Tag Archives: beneficiaries

Estate Planning

Creative Estate Planning that will Motivate Your Heirs

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If it is important to you that your children or grandchildren have the financial ability to attend college, we can help you create an estate plan that will motivate them to obtain their degree. There is a lot of flexibility in estate planning and with the right strategy in place, we can help ensure that your goals for your family are met.

When it comes to planning for a beneficiary’s inheritance, your estate plan can set forth that a certain amount of money will be set aside for each child, grandchild or other loved one that attends college. In fact, you can restrict the beneficiary’s ability to receive the money upon whether or not he or she attends a higher education institution.

For instance, your estate plan can provide that every year of college or vocational school that is completed, your beneficiary could be a set amount of money. Another option is to set a lump sum payment to be made upon your heir’s graduation from a university. Further, you could set an additional amount or “bonus” that will be paid if a beneficiary obtains a graduate degree such as masters, law degree, medical degree or other similar form of advanced education.

Many people set a specific age they want their heir to reach before inheriting his or her money, but this doesn’t ensure that they will use it to pursue their education. We often create education trusts for grandchildren and even great-grandchildren, which not only reward completion of a degree, but provide funds for education in a way that provides minimum requirements, to avoid wasting funds on someone who doesn’t finish classes or who is not fully engaged. Additionally, if you have other goals in mind that you would like to use your estate plan to motivate your loved ones to accomplish, we can help. Contact us today to get started!

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 “Reading” of a Will?

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Many movies portray the reading of a Last Will and Testament as a dramatic event that the entire family attends. Although the reading of wills occurred in earlier times when copying legal documents was costly and there was widespread illiteracy, today dramatic will readings are left only for the movies or television shows. For most estates, the attorney for the deceased will determine who is entitled to receive a copy of your Will so they can read it for themselves.

The individual you appointed as your personal representative or trustee and the named beneficiaries should each be provided a copy of your Will. In some situations, it may be wise for an accountant or an experienced estate planning attorney familiar with taxation issues to also review the Will and decide what it provides regarding paying creditor’s claims and estate taxes.

If certain parties emerge to object to the validity of the Will (for example, disinherited heirs), a copy of the Will is typically provided to them as well. If the challenge to the Will is based upon a question of which of the deceased’s Wills is effective and current, this simple disclosure can generally resolve the dispute. If the dispute is not resolved, your lawyer will want to set a deadline for filing an action to contest the Will.

It is important to note that once your Will has been admitted for probate, it becomes a public record that can be accessed by anyone who is interested in reading it. There are certain situations in which the beneficiaries may seek permission from the probate court to seal the court records and prevent public access to the Will, but you must obtain a court order for this to occur. Most judges only approve this request in rare circumstances. If maintaining your privacy is a critical concern for you, creating a Trust may be an option to consider in establishing your estate plan.

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

QTIP Trusts

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In today’s world of “blended families,” estate planning has gotten more complex. If you have had more than one marriage with children from the prior marriage(s), you are likely concerned with ensuring that your biological children will inherit from you. It is a valid concern because you might be surprised at how often a surviving spouse inherits everything and shares nothing with the decedent’s children.

There are specific ways your estate planner can prevent this scenario from happening to your family. One commonly used safeguard is referred to as a “QTIP trust,” which stands for “qualified terminable interest property” trust. One of the primary advantages of a QTIP trust is it provides you the ability to provide for your surviving spouse and, after his or her death, your beneficiaries as designated by you in your trust.

A QTIP trust is typically funded through the creator’s Will. As a result, the trust will only be funded upon your death. When you die, your surviving spouse will receive the income from the trust for the remainder of his or her life. When the surviving spouse dies, the remaining trust assets will pass to your children or other loved ones specifically designated by you.

The QTIP trust may also assist with deferring estate taxation. Because your property is initially transferred to your surviving spouse, the estate tax marital deduction is applied and postpones the payment of any estate taxes until your children or other beneficiaries receive the remainder of the trust.

If you are interested in learning more about a QTIP trust or you have any other estate planning questions, please don’t hesitate to contact 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

Is Estate Planning Easier for Singles?

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It seems most things in life are more difficult if you are single and having to handle everything on your own. However, when it comes to estate planning, singles may have it easier. Creating an estate plan means making numerous important financial decisions. When you are single, you don’t have to confer with anyone else or make compromises during the decision-making process. Once you have decided who you want to be your beneficiaries, your power of attorney or trustee, there is no further debate or argument. On the other hand, a single individual with no children can have some agonizing decisions to make over individual bequests to friends or family or even charities.

Estate planning is especially important for single adults. As we have written in prior blogs, spouses or children are already heirs under the probate code. But if you are single and have no children, your parents are your first heirs, then siblings and then nieces and nephews. That group of beneficiaries is not as intuitive as spouse or children. Also, because you do not have a spouse that can make certain decisions on your behalf under the law, you need to appoint somebody to make decisions if you become incapacitated. In other words, appointing a healthcare proxy or a power of attorney to have the legal authority to make decisions on your behalf is a crucial part of a single person’s estate plan.

An even more compelling case can be made for a single person to complete their estate planning if they have children. Sometimes couples are complacent about planning, because they believe that the survivor will take care of things (not a good plan mind you). A single person can’t rely on a surviving spouse. There is no one who can be relied upon to handle the kids inheritance or set things up if the single person dies. It’s something they just need to do.

Similarly, retirement planning can be easier or more difficult if you are single. Married couples may be better able to save for their future if they have two incomes to rely on for the contributions. It is also helpful if you have somebody to be accountable to when trying to save money. There is an extra incentive to stick to the plan when your partner is there to hold you accountable. On the other hand, inability to agree on goals and objectives, extra expense if only one spouse is employed, and indecision can make it more difficult for married couples. This is particularly true in couples where one is a spender and the other is a saver because the save is not always able to keep the other on track. But a single person has to make affirmative decisions about retirement planning and designating beneficiaries who will receive assets after death.

Whether you are single or married, estate planning and retirement planning are essential to your future. Let us help you create a strategy that will protect yourself and your family.

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 Your Loved Ones Need to Know About Your Trust

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One of the benefits of a trust is that it allows the creator to keep the contents of it private. If privacy is of upmost importance to you, we can help create a trust with this mind. However, it is also important to provide your loved ones with certain pieces of basic information regarding the trust, including:

  • The individual you appointed to serve as the trustee should be provided all the relevant information regarding where your original trust document is located. If you have stored it in a safe or lockbox, you must inform him or her with the combinations, keys, or other information on how to access it.
  • The individuals appointed to serve as the trustee (or successor trustees) should be provided copies of the trust document.
  • Your trustee and beneficiaries should be given the contact information for your estate planning attorney. Your lawyer can be of great assistance to your family.
  • If you have loved ones that you trust, you should discuss your desires for how your affairs should be handled when you die. Being clear about your decisions and your reasons for making them can decrease confusion and family fighting.

We understand the need to maintain your privacy, but it is also important to make sure that your loved ones have the information necessary to carry out 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.