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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, Uncategorized

Should You Include Your Pets in Your Estate Plan?

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Most people think about their spouse, children and friends when they are creating their estate plan. However, another loved one that you may want to consider is your pet. If you want to plan for the maintenance and care of your dog, cat or other animal after you are gone, there are several options to consider. You can appoint somebody to take care of your pet, but you may also want to financially provide for your animal’s care.

To plan for your pet, you need to work with a lawyer who is experienced in this area. An animal is not legally allowed to own money or assets, so you cannot make a direct transfer to your pet. However, you are allowed to appoint another person to take possession of your pet upon your death and you may leave money with your request that it be used to pay for the care of the animal. It is essential that you understand that unless you leave the money in trust, this individual may be morally obligated to honor your wishes and use the funds to care for your pet, but this person is not legally obligated to do so. You should also understand that unless you provide specific instructions for any remaining money left after your pet dies, the individual will be allowed to keep it. If the option of leaving it to an individual, and trusting them to do the right thing does not seem satisfactory to you, a pet trust may be something to consider. Most states recognize trusts created for the benefit of animals as being valid, but you should confer with an experienced local estate planning attorney to understand what your jurisdiction allows.

A pet trust can allow you to dictate how the money can be used for taking care of your pet, including:

  • Appointing the person to take care of your pet
  • Appointing a successor to take your pet if your first appointee is unable to do so
  • Appointing the individual to manage the pet trust
  • Outlining they type of care your pet requires
  • Leaving instructions for what to do with any remaining money after your pet dies

If you are interested in learning more about pet trusts or you have questions regarding other estate planning matter, contact our attorneys to schedule an appointment. 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.

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Starting a Business? Avoid these Pitfalls

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Handshake and teamworkEntrepreneurs make a wide variety decisions when starting a new business. It is important to make the right decisions and get your entity off to a successful start. If you are a first-time business owner, you must understand the legal risks involved in each of your decisions. Below are a few common pitfalls you should avoid:

  • Relying on verbal promises. When you first start your company, people will make you promises that you want to rely upon, but you shouldn’t. Even if you have a personal relationship with the other person, you should still get the agreement in writing. You should not rely on your ability to work out any disputes later. Having a written contract in place can not only protect both parties, but it can also help preserve your relationship.We like to think that a contract is like a good fence. Good fences make good neighbors and good contracts keep partners honest and clear on what is expected. A buy-sell agreement between partners is critical to success.
  • Patent infringement. If your business is going to be based upon a certain idea, it is imperative that you conduct a search to ensure the idea doesn’t already exist. Being sued for patent infringement can be very costly. You also don’t want to invest in your idea until you are certain it belongs to you. A patent or intellectual property attorney can conduct a search to determine if your idea has been patented already or if you should take action to obtain a patent to safeguard it.
  • Unfair competition. Recruiting your competitor’s employees can seem like a good strategic move, but it could also result in litigation. You do not want to hire an employee to convert business from the competitor in violation of unfair competition laws.
  • Form of Business Entity. The type of business entity and tax elections for that entity are crucial decisions for a new company. Many people think that they can make those decisions later. But the formation of the company is the best time to make these decisions.

The business world can be full of legal pitfalls, so one of the most important actions you can take is to retain an experienced business attorney to help protect your best interests. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, business law 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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Who Can Serve as an Executor in Utah?

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9017410_sWhen you are creating an estate plan, it is important to choose an individual you trust to serve as the executor, personal representative, or trustee of your estate. This can be one of the most important decisions you make in your estate plan and in protecting your loved ones.

In order to serve as an executor of an estate in Utah, the individual must be 21 years of age or older and fit to serve. The court will decide if a person is fit to serve, but it typically must find that he or she is of sound mind. It must also be established that the individual does not have a conflict of interest with administrating the estate which would inhibit his or her ability to act fairly and impartially.

