How to Prevent Unnecessary Delays in a Probate

June 30, 2015 Dennis Astill Leave a comment

When an estate must go through the probate process, everyone involved wants to get it done as quickly as possible. In order to ensure that the probate case goes smoothly and quickly as possible, contact our seasoned estate planning lawyers for assistance.

While no two cases are identical, below are a few general tips for avoiding unnecessary delays in a probate case:

Meet all deadlines. When important deadlines are missed, it can result in additional court appearances and filings. All of this takes time and the case cannot move forward until the matter is resolved. Further, failure to make deadlines often results in disgruntled beneficiaries.
Provide timely notice. Failing to give timely notification of the probate filing to all creditors and other interested parties prolongs the process. It also leaves the estate open longer and subject to further claims.
Inventory and accounting. The quicker you inventory the property and assets of the estate, the better. It is also essential that you provide the court with an accurate accounting of the money spent in administering the estate. Thus, it is important to maintain a correct accounting as the probate case proceeds so you are prepared to submit the final report and close the estate as soon as possible.
Communication with heirs. Regular communication with heirs keeps them from becoming concerned with what is being done, and avoids suspicion. Involving heirs in certain decisions also maintains good will, and avoids dissatisfaction.
Retain The Astill Law Firm. Working with one of our experienced estate planning lawyers helps ensure that you avoid any delays and obstacles in the probate case. We will guide you through the probate process step by step and protect you from making costly and time-consuming errors.

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

Affairs to Handle after a Loved One Dies

May 8, 2015 Dennis Astill Leave a comment

Hopefully you have read our blog titled “Initial Steps to Follow when a Loved One Dies” that discusses the initial steps you must take when a loved one dies. Below is a more detailed checklist of issues that should be addressed after the funeral:

Estate plan. If you haven’t already done so, you should confer with a qualified estate planning lawyer to discuss the deceased’s estate and what you need to do to properly administer it, if anything. The type of estate planning documents that your loved one signed will dictate what action must be taken. Your attorney can help you with each step of the process.
Financial accounts. You must determine if the deceased’s bank accounts were held jointly or otherwise transferred to a named beneficiary. If not, you must determine how to transfer the funds. You must also determine if the deceased owned any safe deposit boxes and locate the keys so you can inventory the contents.
Retirement accounts. All of the deceased’s retirement accounts such as a 401k, IRA, pension or other similar accounts must be reviewed to determine how they will be transferred.
Creditors. Investigate all of the debts owed by the deceased and inform the creditors of your loved one’s death. Getting a credit report from each reporting agency is a good way to make sure you don’t miss anything. Also look at the medical bills as they come in.
Utilities. Don’t forget that all of the deceased’s bills (including electric, gas, telephone and cable) should be paid until they are disconnected.
Automobiles. If the transfer of the deceased’s vehicles was not handled in the estate plan, you must determine whether the title and insurance coverage of the cars, motorcycles, ATVs or boats must be changed. Don’t drive or use the vehicles without checking on the insurance.
Insurance. You must contact the insurance company that holds the policy insuring the deceased’s home and automobiles for guidance on how to proceed. You should also contact the insurance company holding your loved one’s life insurance policy to discover who the named beneficiary of the life insurance proceeds is.
Tax Returns. Depending on the date of death, the deceased’s income tax returns may need to be filed soon. Don’t let the deadlines pass. And remember that a surviving spouse can still file a joint tax return for the year of death of the spouse.

The above list is not exhaustive, but it gives you an idea of the documents you will need to locate and the actions you will need to take after a loved one dies. To learn more or for assistance in handling these matters, please 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.

Asset Protection

Protecting Assets the Right Way

March 30, 2015 Dennis Astill Leave a comment

If you are interested in asset protection tools, it is important to seek legal advice from an attorney. There are several options for correctly and legally protecting your assets, but there are also many ways you can get yourself into trouble if you do not do it properly.

