Tag Archives: beneficiary

Estate Planning

The Cost of Defending a Will Contest

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When you are appointed to administer a loved one’s estate, you may be required to defend an attack on the validity of the Will or Trust. If a beneficiary files an objection, you should contact us immediately for assistance. It is normal to be concerned with what it will cost to defend such an action, but having us on your side will actually help with reducing the overall expenses while also safeguarding the best interests of the estate and its beneficiaries. In fact, we have discovered that in many cases, getting the attorneys involved can lead to quicker negotiations and settlements outside of the courtroom. Understanding your legal rights and options is critical to acting under these circumstances. Often the administrator must remain a neutral party and the beneficiary’s have to conduct the litigation or contest.

Every case is unique, so there is no exact way to calculate how much it will cost to defend a will contest. Below are several of the factors that will affect the overall cost of defending a will contest:

  • The size and overall value of the estate involved
  • Whether the objection to the Will or Trust document is valid
  • Any factors that complicate resolving the objection
  • The amount of time your attorney spends negotiating and/or litigating the matter
  • The knowledge and expertise and attitudes of the contesting parties and their counsel
  • Additional expenses including the cost of retaining expert witnesses

Let us review the case and the objection being lodged against the Will or Trust. We can provide you with an estimate of what we anticipate it will cost to defend the action. As experienced estate planning and probate litigation attorneys, we can help you protect the assets of the estate, save the estate money by keeping costs under control, and ensuring that you do not incur any personal liability.

Astill Law Firm and its attorneys have the highest peer rating for competence and ethics from any lawyer rating system (Rated AV from Martindell-Hubbell, the oldest and largest attorney rating system). Additionally, Mr. Astill is ranked among the Utah Legal Elite in Estate Planning, and is among the Top 100 attorneys in Salt Lake area (Utah Business Magazine annual survey). Don’t put the estate or yourself in jeopardy by trying to save a few dollars. Let us 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

What if an Heir Dies First?

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When it comes to administering a loved one’s estate, you are likely to be faced with a broad range of issues. As a result, you should confer with a seasoned estate planning attorney to ensure that you comply with the law and that you do not incur personal liability. One of the most significant problem areas for estate administrators occurs when it comes to distributing the assets of the estate. For example, what should happen if an heir dies while the estate is being administered?

All estate administration cases are unique and depend on the terms of the will or trust. In general, if a beneficiary is not related to the deceased by blood, then depending on when they died, his or her gift lapses or fails. This means that it becomes a part of the residue of the estate and will be distributed as provided in the estate planning documents.

If the beneficiary is related by blood to the deceased and the will does not set forth an alternate disposition, the descendants of the deceased beneficiary will probably inherit as follows:

  • The inheritance intended for the deceased heir may pass directly to his or her estate
  • If the heir died and left an estate plan, his or her inheritance will likely be distributed to the beneficiaries according to the terms of the estate plan
  • If the heir dies without an estate plan, his or her inheritance will be distributed as provided under the laws of intestate succession

In order for an inheritance to be distributed to the beneficiaries of the deceased heir’s estate, a separate probate case may need to be filed for the deceased heir, depending on the type of assets and the value of the decedent’s estate.

We know that these types of issues are complicated and we are here to 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

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

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

What Happens if a Trustee Distributes My Inheritance to Somebody Else?

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If you have been named as the beneficiary of a trust and the trustee is not acting appropriately, it is important to get help as soon as possible. Improper distributions of trust assets can be made by mistake or by intentional wrongdoing. Whatever the cause, the quicker you take action, the more likely you are to obtain a successful result.

It is important to understand that a trustee must be fair in his or her treatment of the beneficiaries. The trustee is also obligated to comply with the terms of the trust. Failure to comply with his or her duties could result in you having a claim against the trustee. Some of the possible claims you may have against the trustee of a trust include:

  • The trustee made a distribution of property or the payment of money to a party that was not named as a beneficiary of the trust.
  • The trustee gave a beneficiary an excessive payment not authorized by the trust, which caused a reduction in the distribution to you.
  • One of the contingent beneficiaries that is entitled to receive the distribution of a primary beneficiary that died before the settlor of the trust did not receive his or her share.

There are other forms of misconduct by a trustee that may warrant legal action. If you have concerns regarding how a trustee is managing a trust or about the accuracy of your distributions from the trust, it is important to contact us immediately to protect your inheritance.

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

5 Tips for Getting Your Estate in Order

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If you want to make things easier on your surviving family members, it is important to organize your estate. The time you spend taking care of things now will help your loved ones deal with the difficulty of losing you. It will also ensure that your wishes will be carried out. Below are a few tips on ways you can organize your estate:

  1. Create an estate plan. Having a will, trust, and other estate planning documents allows you to ensure that your loved ones are protected and your estate doesn’t go to pay taxes and is not subject to unnecessary expense. Your estate plan should include a living will that sets forth your medical wishes if you are unable to make those decisions for yourself. It should also include a power of attorney that allows a trusted individual to make personal, legal or financial decisions on your behalf if you become incapacitated.
  2. Designate beneficiaries. If you have bank accounts or other types of accounts that allow you to name a “pay on death” beneficiary, it is imperative that you designate beneficiaries for each account.
  3. Draft a letter of instructions. It is extremely helpful for your loved ones to have instructions regarding your funeral wishes, people you want notified of your death, and where your important financial records can be located. It is important to list any passwords or other information necessary to access your financial records. You may want to consider preplanning your funeral so the process is less stressful for your family.
  4. Life insurance. It is important to obtain or update your life insurance, which provides your loved ones with an immediate source of funds. Be very careful about the beneficiary designations so that the life insurance is included in your estate plan.
  5. Review pensions, 401(k)s or IRAs. You want to make sure you have taken care of beneficiary arrangements so your survivors receive the benefits they are entitled to. These beneficiary designations must be part of your estate plan and your estate planning attorney should guide you in these decisions.

There are many other items that must be taken care of, but the above tips will give you a starting place. To learn more about estate planning or asset protection tools, contact us to schedule your 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

Funding a Revocable Trust

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You have probably heard that it is smart to create an estate plan that includes a trust. Having a revocable trust provides a way to avoid probate, but only if the trust is “funded.” In other words, the trust only protects the property that it holds when you die. Property that is not owned by the trust may be subject to the probate process, or worse, it passes outside of the documents you provided because of beneficiary designations.

Failure to properly fund your trust will defeat the purpose of creating it. Thus, as soon as your revocable trust is created, you should start transferring your assets to the trust. We can provide you guidance in how to accomplish this task. For real property, you will need to execute a deed that transfers the property from your individual name to your name as the trustee of the trust. We typically prepare deeds for real property at the same time we execute your trust. Other assets such as your bank accounts and brokerage accounts should also be transferred in the same way. We provide documents to you that give clear instructions to the account holders.

It is also important to remember that any assets or property that is acquired after the revocable trust has been created should be titled in your capacity as the trustee of the trust, not in your individual name. Also, your assets that are currently held jointly with another party or that have a beneficiary designation should be transferred to or payable at death to the revocable trust. If they aren’t, your estate plan has a hole and becomes unpredictable. There are a few exceptions to this rule, but your estate planning attorney should help you figure out the best approach for you.

If you are interested in learning more about creating a revocable trust or you need assistance with funding your trust, contact us for 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.