Tag Archives: Estate planning

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

3 Reasons We Avoid Estate Planning

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Most everyone agrees that having an estate plan is extremely important, yet it seems everyone wants to put off doing it. While there are a variety of excuses for why people procrastinate their estate planning even though they acknowledge it could save them significant amounts of money and protect their loved ones, below are three of the most common reasons we hear:

  1. Fear of dying. Nobody enjoys thinking or talking about dying. The topics you must cover in creating an estate plan – from personal finances to the appointment of guardians for your minor children – can be uncomfortable and feel awkward. How to you get past this? Start with something that you feel comfortable with and go from there. This may include scheduling a family meeting, discussing your ideas with loved ones individually, or simply making an appointment with us to learn more. You don’t have to tackle it all at once. Let us help you take it one step at a time.
  2. Emotional upheaval. If your family relationships are strained, the estate planning process can feel stressful. However, if you fail to take action while you are alive to handle matters on your own terms, it can cause even further damage to your loved ones. If you are open and honest with your family members now, it will help them understand your point of view. It also gives you the opportunity to hear what your loved ones have to say and make them feel understood. In short, if everyone knows your true wishes before you are gone, it will prevent disputes from occurring after you are gone.
  3. Fear of losing control over your finances. Many people wrongly believe that they will lose control over their financial security by creating an estate plan. They fear that by placing assets in a trust or gifting away property, they will put their financial future in jeopardy. However, our seasoned estate planning attorneys work hard to create an estate plan that is tailored to fit your needs. We ensure that you are comfortable with your ability to continue to control your finances while also protecting your loved one’s future. We always strive to help you maintain control over your estate and property.

If creating an estate plan is a New Year’s resolution that you haven’t kept yet, maybe it is time to stop procrasting. Take one simple step and contact us to schedule an initial consultation today.

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

Contesting a Will by Proving Fraud

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You might be surprised to learn that if you read a loved one’s estate planning documents and they seem “off,” it could be because they are fraudulent. All too often, the elderly fall victim to scams or con artists taking advantage of them. If fraud occurred in the creation or amendment of your loved one’s Will or other estate planning documents, a beneficiary or heir may have grounds to lodge an objection to the validity of the estate plan.

Proving fraud when challenging a Utah will requires you to be able to submit substantial evidence that fraud occurred. Thus, if you suspect your loved one was the victim of fraud, it is imperative that you confer with a knowledgeable attorney to help you understand your legal rights.

One of the first issues to be determined is whether you have “standing” to file an objection to the will. If you are an heir that stands to inherit from the deceased under the law (if the deceased had died without a will) or a named beneficiary, you have standing.

Another issue to address is whether you can prove that your loved one’s will would have read differently, had the fraud not occurred. In other words, you must show that your inheritance was negatively impacted by the fraud. You must also be able to prove that the deceased relied on the fraud or misrepresentation when the will was created. We can assist you with establishing that the deceased would not have executed the will had he or she been aware of the fraud.

Finally, you must provide evidence to the court that the person that committed the fraudulent conduct did so intentionally. This is often demonstrated by the fraud resulting in the fraudster inheriting money or property from the deceased.

A valuable and persuasive piece of evidence in contesting a will is to submit a copy of the prior estate planning documents signed by the deceased. Additionally, any proof of the deceased’s state of mind at the time the will was executed can be helpful.

If you are considering objecting to a loved one’s will, we can 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

Why is Estate Planning such a Big Deal?

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Most people believe that estate planning is important, yet they don’t think it is necessary for them. We often hear people say their estate isn’t big enough or that they will get around to creating an estate plan when they are older. However, an estate plan is important for everyone at all levels of net worth. Below are three central reasons why YOU need an estate plan:

  • You want to protect your family. If you fail to create an estate plan and you die, your loved ones are left with a big mess. Not only can financial disputes occur, probate can be time-consuming and costly. Your estate plan can not only safeguard your assets, but it can also provide your loved ones with peace of mind and guidance once you are gone.
  • You want to save money. Sadly, many people postpone creating an estate plan because they think it will be too expensive. The cost of creating a comprehensive estate plan is minimal when compared to what can be lost financially if you die without a plan in place. Your estate plan can provide asset protection, save on taxes, and prevent litigation expenses. Consider this: in one estate we read about recently the husband died leaving a business owned by two sons and a mom. It has easily cost the family over $500,000 in fees and has taken more than four years to get resolved and the family will never heal. Another case recently reviewed showed that a girlfriend of 18 months, much younger than the decedent, sued to become the common law spouse and inherited millions in property.
  • You want peace of mind. Once you create an estate plan, you will have the peace of mind that you are saving your family from stress and conflict. It will also give you the comfort of knowing that your own future and senior care is planned and provided for. By creating power of attorney documents and a trust, your loved ones will be equipped to handle your long-term care without the time, cost, and stress of going to court to obtain authority to manage your affairs.

There are many other reasons to create an estate plan, but they all center on the three goals outlined above. Whatever you want to accomplish in your estate plan, we can 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

Can You Trust Estate Planning Software?

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If you are considering creating your estate plan by using Do-it-Yourself software, you should reconsider. Many people believe they will save money by not hiring an estate planning attorney, but what you do not know can cost you dearly. Below are a few facts you should consider before trusting a software program to create your estate plan:

  • When you use a DIY program, the documents you are provided may not have been created by an attorney. Even if a service center is available to answer your questions, the individuals you speak to are prohibited by law from giving you legal advice if they are not licensed attorneys. As a result, if you require any assistance that is outside filling-in blanks on a form, the software program or the company’s representatives cannot provide help or give you advice because it would constitute the unauthorized practice of law.
  • An estate planning lawyer is required to stay on top of changes in the law (include tax laws), which can occur frequently. When you use a computer program to establish your estate plan, you have no guarantee that the forms you are using comply with the current law. In fact, inaccuracies in DIY forms are usually not discovered until it is too late to do anything about it.
  • Generic documents and a software program cannot consider your individual circumstances like your lawyer can. If you have situations that are outside the norm, a computer program will not have the flexibility or expertise to properly handle it.

