Tag Archives: marriage

Estate Planning

End of Life Marriages

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We’ve all heard the story where a much younger individual marries a much older person and inherits millions when he or she dies. If you have an elderly loved one that got married in his or her final years, you probably have questions regarding the new spouse’s ability to inherit. No two cases are the same, so if you have suspicions regarding the validity of the marriage and/or the revised estate planning documents, it is important to confer with an estate planning attorney regarding your legal options.

If you were a named beneficiary of your loved one’s estate plan prior to the marriage, your main tool for recourse is to object to the newly drafted Will and/or Trust that names the new spouse as the sole beneficiary. Some of the most common objections include lack of capacity, undue influence or mistake. You may also want to submit evidence that the marriage was a sham. For example, if your loved one was incapacitated, you may be able to have the marriage voided.

It is important to understand that objecting to an estate plan or attempting to set aside a marriage is not an easy task. Thus, you should obtain the advice and assistance of a skilled attorney.

It should be noted that if you have concerns regarding an elderly family member being taken advantage of by another party, you can avoid many of the problems by obtaining a power of attorney and establishing a trust for the person. These types of documents can help you avoid litigation and protect the individual, saving you a considerable amount of time and money. It will also allow you to protect your loved senior citizen from being taken advantage of later in 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.

Estate Planning

Getting Married? Time to Discuss Finances!

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If you are engaged, you are probably making a wide variety of plans for your future. Many couples spend considerable time planning their wedding, but they do not plan for how to combine their financial lives. Before you say “I do,” below are several issues you should discuss with your future spouse:

  • If you have always had your own accounts, you should consider each other’s spending habits and how to best organize your finances. In many cases, it makes sense to wait a while before combining your accounts, including credit cards. Many financial advisors believe it is wise for each spouse to maintain one individual credit card.
  • You will need to decide how your bills will be paid. Will one spouse be in charge of paying everything? Will you split the bills?
  • Should you consider a premarital agreement? If this is not a first marriage, or you have acquired significant assets prior to marriage, this is something you should definitely consider.
  • Both individuals should fully disclose their debt. You want to enter your marriage being open and honest about what you owe. It is surprising how many people get married only to discover their spouse has tax debt, credit card debt or even old DUI fines or court related payments being made. You should not undertake to pay these debts for your spouse!
  • If only one spouse has a job, you should discuss how the non-breadwinner will access and have some control over the family funds.
  • You should confer with a tax professional regarding whether you should file your taxes jointly or separately. This decision may make a significant difference in saving you money. It should not be done without thought, and each spouse should participate and understand the filing of tax returns. If one spouse has their own business they can create havoc on the household if they do not honestly and scrupulously report taxable income and expenses.
  • Once you are married, it is critical that you create a comprehensive estate plan. Not only will you want to protect your spouse if something should happen to you, your estate plan can provide you with many protections as well. We can assist you with creating wills, trusts, a health care proxy, power of attorney and an asset protection plan.

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

Events that Motivate Us to Create an Estate Plan

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It is common for people to procrastinate in creating their estate plan. Nobody likes to think about dying or how their family will move forward without them. At the same time, most people feel guilty if they don’t have an estate plan in place.

Over our years as estate planning attorneys, we have seen certain events cause our clients to jump-start their estate planning. Below are a few of the events that cause people to stop procrastinating and contact us:

  • A serious accident or troublesome medical diagnosis
  • The death of a close friend or relative
  • The birth of a child or grandchild
  • A vacation, especially one out of the country
  • Marriage or divorce

There are many other life events that can force you to think about your mortality and motivate you to get your affairs in order. Whatever circumstances, you are facing, you should put creating or updating an estate plan at the top of your “to do” list. You don’t want to wait until you are pressured to meet a deadline to make these crucial decisions. However, if you have a life event motivating you to take action, take the first by contacting us to schedule your initial consultation.

If you have procrastinated, and you believe that death is imminent, we can still help! Many lawyers, our firm included, will meet with clients at home or in a hospital, or do what is necessary to help a client who is dying or close to death and give them peace of mind. We think it’s worth it to take that concern off your mind. 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

Should your Estate Plan Include a Prenuptial Agreement?

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MarriageMost people incorrectly believe that prenuptial or ante-nuptial, or premarital agreements are only advantageous for the wealthy or famous. However, having a prenuptial contract can be an important part of your estate planning process, especially if you have been married more than once and you have children from a prior marriage. In fact, it is possible for a new spouse to invalidate your estate plan if you don’t take action to protect it.

By way of example: You and your spouse have children from previous marriages, you and your spouse are living in the home your children were raised in, and you want your children to inherit the house. Without taking the appropriate estate planning steps, it is possible your new spouse could inherit the home and pass it on to his or her own children upon his or her death.

You can prevent this from happening by either having a prenuptial agreement or by setting forth your wishes in a comprehensive and updated estate plan. It is important to have your intentions set forth in writing. If you sign a prenuptial agreement, you must ensure that the contract is entered without undue influence and the parties made full financial disclosures. In an estate plan, you can dictate how your assets should be distributed under a will or trust. Estate planning provides you with flexibility in determining who should inherit and when the distribution should take place (such as when your children reach a certain age). A prenuptial agreement also has the benefit of protecting your assets from being decimated by a new spouse in the event of divorce.

If you are interested in learning more about protecting your loved ones with an estate plan, 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.

Estate Planning

When Should I Update my Estate Plan?

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If you have created an estate plan, you have taken a very important step in protecting your family. However, it is important to understand that you cannot simply file your estate plan away and forget it. This can result in unintended and costly consequences. Not only does your life change, but so do the tax laws. You put a lot of time and effort into creating your estate plan, so it is essential to review it regularly and ensure that it still reflects your wishes and that you will obtain the maximum benefit from it.

25765577_sWhen your estate plan was drafted, your attorney considered a variety of factors such as estate tax, gift tax, income tax and other rules governing the distribution of your estate. The tax laws are always changing and your finances have likely changed too. Having your estate plan reviewed can verify that your financial goals are still being accomplished in the most effective way.

So, when should you have your estate plan reviewed? In most situations, having an estate planning attorney look over your estate plan every few years is sufficient. However, if you have experienced a major life event or had a substantial change in your finances, you should update your plan. This includes events such as marriage, divorce, birth of a child, adoption, death of a spouse or other similar events that could impact the distribution of your estate.

Is it expensive to have my estate plan updated? Usually, a simple review of your estate plan is not expensive. However, the longer you wait in between reviews the more updates that are likely to be needed. In order to keep the cost low, many attorneys suggest having your estate plan reviewed each year. In all events you should review it annually to make sure that the guardians, trustees and personal representatives are kept updated.

Whether you need to draft the initial documents to create an estate plan or you have an existing plan that needs to be updated, 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.

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When Should I Update my Estate Plan?

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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.