Tag Archives: probate

Estate Planning

How to Prevent Unnecessary Delays in a Probate

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When an estate must go through the probate process, everyone involved wants to get it done as quickly as possible. In order to ensure that the probate case goes smoothly and quickly as possible, contact our seasoned estate planning lawyers for assistance.

While no two cases are identical, below are a few general tips for avoiding unnecessary delays in a probate case:

  • Meet all deadlines. When important deadlines are missed, it can result in additional court appearances and filings. All of this takes time and the case cannot move forward until the matter is resolved. Further, failure to make deadlines often results in disgruntled beneficiaries.
  • Provide timely notice. Failing to give timely notification of the probate filing to all creditors and other interested parties prolongs the process. It also leaves the estate open longer and subject to further claims.
  • Inventory and accounting. The quicker you inventory the property and assets of the estate, the better. It is also essential that you provide the court with an accurate accounting of the money spent in administering the estate. Thus, it is important to maintain a correct accounting as the probate case proceeds so you are prepared to submit the final report and close the estate as soon as possible.
  • Communication with heirs. Regular communication with heirs keeps them from becoming concerned with what is being done, and avoids suspicion. Involving heirs in certain decisions also maintains good will, and avoids dissatisfaction.
  • Retain The Astill Law Firm. Working with one of our experienced estate planning lawyers helps ensure that you avoid any delays and obstacles in the probate case. We will guide you through the probate process step by step and protect you from making costly and time-consuming errors.

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

What a Living Trust Can do for You

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Most people associate a trust with somebody who is wealthy or famous. However, creating a living trust can provide numerous benefits to people with all sizes of estates. For example:

  • Trusts provide you significant flexibility in controlling when, how and who inherits your assets.
  • Trusts allow your loved ones to avoid the time-consuming and expensive probate process.
  • Trusts help ensure that your affairs remain private. A will that is submitted for probate usually becomes a matter of public record.
  • Trusts can provide a means for avoiding certain taxes.
  • A living trust permits you to choose another party to manage your financial affairs if you should become incapacitated and unable to handle them yourself.
  • A living trust can avoid certain claims that could be made in a probate estate.

It is important to understand that you will not receive the benefits of a trust if it is not properly “funded.” In other words, you must transfer your property and assets out of your individual name into the name of the trust. This means that the trust becomes the lawful owner of your property and assets. Common examples of property and assets that should be transferred into a trust include real property, business interests, bank accounts, investment accounts, royalty contracts, patent/copyrights, antiques and other valuables. Generally speaking, you should transfer your most valuable assets into the trust.

When you create a trust, you should also create a “pourover will.” This type of will provides that anything you did not specifically transfer into the trust is “poured” over into the trust upon your death. In effect, it is a catch-all to make sure all of your possessions are transferred into your trust.

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.

Asset Protection Trust Attorney Utah
Estate Planning, Uncategorized

What does an Estate Plan Cost?

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If you are considering establishing a comprehensive estate plan, you are probably wondering how much it will cost you. Like most things, the answer depends upon your individual circumstances. Your family and your finances are unique, so your estate plan will be designed to fit your specific needs and goals.

Before one of our seasoned estate planning lawyers can provide you with an estimate to create your estate plan, we must review your financial documents and learn about your family structure. It is important that you do not jump to the conclusion that an estate plan is too expensive! In fact, when compared to what it will cost you and your family if you do not have an estate plan, the cost is typically very minimal.

If you die without a Will, Trust and other estate planning documents, it is likely that significant portion of your estate will go to pay taxes. Additionally, it can be expensive for your family to handle the administration of your estate through the probate procedures. By paying for your estate plan now, you can save you and your family thousands of dollars in the future. Finally, you should also consider how an estate plan may help protect your assets from creditors.

To learn more about what your estate plan will cost and how it can save you money, contact our office today. We can create an estate plan that is tailor-suited to meet your unique needs and that will provide you the peace of mind that you, your family and your wealth is protected.

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

Estate Planning when you Live in Two States

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Many people choose to live in one state for part of the year and in a different state for the other part of the year. When it comes to estate planning, this can cause some confusion. The general rule is that the state of your “legal residence” controls. Your legal residence is the state that you designate as such. An individual typically does this by living in the state for at least 183 days out of the year and holding his or her driver’s license, vehicle registrations, voting rights and bank accounts in that state.

When you live in two states, if properly planned, you get to choose which state is more beneficial to you for estate planning purposes. As a result, it is important to seek legal counsel in making this decision so you can fully understand which state’s tax laws would be more advantageous. Your estate plan can be significantly impacted because some states have state tax laws in addition to the federal estate tax law. You can save significant income and estate tax by making the right decision.

You should almost always use a trust if you own property in two states. Otherwise, it is likely that your loved ones will have to go through the probate process in one or both states. A trust can hold both pieces of real estate and help avoid the time-consuming and costly probate process.

