Tag Archives: property

Estate Planning

Could Your Assets go to an “Unintended Beneficiary?”

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When you create an estate plan, it is important to pick your beneficiaries carefully. However, it is also important to understand that if one of your beneficiaries dies shortly after you, the assets you leave to that person will pass to his or her beneficiaries. For example, if you leave your estate to your second wife and nothing to your kids, but she dies a few weeks after you die and her will names her children from a prior marriage as her sole beneficiaries, your children will inherit nothing from you. Obviously, this is not what you would have wanted to happen.

How can you prevent this from happening? You may want to include a survivorship clause in your will. This provision requires a 90-day waiting period before any assets can be distributed to your heirs. You should also think about the relationship with the named beneficiary. For instance, in the situation where your beneficiary is a second spouse and you both have children from previous marriages, you should consider including a contingency that if your spouse (the primary beneficiary) does not survive you for a set period of time, then the remainder of your estate should transfer to your children (or other named secondary beneficiaries).

You should also consider leaving your assets in Trust. By using a Trust you can provide support and use of assets to your spouse, but when your spouse dies, the assets go to your children. In second or blended family situations, a Trust is often the preferred tool.

When you are creating your estate plan, it is essential that you ask the “what if” questions. We can help you with trying to anticipate the different scenarios you should plan for in your estate plan. If you have an existing estate plan, we can help you review your beneficiary designations and ensure that your assets will be distributed exactly how you want.

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 you Use an Online Estate Auction?

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Sadly, when a loved one passes away, it is common for family members to start fighting over the property the deceased left behind. Greed can make people do and say things they otherwise would not do or say. While we all hope our family members will be able to resolve disputes on their own, that often is not the case, especially if you leave a substantial estate with numerous assets to be distributed. In fact, leaving a Will that instructs your loved ones to divide your property in equal shares can also cause issues. How do you equally divide a family heirloom that all of the relatives want?

Because it is often impossible to divide your belongings equally, your loved ones can turn against each other quickly. If you don’t know how to divide your assets in your estate plan, one option for making sure your relatives all have the opportunity to inherit the treasures they want, you can leave instructions to conduct an online auction. For example, there are websites that allow your estate manager to take pictures of the estate assets and place them for sale on a website auction. Using this type of strategy for distributing your assets can ensure that each relative has an equal opportunity to inherit the items they want from your estate. It is an equitable process because each participant is given an equal number of points and whoever bids the most points on an item will “win” it. Your relatives will spend their allotted points on the items that mean the most to them. Once the auction is over, the estate manager can distribute the property of the individuals who won the items.

We have used this same process for many years without the internet, but the internet has made this a much more efficient process.

While the above may seem like an unusual way to distribute your estate, it can be effective for assisting families in avoiding conflict. There is a lot of flexibility in creating an estate plan. Whatever your circumstances, we can help you find a solution that helps not only protects your plan, but keeps the peace.

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

Estate Planning & How to Leave Your “Story”

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Most people think about estate planning as a way to distribute their assets, but it can be much more. It is also a way for you to pass on the “story” of your life and the meaning behind your possessions. Everything you own has a history behind it and it is important for your loved ones to know that history.

If you are a “collector,” it is likely that whatever items you collect each have stories. Whether it is pieces of art, classic cars, or figurines, every item means something to you. Was it something you bought while traveling? Does it remind you of a certain time in your life? These stories are worth passing on to your loved ones. All it takes is a little time and effort.

The easiest way to pass your stories to future generations is to not only tell them to your family members, but also to write them down. You can write a detailed letter to be kept with your estate planning documents. You can also take advantage of technology and create an audio CD or video for your loved ones. Additionally, there are certain websites created to guide you in taking inventory of your assets and leave notes or stories regarding each of them.

If your family members understand the sentimental value of your possessions, they will be much more valuable to them. Providing the history and meaning behind your assets gives your family and friends something they can truly treasure.

If you are interested in creating or updating an estate plan, we can help you not only ensure that your loved ones are protected, but that they understand the sentiment behind your possessions as well.

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 is the Difference Between a Guardian and a Conservator?

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The terms “guardian” and “conservator” are often used interchangeably because they are related concepts, but they have two different and distinct meanings in Utah. It is important to understand these differences when making plans for the care of your loved ones or for yourself.

Guardian

The appointment of a guardian allows that person to make decisions about another person’s or the “ward’s” well-being. As a result, the guardian should be somebody you trust to act in the ward’s best mental and physical interests. A guardian is often appointed by parents who wish to provide for their children’s care in the event they both should die. A guardian can also be appointed to assist a ward who cannot take care of themselves due to age or disability. The guardian is responsible for taking care of the ward’s daily living needs. A guardianship can be limited if the ward is able to take care of themselves partially but not completely.

Conservator

A conservator is appointed to handle a ward’s finances and assets. When you appoint a conservator, you want to select somebody who will act prudently in handling the ward’s estate. A conservator can be appointed to manage the estate of a minor who is too young to handle it, or because the ward is not mentally capable to do so. Unfortunately, you may not be able to select the person who acts for you if you are already incapacitated. Further, you don’t have the right to select a Conservator for a minor child.

A professional institution or an individual can be appointed by a court to serve as a guardian or conservator. In many cases, the person or institution can serve in both roles and take care of the ward’s daily living needs and their financial needs. Depending on the circumstances, this may or may not be advisable.

While guardians and conservators are important tools for protecting persons who are underage or have disabilities, when it comes to protecting assets, the use of a trust is far superior to use of a conservatorship. You retain control because you choose who becomes your trustee and how assets are managed.

If you have questions regarding appointing a guardian or conservator for a loved one or for yourself, contact us to schedule an initial consultation.

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

Funding a Revocable Trust

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You have probably heard that it is smart to create an estate plan that includes a trust. Having a revocable trust provides a way to avoid probate, but only if the trust is “funded.” In other words, the trust only protects the property that it holds when you die. Property that is not owned by the trust may be subject to the probate process, or worse, it passes outside of the documents you provided because of beneficiary designations.

Failure to properly fund your trust will defeat the purpose of creating it. Thus, as soon as your revocable trust is created, you should start transferring your assets to the trust. We can provide you guidance in how to accomplish this task. For real property, you will need to execute a deed that transfers the property from your individual name to your name as the trustee of the trust. We typically prepare deeds for real property at the same time we execute your trust. Other assets such as your bank accounts and brokerage accounts should also be transferred in the same way. We provide documents to you that give clear instructions to the account holders.

It is also important to remember that any assets or property that is acquired after the revocable trust has been created should be titled in your capacity as the trustee of the trust, not in your individual name. Also, your assets that are currently held jointly with another party or that have a beneficiary designation should be transferred to or payable at death to the revocable trust. If they aren’t, your estate plan has a hole and becomes unpredictable. There are a few exceptions to this rule, but your estate planning attorney should help you figure out the best approach for you.

If you are interested in learning more about creating a revocable trust or you need assistance with funding your trust, contact us for an initial consultation.

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.