Tag Archives: update

Divorce & Revising Your Estate Plan

May 6, 2015 Dennis Astill Leave a comment

When you get a divorce (or legally separate from your spouse), it impacts every part of your life. Divorce constitutes a major life event, which means that you should review and revise your estate plan. Below are a few of the areas of your estate plan that you should consider updating after your divorce has been filed:

Beneficiaries. Most married couples have an estate plan that provides that all of their assets should transfer directly to their spouse upon their death. Presumably, you will want to remove your ex-spouse and name a new beneficiary of your estate.
Incapacitation. If your ex-spoue is named as your healthcare agent or financial power of attorney, you should name an adult child, parent, or trusted friend to handle your affairs if you become unable to act for yourself.
Account beneficiaries. Updating your estate plan will not change the beneficiary designations you have made on certain accounts and policies. For example, if you have life insurance policies that have your ex-spouse listed as your pay-on-death beneficiary, it is important to contact the life insurance company and update your beneficiary designations. The same is true for accounts such as your retirement accounts or bank accounts.

We understand that going through a divorce is an extremely difficult time in your life. However, to avoid unintended transfers of your assets or having important decisions made on your behalf by your ex-spouse, it is essential to update your estate planning documents as quickly as possible.

If you are facing divorce or another major life event, let us help. We can help you understand the areas of your estate plan that should be reviewed and updated.

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 You Can Learn From Estate Planning Mistakes Made by Celebrities

February 24, 2015 Dennis Astill Leave a comment

Most people assume that the rich and famous have bullet-proof estate plans to protect their expansive estates. The reality, however, is that celebrities make the same estate planning mistakes as everyone else.

Below are some of the mistakes celebrities have made and that you should avoid, including failing to:

Appoint proper guardians. When choosing a guardian for your children, it is important to take a wide variety of factors into consideration. For example, Michael Jackson appointed his elderly mother to serve as the guardian of his children. Diana Ross was named as a successor guardian. However, due to his mother’s age, it left questions about what would happen if Mrs. Jackson died before his youngest child becomes an adult or if she became unable to care for the children. When choosing a guardian, you should consider whether the individual will be able to care for your minor children until they reach at least 18 years of age.
Update your estate plan. As your life progresses, your circumstances can change. Certain events require you to update your estate plan, such as births, deaths, divorce, marriage and other changes that your family changes. Failure to update your estate plan after one of these events can lead to unintended consequences. You should look at these concerns at least annually to consider changes.
Organize finances. The rich and famous typically have complicated finances that include a variety of accounts, insurance policies, and numerous valuable assets which often include business investments. Your financial situation may also be complex, even if it is to a lesser extent than that of a celebrity. Whether your estate is big or small, it is important that you organize your financial records. The more difficult it is for your loved ones to locate your assets, the hard the administration of your estate will be for them.
Avoid taxes. It is important to consult with an estate planning attorney regarding how to prepare your estate to avoid unnecessary taxation. Again, Michael Jackson provides an example of an estate that was subjected to costly taxes, among other problems. If he had created a trust, created a limited liability company to hold assets and/or purchased a large life insurance policy, he could have minimized the taxes against his estate and solve many other problems.

One of the most important steps you can take in avoiding common estate planning mistakes is to work with a knowledgeable professional you can 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

Recently Divorced? Time to Update Your Estate Plan

February 11, 2015 Dennis Astill Leave a comment

When you create an estate plan, it is important that you do not file it away and forget it. If your life undergoes a significant change, it is important to update your estate plan to reflect those changes. Some of the common life changes that warrant updating your estate plan are marriage, death, birth and divorce. Many people don’t think about updating their estate planning documents during the divorce process, which can lead to unintended consequences.

When you file for divorce, you should contact us to update your will, trust, power of attorney or healthcare directive. Below are a few factors to consider:

Inheritance planning. Your estate planning documents probably direct that all of your property and assets should be distributed to your former spouse upon your death. While the divorce is pending and after your divorce is finalized, you will likely want to name other beneficiaries in your will or trust.

Incapacity planning. If you named your ex-spouse as your healthcare proxy or as the power of attorney over your finances, you should consider whether you should appoint somebody else to look after you or your money if you should become incapacitated.

Account beneficiaries. If you have accounts, policies, or other types of assets that allow you to designate beneficiaries, you should consider updating them during and after your divorce. This includes life insurance, pay-on-death bank accounts, IRA’s and retirement accounts.

If you are facing divorce or you have been divorced for a while and you need to update your estate plan, we are ready to help you.

Estate Planning

When Should I Update my Estate Plan?

December 24, 2014 Dennis Astill Leave a comment

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.

When 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?

December 12, 2014 Dennis Astill Leave a comment

Many 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.

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