If nobody has been appointed to serve as the executor and more than one qualified person desires to serve, the court will appoint in the following order:

  • the deceased’s surviving spouse
  • children of the decedent, with equal priority
  • other heirs or named beneficiaries of the decedent
  • a creditor, if no other individual or interested party is appointed with 45 days after the death of the decedent

You should ask yourself if you want to leave it to chance and the discretion of the court and your children or spouse. If you have questions regarding creating a comprehensive estate plan or who to appoint as the executor of your estate, 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.

 

 

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Dividing Your Estate Between Your Children

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children on beach_edited-1When you are raising your children, you want to be fair and treat them equally. However, when it comes to estate planning, you may want to use a different strategy. Every person is unique and your children have different life circumstances and needs. Therefore, it is important to consider whether each child should be treated differently in your estate plan. In many situations, treating your children exactly the same in your planning could lead to negative consequences.

You may be worried about how your children will feel about being treated differently. Giving your children different types of inheritances does not mean that you can’t treat them equally. Consider the following:

  • If you have one child that is an adult and one that is still a minor, you may want to consider leaving the adult child a lump sum payment while leaving the minor’s inheritance in a trust for distribution at a certain age.
  • You may have one child that is better-suited to serve as the executor than another child. Regardless of your children’s order of birth, you should appoint the child best equipped for administering the estate (even if it is your youngest child).
  • If you have a child that is unable to properly manage finances, consider leaving a scheduled payment plan, or the share in trust for him or her instead of giving an outright payment. This can be extremely important in providing for your child for a longer period of time.
  • If you have the financial ability to make gifts during your lifetime, you may want to take advantage of the annual gift tax exclusion and make gifts to your children while you can enjoy watching them take advantage of it or for purposes of reducing inheritance tax. For other children who are not ready to receive their inheritance, you can place their gifted money into a trust.

Estate planning provides you with flexibility. You can provide for your children in any number of ways to meet their individual needs. To learn more about creating an estate plan that provides for your children’s unique needs, contact 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.

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Are there Different Types of Probate in Utah?

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ResearchUnlike certain types of clothing, “one size fits all” does not apply in probate. Luckily, Utah law provides for different types of probate actions depending on the estate to be administered. You will need to confer with a probate attorney to determine what type of probate case to file for your particular matter, but below is some general guidance:

  • Small Estate Affidavit. If the estate to be administered is small enough, you may be allowed to avoid the probate process by filing a “small estate affidavit.” Currently, if the net value of the deceased person’s property does not exceed $100,000, the estate qualifies. If the estate involves a house or other real property, you cannot use the small estate affidavit.
  • Informal Probate. Like its name indicates, an informal probate is used for simple, uncontested estates. It is the most commonly filed type of probate in Utah and it typically is less expensive than formal probate. Although the court is involved, that involvement is minimal and no court appearances need to be made. However, an inventory of the estate must still be made. An attorney is essential to this process.
  • Formal Probate. If one or more heirs or beneficiaries object to the personal representative appointed, challenge the validity of the will, if you can’t find the original will, or there are other disputes involved in the administration of the estate, a formal probate proceeding is required. A formal probate typically involves the filing of several pleadings, court hearings, and active involvement of attorneys.
  • Petition to Determine Heirs. If the decedent died without a will or more than three years have passed since the individual died and the will was not filed for probate within that time, a Petition for an Order Determining Heirs must be filed. In these types of cases, the Utah Uniform Probate Code sets forth who the heirs are and what they are entitled to inherit. An attorney is necessary to properly manage this process.
  • Ancillary Probate. If the decedent was domiciled outside the state of Utah at the time he or she died, a probate has been filed in the other state, and the decedent owned real property in Utah, an Ancillary Probate for Out-of-State Decedents can be filed to properly administer the Utah property. Ancillary probates are relatively simple and involve merely filing copies of probate documents from the other state with a Utah court.

If you are interested in learning more about the probate process or how you can avoid the process with a comprehensive estate plan, contact 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.

