer’s practice is estate planning?

Estate planning is a complex area of the law, so it is essential to work with a lawyer who focuses on estate planning, estate tax reduction, and stays current on the applicable laws. An attorney who merely dabbles in estate planning will not be prepared to handle complicated and family and financial issues. You want to work with a professional who has handled situations similar to yours and who can help you accomplish your estate planning goals. Ask the question, how many trusts, wills or estate planning clients have you met with this week or this month. The answer will be very important to you. If an attorney isn’t meeting with multiple clients each week on estate planning matters, you should consider someone else who is.

Will the lawyer provide assistance after the documents are drafted?

It is important to have an attorney who will properly draft your estate plan and provide assistance with the practical side of it too. For example, your trust document will only benefit you if it is properly funded. A good estate planning lawyer will provide you guidance and detailed written instructions on how to properly title your assets in the name of the trust.

How will you be billed for the lawyer’s services?

Before you retain an attorney, you should understand whether you will be charged a fixed fee for the majority of the services or if the law firm uses an hourly rate. If you agree to a flat fee, you should understand what services are and are not included in the fee. You should also understand how you will be charged for services that are not included in the fixed fee.

The above are just a few examples of questions you should cover with a lawyer before you hire him or her to create your estate plan. One of the most important questions, however, is one you must ask yourself. That is, do you trust and feel comfortable with the attorney? It is important to work with an estate planning lawyer that you not only trust is sufficiently knowledgeable and skilled to assist you, but also one that you can comfortably discuss some of your most personal and private information with.

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.