Tag Archives: plan

Estate Planning

Conflicts with your Estate

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When establish your estate plan, it is important to confer with a knowledgeable lawyer. Attempting to draft a Will or trust without professional help can result in many costly errors. To learn more, please read our blog titled “DIY + Estate Planning = Trouble.” One type of mistake that can have significant consequences is when a conflict occurs. Below are some of the reasons why conflicts occur:

  • You die without a Will or your existing Will has not been updated recently
  • Your Will is ambiguous, contradictory or otherwise written improperly
  • Your Power of Attorney was not written correctly or the appointee is abusing the powers granted to him or her
  • Your family is unaware of your wishes and expectations
  • Your estate plan makes unequal distributions to your heirs without any explanation
  • The validity of your Will can be challenged because it was signed while you were incompetent or under duress
  • Conflicts exist in the trust terms between current beneficiaries and the remainder for contingent beneficiaries
  • Your DIY will is not properly executed (meaning its invalid!)

Any of the above conflicts in your estate planning documents can result in confusion and even costly litigation between your loved ones.

Don’t be caught unprepared or with an estate plan that fails to accomplish your goals. If you are concerned with what will happen to your children or your property, or you want to eliminate estate taxes, let us help. We can assist you in creating an effective estate plan and asset protection strategy. It was pointed out to me recently that a good estate plan costs less than .02% of the average estate. That’s a very small price to pay, to know that your heirs are protected and that your estate plan will survive an attack from someone who may be unhappy with your plan. Clearly stating your intentions and unambiguous documents clear the way for a smooth distribution after you are gone!

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

How to be Prepared for the Unexpected

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We all know that life can change in an instant. Regardless of your age or your financial status, estate planning is critical to protecting your loved ones in the event an unexpected negative event occurs. Below is a checklist to consider in creating a “safety net” for your family:

  • If tragedy should strike, you want to have the financial resources to deal with it. This means having medical insurance and life insurance.
  • Execute the necessary documentation evidencing how you want your end-of-life medical treatment to be handled. This may include signing a living will, appointing a health care proxy, and/or signing a Do Not Resuscitate (DNR) order.
  • If you have minor children, it is essential that you appoint a guardian to care for them in the event you are unable to care for them yourself.
  • It is important to create a will or trust that sets forth who will inherit your property and assets. You should verify that any real estate, bank accounts, or financial assets that you own are titled to reflect your intent as set forth in your estate plan.
  • Take steps to organize your important records and make sure your loved ones know how to access them. You should include instructions regarding your digital assets as well.
  • Consider pre-planning your funeral and/or burial arrangements.
  • Review your beneficiary designations on your retirement accounts, life insurance policies and other pay-on-death assets.
  • If you have a pet, consider creating a plan for its care.
  • Have open and honest conversations with your family, friends and other loved ones so your intentions are clear.

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

Choosing YOUR Estate Planning Attorney

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When you are creating your estate plan, one of the most important decisions you can make is selecting the right attorney to assist you. Your estate plan is a personal and private matter, so you want a lawyer that is not only experienced, but one that you trust and makes you feel comfortable.

How do you find a good lawyer? Many people ask family and friends for referrals. However, the best lawyer for them may not be the right attorney for you. Your local Bar Association may also provide you with a list of estate planning lawyers in your area, but there is no assurance that these attorneys are qualifed. They are simply lawyers who signed up with the Bar to receive referrals. The best way to find your attorney is to do your due diligence. That means asking your friends and family how they know the lawyer, what kind of work he or she has done for them, and if they consider the lawyer an estate planning expert. Then do your own research which is easy now via the internet. Other lawyers usually know who the experts are also. But beware the laywer who does divorce or bankruptcy or personal injury or criminal law and says “sure I can help you with that”. You truly want a specialist. However you find your attorney, it is helpful if you are prepared for your initial meeting with him or her.

How do you prepare for your first meeting with an estate planning lawyer? First, ask them to verify that they are an expert in estate planning. Ask them how many trusts they prepared that week or how many clients they met with for estate planning purposes that week, that month, or in a year. If they can’t tell you they have had at least three appointments each week for estate planning work, they are not a specialist.

If you’re comfortable with the lawyer, then you want to focus on your problems. You should make a list of the questions you really want answered. This will help ensure you don’t forget to ask them. Also, if you have your records organized, it will assist the attorney in getting a general idea of your financial and family situation. Finally, think about what you want to accomplish with your estate plan. If the lawyer has a clear idea of what your goals are, he or she will be able to make suggestions for the type of estate plan your should consider creating. Your lawyer should help you identify your goals.

Below are a few things your attorney is likely to ask:

  • Who do you want your beneficiaries to be?
  • Who you want to appoint to serve as the trustee or personal representative of your estate?
  • What is your estimated net worth?
  • What are your most significant assets?
  • If you have minor children, who you would appoint as their guardian?
  • Are there any details about your beneficiaries or your estate that may affect the way your estate planning should be handled (such as a family member with special needs)?

Spending time preparing for your initial consultation will not only expedite the estate planning process (which saves you money), it also helps ensure that you end up with an estate plan that accomplishes all of your goals. Remember, this is your life, your family and your estate plan. Don’t let your lawyer make all the decisions – stay active in the process and make sure it is done the way you want it done. Finally, find out how long it will take to be completed. For most estate plans, we can complete the work within 3-4 weeks from start to finish. Any longer and things just don’t get done.

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.