One of the key steps in asset protection is timing. You can accomplish the most when you do not have any potential liabilities. In other words, if you have known creditors and you take action to protect your assets, your activity could be seen as a fraudulent transfer or conveyance.

A fraudulent conveyance occurs when an individual attempts to transfer assets outside of the reach of a creditor. A common example occurs when an individual transfers a valuable piece of property to a relative so it is no longer owned by that person and the property is outside the reach of transferor’s creditors.

A common misunderstanding is that a transfer cannot be fraudulent if the asset is “sold” to a third-party. However, if you transfer the property for less than its full value, it can still be deemed to be an improper transfer. For example, if you sell a piece of artwork for $100 when it is valued to be worth $6,000, creditors that are harmed by this action could argue that the sale was a fraudulent transfer. It’s also important to know that you don’t have to commit fraud to have a “fraudulent transfer”. For example, it’s not unusual for spouses to transfer assets between themselves for estate planning purposes. But a transfer for less than full value can still be a fraudulent conveyance from a creditors viewpoint.

It is important to understand that there are numerous ways we can help you protect your assets. A few examples include creating a:

Trusts
Limited Liability Company
Family Limited Liability Company
Limited Partnership
Corporation
Offshore Trusts
Other forms of ownership entities for your assets

If you are interested in learning if now is the ideal time for you to take asset protection measures, contact our office 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

Should I Transfer My Home While I’m Alive?

January 14, 2015 Dennis Astill Leave a comment

For many Utah residents (and for most people in general), their most significant asset is their home. In an effort to avoid the probate process, or save the money required to create an estate plan, many people transfer title to their house while they are still alive. In most instances, a parent transfers title to their home to an adult child, believing this is an inexpensive and simple answer. Sadly, this can lead to serious complications for you and your loved ones.

Two important factors to consider are that by transferring title to your home, (i) you lose your homestead exemption for protection from creditors, and you are no longer entitled to a reduced property tax because it is not an owner occupied primary residence. This can cost you thousands of dollars.

Another concern is that you lose control over the rights to your home. If you should have a dispute with your child, you could potentially lose the ability to live in your own house! Your child (or children) owns the house, and without providing more, he or she does not have a legal obligation to let you continue living there (unless otherwise provided by contract). Additionally, you have no control over what can be done to your property, such as renovations, but also with your home being used as collateral for loans. What happens more often is a child has creditor problems of their own and their judgment creditors then have liens on your home!

Finally, you should also consider whether transferring title to a child will cause problems at your death amongf your other children. The child that owns your home has no legal obligation to share it with his or her siblings. What happens at death when that child faces the other children and simply states that he doesn’t intend to share?

To remedy this, some people put the names of all of their children on a deed to their home. However, if you put all of your children’s names on the title to your house, it can make the documentation very complicated and it leaves the home more vulnerable to attack by creditors and even more complicated. For example, what happens if one of your children dies before you do? Who then owns their share of the house? And even if your children cooperate with you, will your inlaws or grandchildren? What happens if you want to sell the home and use the proceeds to buy a smaller home or for your support in old age? One holdout can jam up the works and you can’t sell your house! You can see that this creates serious complications and is never a recommended plan.

More often than not, the arrangement that sounded so simple becomes seriously complicated and costly and results in litigation in your estate. It is far more costly than preparing a sound estate plan. And the worst thing is, it doesn’t carry out your wishes.

Creating an estate plan is a safer, more efficient and less costly means for transferring all of your important assets. If you want to avoid the probate process, you can create a revocable living trust. This type of trust provides you with flexibility to decide when and how your estate is distributed. A trust can actually save your family a significant amount of money, time and disputes in the long run and you can be assured that your intent is carried out under all circumstances.

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.

801-438-8698

Tag Archives: creditor

How to Prevent Unnecessary Delays in a Probate

Affairs to Handle after a Loved One Dies

Protecting Assets the Right Way

Should I Transfer My Home While I’m Alive?

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