Tag Archives: avoid

Estate Planning

Beneficiary Mistakes to Avoid

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Although estate planning can provide you with significant protections, most people want to take measures to provide for their loved ones. When it comes to designating your beneficiaries, there are numerous common mistakes that you will want to avoid. Of course, working with a knowledgeable estate planning attorney will help you prevent such errors, but below are examples of mistakes you want to avoid when designating the beneficiaries to your estate plan, life insurance, or retirement plan:

  • Failure to name a beneficiary
  • Failure to name a contingent beneficiary
  • Failure to update or change your named beneficiary if you divorce
  • Designating a beneficiary who receives needs-based government benefits (such as an individual with special needs)
  • Naming minor children as beneficiaries
  • Failure to change a beneficiary designation when your original beneficiary dies
  • Designating a beneficiary that has serious creditor problems
  • Naming a beneficiary that is incapable of properly managing money or assets
  • Mistakenly believing that your estate planning documents will control your life insurance or retirement account beneficiaries

The above mistakes are often made when people attempt to draft their estate planning documents without professional guidance. You only get one opportunity to create your estate plan, so don’t put it at risk of not being done right. Estate planning involves fitting numerous pieces of a puzzle together and beneficiary designations are an important piece. Avoiding mistakes in naming your beneficiaries ensures that your property will be passed how and when you choose.

Let us help you create or update your estate plan and your beneficiary designations. 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

Why do we Avoid Estate Planning?

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Most people believe that estate planning is important and they have every intention of doing it, yet they continue to procrastinate creating a plan. While no two individuals are the same, below are a few of the most common reasons people delay establishing their estate plan:

Fear of Death

Most people do not like to think about (or talk about) their own death. Estate planning forces you to think about how to provide for your loved ones after you are gone. You must make decisions on how to distribute your assets and who to appoint to be the guardian of your minor children. These types of decisions are uncomfortable and difficult. However, dying without providing for your loved ones is even worse. While discussing your estate plan can be awkward, you might be surprised at the peace of mind you feel once the task is done. Also, it will show your family members that you care enough to plan for their future.

Reduce Stress

If you have strained relationships with some of your family members, it can add tension to the estate planning process. You may have specific goals that you want to accomplish with your estate plan, but your relatives may be placing pressure on you to do otherwise. It is important to work with an experienced attorney who can help you create the plan you want that will achieve your goals. Additionally, you should remember that this is your estate plan. Be honest with your loved ones and listen to what they have to say, but ultimately it is your decision on how to handle your estate.

Loss of Control over Finances

Some people incorrectly believe that by creating an estate plan they will lose control over their money and/or their property. Ironically, by establishing a comprehensive estate plan, it provides you with financial security and you are better able to maintain control. Without proper planning, if someone becomes incapacitated, the probate courts take control and you lose all control. We can help you protect your assets from creditors, provide for your family’s future, and create strategies for reducing the amount of taxes your estate must pay.

If you are ready to set aside your fears and take the first step in creating an estate plan, call us. 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.