 

Don’t fall into the trap of believing a DIY software program can replace a knowledgeable and experienced attorney. The small fee you pay a lawyer to assist you will be minimal when compared to the time, money and stress it will save you and your family. Think of it this way – if you own assets valued at $400,000 (if you include IRA’s, life insurance and house, this is a very modest estate), and it costs you $2,000 to do your estate plan, that’s ½ of 1% of your assets. Is it worth it to spend a minute fraction of your assets to make sure you don’t waste them on probate or taxes, and they go to who you want – without a dispute?

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

Using Common Sense in Your Estate Planning

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When you think about estate planning, you probably envision it being a very complex process. While it can involve complicated issues, estate planning should also encompass a significant amount of common sense. For one, take time to really think about what you want to accomplish with your estate plan. You take time to plan your daily tasks and figure out ways to make life easier, so apply these same principles to your estate plan:

  • Stop procrastinating. If you wait until you are under a deadline (or until it is too late), it makes the process more expensive as well as more stressful. The more you can pre-plan your estate plan, the more likely you will have success in meeting your goals. In fact, there are certain areas of estate planning (such as Medicaid, retirement and long term care) that you should start thinking about years before you believe you’ll actually need it.
  • Get organized. You have probably learned that making a list of what you need before you go to the store makes your shopping trip easier and quicker. The same principle applies to estate planning because the more forethought you put into setting your goals, the easier it is for your lawyer to efficiently achieve those goals.
  • Understand it is an investment. Don’t be tempted to use the cheapest attorney you can find without investigating his or her experience and reputation in the area of estate planning. Your estate plan is an investment for the future, so you want to ensure that your plan will stand the test of time.
  • How do you know whether you have found someone with experience and ability? Try this test: (i) ask how many will or trust clients they met with in the last week and month; (ii) ask whether they understand probate and tax laws; and (iii) go online and see what areas of law they practice. If their online presence includes personal injury, divorce, DUI, criminal defense, bankruptcy, etc. they are not a specialist in estate planning.
  • You may not make everyone happy. It is important to realize that your estate plan may not please all of your heirs. However, it is your property, assets and wealth that is being distributed, so you should do what you want in creating your estate plan.

If you do not have an estate plan or you have one that is outdated, 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

Three Estate Planning Documents for your 18 Year Old

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Once your child reaches 18 years of age, he or she is considered to be an adult under the law. Many parents do not realize that this means that they will now need written authority to make medical or financial decisions on their young adult’s behalf. This may include the simplest things such as requesting your child’s immunization records to more serious decisions such as the appropriate medical treatment when your child is involved in a serious accident. This is true, even if your child is still in high school!

If your young adult will be receiving his or her high school diploma soon or turning 18 in the next year, below are three documents you should strongly consider having drafted and signed:

Advance Health Care Directive. Although nobody wants to think about anything bad happening to their child, it is important for your young adult to appoint a parent (or another loved one) to be their health care agent. This grants authority to the appointed individual to make medical decisions if your child is in a condition where they can’t make their own decisions, or if you just want to take them to the Doctor or hospital. It can also set forth his or her wishes regarding long-term care or the use of life support if he or she is left in a permanent vegetative state or is dying.

HIPAA Forms. To ensure that you can confer with your child’s doctors and other medical staff, your young adult should sign HIPAA forms. An Advanced Health Care Directive also accomplishes this.

Power of Attorney. Your young adult may encounter an emergency in which you will want the ability to access his or her bank accounts or to otherwise be able to act financially for him or her. Having a financial power of attorney gives you this power.

As your child progresses in life and begins to accumulate possessions and wealth, it is imperative that he or she create an estate plan. Even a modest estate should be protected and we can help your young adult determine what strategy is best for his or her situation.

Sending your adult child out into the world can be difficult, but having the proper documentation in place can provide you with the peace of mind that you can be there and have the authority to help if needed.

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

Women’s Estate Planning Issues

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You might be surprised to learn that men and women often have different estate planning needs and perspectives. This blog will focus on the needs and goals of females. Factors such as whether the woman is married, has children or is employed can make a significant difference in her estate planning needs. Thus, it is imperative that women take an active role in estate planning, which means talking to the attorney and asking your own questions.

The following a three considerations for women when it comes to their estate planning:

  • In general, females are the caregivers. In many families, the wife is the primary caregiver for not only the children, but also for elderly parents and in-laws. As a result, the estate planning issues that women are typically focused on are appointing a guardian for their minor children or because they want to protect their older relatives by creating a trust or through the use of a power of attorney.
  • Although it should no longer be assumed that men are the breadwinner for their families, for many families it is still the case. If this is your situation, you could lose your income stream if your spouse dies or becomes incapacitated. It is important for couples to ensure that both spouses have adequate life insurance policies.
  • Studies have shown that women generally live longer than men. This means that you will be left to handle your spouse’s estate and all related matters such as taxes. Will you have sufficient retirement savings to support you and your loved ones? Remember, creating an estate plan is not only about the distribution of assets, but also about insuring that you will have property and money to support you throughout your life.

If you are interested in learning more about the unique issues that are important in your estate plan, contact us to schedule an appointment. Let us help you create a plan that will protect you and the most important people in your life.

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.