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Estate Planning Mistakes to Avoid

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OopsCreating a comprehensive estate plan can be a complex process. It requires forethought, strategic planning and an understanding of tax laws. Below are a few common estate planning mistakes that you want to avoid:

Create a Plan

Don’t assume your estate is too small to warrant having an estate plan. Although state law provides a plan for everyone, it likely is not the most beneficial plan for your loved ones.

Beneficiary Designations & Title to Assets

It is important to verify that your estate plan matches your beneficiary designations and how your assets are titled. If there is a conflict, the designations and the titling will control, but you want to avoid confusion in order to eliminate any disputes from arising.

Life Insurance

If you own life insurance at the time of your death, it can be included in your estate. If you choose to transfer ownership of the policy during your lifetime, you can avoid any potential estate tax inclusion. Deciding how to have your insurance policy owned or controlled is a highly individualized decision, but it is important to get professional advice.

Gifts

An effective way to minimize future estate taxes is by giving annual gifts to your loved ones. You can transfer significant amounts of money or assets out of your estate which reduces your tax liability. With strategic planning, you can use your annual gift tax exclusions so each yearly gift can be leveraged into greater sums being transferred out of your estate. To learn more, please read our blog “Estate Planning Tip: Gifting to Grandchildren.”

To learn more about mistakes commonly made in estate planning, please read our blog tomorrow titled “Estate Planning Mistakes to Avoid – Part 2.” 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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Estate Planning Mistakes to Avoid – Part 2

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erase mistakeThis blog is a continuation from our last blog topic titled “Estate Planning Mistakes to Avoid – Part 2.” The following are three more errors in estate planning that you want to avoid:

Failing to Get Help

We live in a world where many things can be done with the help of “do it yourself”guides. The internet is full of websites claiming they will save you money by showing you how to prepare your will or trust. However, there are many problems that can arise from using DIY guides. Many of them are very generalized and were not created to comply with your applicable state law or your unique life circumstances. Additionally, computer programs are often not timely updated to comply with changes in the law, nor will it notify you when the law changes. As a result, a seasoned estate planning lawyer will save you time, money and stress, because you have the peace of mind knowing your plan is done correctly.

Estate Tax Exemption

An attorney can help you minimize your estate taxes by strategically making gifts during your lifetime. Estate tax exclusions routinely change, so it is important to be aware of them and take advantage of the exclusions when they are at their highest.

Outright Inheritances

Even if all of your beneficiaries are adults, you may not want to give outright inheritances. This is especially true of the adult who has poor financial management skills and you want to provide for them over a long period of time. Creating a trust, either revocable or irrevocable, can allow you to take advantage of the asset protection benefits for as long as possible, while also giving you the flexibility to set forth how you want your assets distributed once you are gone. For more information regarding trusts, please read our blog titled “Do You Need a Trust?”

Don’t put your estate or loved ones in jeopardy. Let a professional help you create your estate plan. It will save you money and time in the long run.

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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Why Estate Planning is Crucial for Unmarried Couples

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couple planningCouples who are living together but who are not legally married, whether same-sex or opposite-sex, may have unique estate planning needs. Unlike legally married couples, the law does not currently provide you with automatic protection if one of you dies. Thus, having an estate plan in place is important for you.

Unmarried couples can use their estate plan to ensure that assets are distributed as they want them to be. If either person has been previously married or has children from a prior relationship, having an estate plan is even more important. It is also essential to safeguard your estate plan in a safe place where your loved ones can locate and access it when needed.

Another reason unmarried couples need an estate plan is to grant their loved one the authority to make health care decisions on their behalf. When an unmarried individual is incapacitated or unable to make their own medical decisions, there is no guarantee that their physician will include their partner in any medical decisions because you are not legally a family member. To ensure your loved one can make medical decisions on your behalf, you should appoint him or her as your health care proxy or power of attorney. The power of attorney document can grant your loved one the ability to manage your finances if you are unable to do so for yourself.

If you are an unmarried couple and you would like to learn more about creating an estate plan, contact us to schedule an appointment.

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.