Tag Archives: heirs

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

Utah Probate Basics

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Many of our clients come to us because they have lost a loved one and they have no idea if a probate action is necessary or not. Below are some of the most commonly asked questions and answers, but we encourage you to contact us for help with your individual situation.

 Is a probate necessary if the decedent left a will?

Probably. If the decedent left assets or property that needs to pass to heirs, a probate action is necessary whether or not the deceased left a will. A court will follow the terms of the will to determine the heirs and beneficiaries of the deceased’s property.

Is a probate necessary if the person died without a will?

Again, if the individual left assets that need to pass to heirs, a probate action is required. Without a will to provide guidance, the court will follow Utah’s laws of intestacy (Utah Probate Code, sections 75-2-101 through 75-2-103). You may hear the probate case for a person who died without a will referred to as an “appointment action,” which refers to the appointment of a Personal Representative by the court.

Is a probate necessary if there is a Trust?

Maybe. If a Trust has been created and all of the deceased’s property was left in the Trust, it can be an effective way to avoid probate. However, if the decedent left property out of the trust, a probate action may be necessary. A probate may also be needed to defend against lawsuits filed by creditors of the deceased or if the decedent left a minor child who needs to have a guardian appointed.

Can a will from another state be probated in a Utah probate court?

A will drafted in another state can be submitted for probate if the maker of the will resided in Utah or had property located in Utah at the time of his or her death. The will must be valid in the state where it was executed in order to binding in Utah.

If you are wondering if a probate is needed, contact us 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.

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What Happens if I Die Without a Will?

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EstateWhen a person dies without a Last Will and Testament, it is called dying “intestate.” Because there is no Will to direct how to distribute your estate, Utah law provides the method of distribution. These laws are referred to as the “laws of intestacy.”

Utah’s laws of intestacy set forth the priority in which your loved ones will inherit from you. If you are married and your spouse is the only surviving heir, your entire estate will go to your spouse. Also, if you are married with children who are all children of the same spouse, your spouse is the sole heir. If you are survived by your spouse and at least one child who is not from your spouse, your spouse will inherit the first $75,000 and half the remaining balance, with half the balance going to your children. In this last scenario, the probate court must add in all other transfers which pass outside the probate action into calculating the inheritances. This includes property held jointly or in a trust.

If you die without leaving a spouse or any children, Utah law defines your next of kin in ranked order as (i) descendants (such as grandchildren), (ii) your parents, (iii) your siblings, (iv) other descendants of your parents, and then (v) other relatives. While it is a comfort to know that your estate is not automatically given to the state if you die intestate, dying without a Will often leads to results you would not have wanted. In order to fully protect those you love, it is important to create a comprehensive and effective estate plan.

Don’t leave your loved ones’ inheritance in jeopardy, contact us 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.