Tag Archives: estate plan

Uncategorized

When Should I Update my Estate Plan?

Leave a comment

AlarmClockMany individuals think that their estate planning is complete as soon as they have created their estate plan. However, it is important to remember that your estate plan should be updated as your life circumstances change. It is commonly stated that you should have your estate plan reviewed every few years (at a minimum), or when one of the following events occurs:

  • Marriage. Don’t assume that your spouse will automatically be appointed as the executor of your estate. If you die without a will (intestate), the law of the applicable state will determine how your assets are distributed. By regularly updating your estate plan, you can ensure that the person you want to administer your estate is appointed and you can set forth how you want your estate distributed.
  • Children. When you have a child (including adoption), your estate plan should be updated to include the child. An estate plan can appoint a guardian for any minor children in the event both parents die. You can also create a trust as part of your plan and dictate when and how your children will receive their inheritance.
  • Divorce or death. You should review your estate plan if you get a divorce or your spouse dies to determine whether they still reflect your wishes. Most people want to name somebody other than their ex-spouse as their health care proxy, power of attorney, or as a beneficiary of your estate.
  • Remarriage. If you get remarried, your estate plan should be updated to include your new spouse. This is especially important if you or your new spouse has children from prior marriages because you will want to ensure that your children are provided for as you intend.
  • Retirement. When you reach retirement age, it is essential to review all of your finances, including your estate planning documents.
  • Significant financial changes. If your finances undergo a significant change, especially if your estate has dramatically increased in value, it is important to update your estate plan to determine if you need to shelter assets or take action to avoid certain taxes.

The above are just a few examples of events that warrant reviewing your estate plan. If you have an existing estate plan that you have not reviewed in several years, let us help you ensure it still reflects 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.

 

Uncategorized

Undue Influence versus Lack of Capacity

Leave a comment

815507_sThere are many legal terms used in the world of estate planning and probate, so it can get quite confusing. Two common reasons the validity of an estate plan may be challenged is that the decedent was the victim of undue influence or lacked the capacity to properly sign the will or trust document. It is important to understand the differences between these two terms.

Undue influence is alleged if the decedent suffered a weakened state of mind and another party took advantage of it. It commonly occurs when a caregiver influences the elderly person into signing a will or trust leaving a significant amount of the estate to the caregiver as “payment” for his or her services. It also occurs when someone is in a special position of trust in relation to the elderly. This can include a caregiver or someone who helps the elderly person do their banking and pays their bills. Undue influence can occur in a variety of forms ranging from threats to simply making the elderly person feel guilty. The key to proving undue influence occurred is establishing the weakened state of mind of the decedent at the time the estate planning documents were signed. If this can be proven, the burden of proof may shift to the other party.

Lack of capacity occurs if the decedent did not understand the document or the consequences of it when it was signed. In order to have sufficient capacity, the signor should know the extent of their estate, the nature of their relationship to the beneficiaries and they must understand that he or she is executing estate planning documents. Medical evidence is often necessary to prove lack of capacity. Any other evidence establishing the signor’s true intent can be extremely beneficial.

If you have questions regarding estate planning, we are here to help. We will walk with you every step of the way and ensure that you are never left wondering what should be done next. Contact us today for the answers you need.

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.