It is also important to note that you should create certain documents that are correct and effective for each state. For example, you should probably have a Durable Power of Attorney and Advance Medical Directive in each state to make sure you are protected if you encounter unexpected events or require medical decisions to be made on your behalf, and which are compliant with the laws of both states.

If you have questions regarding creating an estate plan when you live in two different states, contact us for the answers you need.

To learn more about how a trust can benefit your family, call 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.

 

Estate Planning

Can Probate be a Good Thing?

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You have probably heard that you should avoid probate at all costs. Generally speaking, this is good advice. The probate process can be time-consuming and expensive. It also puts your private affairs out into the public. However, there are certain circumstances where allowing a portion of your estate to go through probate can be helpful.

If there are numerous creditors with claims against the deceased’s estate, probate can be beneficial. The probate process allows you to set a strict deadline for creditors to assert their claims against assets being passed through the deceased’s Will. All creditors who fail to meet the deadline may be barred from seeking to recover the debt owed to them.

If you have created a trust, the assets transferred into the trust do not go through probate. As a result, privacy is maintained. That does not mean creditors can be avoided, but it does create hurdles for them to overcome. Further, if you have a trust, even if some assets have to pass through probate, with a “pour-over Will“, the probate process is much less involved. Without question, trust administration is faster than probate, with less restrictions.

You may want to consider creating a trust to protect the majority of your property, while also leaving certain assets to pass through the Will and through probate. This strategy requires significant planning if you are considering asset protection and avoidance of creditor claims. 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

What does a Utah Probate Cost?

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If you are handling the estate of a loved one, you are probably wondering how much a probate action will cost. No two cases are identical, so there is no easy answer to this question, but below is some general guidance:

Attorney’s fees

You will need to ask your probate attorney if they charge an hourly rate, a set fee, or a combination of both types of fees. The attorneys at the Astill Law Firm try to fully inform you upfront what our fees will be so you know what your budget will be. You should never retain a lawyer without understanding how you will be billed.

Paying an attorney out of the estate

In Utah, a lawyer is not permitted to charge a percentage fee based on the assets of the estate. However, the personal representative is allowed to use estate funds to pay the lawyer’s fees.

Additional expenses

Some of the other costs related to a probate action include a court filing fee which must be paid to the court clerk at the time the probate is filed. If disputes arise within the probate case, you may be required to pay mediation fees in order to reach a settlement. There are some costs related to publishing notice of the probate to creditors in local newspapers. If the decedent owned real property or other valuable assets, an appraisal may be needed. Finally, if disputes cannot be settled and lawsuits are filed, there may be additional expenses. It is important to ask your lawyer to explain any anticipated costs so you know what to expect.

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.

Estate Planning

Is Probate Necessary if my Estate is Small?

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Many people believe that they do not need an estate plan because their estate is small. However, it is important for everyone to have an estate plan. It doesn’t have to be complex, but it is important to have one. The truth is, if you don’t consciously create a plan, there is one that applies anyway.

That being said, in Utah, if an individual dies with an estate that is less than $100,000 and none of the individual’s assets include real property (house, time share, rental property or a building lot), a probate will not be needed. The deceased’s assets can be distributed to the individuals who are entitled to receive it by submitting an affidavit to the banks or other entities who hold the property. This method can be used whether the individual died with or without an estate plan.

If your estate is eligible for the affidavit process, you do not need a revocable trust in order to avoid probate. However, at the very least, you should still have a will, power of attorney, healthcare directive and other estate planning documents. Additionally, if there is a possibility that your estate will increase over time or the value is more than $100,000, it becomes more compelling to create a revocable trust anyway. A trust can also be beneficial for an elderly individual who wants to avoid a court-supervised conservatorship in the event he or she becomes incapacitated.

In short, you should never assume that your estate is too small to warrant creating an estate plan. Let us review your individual circumstances and help you understand whether you need a plan and what type of estate planning would be most beneficial for you and your loved ones.

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 Probate Ever a Good Thing?

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When it comes to probate, you typically are advised to avoid it if at all possible. This is true as a general rule because the probate process can be time-consuming, expensive and it opens your private matters up to the public. However, there are certain situations when it may be beneficial to allow some of your estate to go through probate.

If the estate has a large number of creditors, a probate may be helpful. When a probate case is filed, creditors are then given notice of the filing for probate and a deadline for asserting their claims against the estate. Thus, if the deceased owed large sums of money at the time of his or her death, it can be beneficial to have a time limit for creditors to file their claims. If a creditor fails to properly assert a claim, it can be barred from asserting its rights to collect the debt at a later date.

In comparison, if you have placed your assets into a trust to avoid the probate procedure, creditors are not limited by the probate law and the deadlines provided therein. However, in Utah there is a method provided for Trusts to do a similar procedure to limit claims against the decedent’s trust. With proper planning, it is possible to take advantage of a trust while also using the probate process for protection. This strategy requires advance planning and the assistance of an experienced estate planning attorney. Once the creditor’s notices are finished, your estate should be secure. Your family has the comfort of knowing that the remaining property held is protected from future claims of your creditors.

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.