Practice Areas

At Hadfield Law Firm, estate planning is not just another practice area among many. It is our focus. This specialization allows us to spot the “land mines” that could explode down the road and create significant problems. We do not offer cookie-cutter solutions. We slow down the process to sift through surface level issues that could be addressed by a general practice law firm or even a do-it-yourself plan. Our approach involves thoughtful legal counsel and careful analysis, giving you peace of mind that comes with knowing your plan not only avoids costly mistakes, but is tailored to your specific objectives.

What is “Estate Planning”?

Generally speaking, the word “estate” means all the property that you own, whether it is real estate, bank accounts, insurance policies, investments, intellectual property, businesses, cryptocurrency, animals, vehicles, cash, or tangible personal property, etc. “Estate planning” is the process of creating legally enforceable directions about what happens with your property (and your dependents) when you die. The most effective planning also includes directions for what happens if you become incapacitated.

Why Do I Need an Estate Plan?

If you die or lose capacity without a written estate plan, you are leaving it up to the state laws and your loved ones to figure out what you would have wanted. This often leads to confusion during a time that is already very difficult, and sometimes it leads to serious contention that can tear families apart, not to mention the significant costs. Here are 10 simple reasons why it’s important for every adult to have an estate plan:

1. Identify who will receive your estate after you die (i.e., your “beneficiaries”).
2. Identify when and how your beneficiaries will receive your estate.
3. Identify someone you trust to carry out your wishes after you die (i.e., your “personal representative” and “trustee”).
4. Identify someone you trust to take care of minor children (i.e., a “guardian”).
5. Identify someone you trust to manage your finances and make healthcare decisions if you lose capacity (i.e., your “agent”).
6. Reduce the burden on loved ones by avoiding probate/guardianship.
7. Reduce confusion and disputes by providing clear instructions and desires.
8. Protect your assets from liabilities.
9. Protect beneficiaries from losing their inheritance to legal claims (e.g., lawsuits, divorce, etc.).
10. Peace of mind knowing you have not left a mess for your loved ones. Need we say more?

What Estate Planning Documents Do I Need?

The following documents are generally part of an effective estate plan:

• Revocable Living Trust: Legal agreement used to avoid probate if you own real estate. Also helps manage distributions of your estate for younger children, or children with disabilities or spending problems. It can also provide asset protection for your beneficiaries.
• Last Will and Testament: Document used for naming an executor (or “Personal Representative” in Utah) to manage probate over your estate, if it becomes necessary. It is also used to name beneficiaries of your estate if you do not have a trust and name a guardian if you have minor children.
• Financial Power of Attorney: Document used for naming an agent to make financial decisions for you during a period of incapacity, which helps avoid the need for a conservatorship (i.e., a court supervised process regarding your finances).
• Advance Health Care Directives:
  • Health Care Power of Attorney: Document used for naming an agent to make personal and health care decisions for you during a period of incapacity, which helps avoid the need for guardianship (i.e., a court supervised process regarding your personal needs and health care).
  • Living Will: Document used for stating your preferences regarding the termination of artificial life support if you cannot speak for yourself and you have been diagnosed with an incurably terminal condition.
  • HIPAA: Document used for giving certain people authorization to access your medical records without the need for court proceedings.
• Other supplemental documents: There are many other documents that are very helpful to your loved ones, such as directions regarding your tangible personal property, usernames and passwords, preferences regarding burial and funeral arrangements, location of important documents, etc.

The following estate planning tools that should be considered to determine if they are relevant for your situation:

• Limited Liability Company: Legal entity used to protect you from liability if you own rental properties or operate a small business.
• Irrevocable Trust for Asset Protection: Legal agreement used to protect your non-business assets from liability. An asset protection trust is particularly important for individuals with professions, hobbies, or other aspects of life that increase risk of liability.
• Irrevocable Trust for Estate Tax: Legal agreement used to reduce estate tax if your net worth exceeds (or likely will exceed) the estate tax exemption amount. The estate tax exemption amount is adjusted each year. Follow this link to the IRS webpage that provides information regarding the current exemption amount.

Do I Need to Include a Revocable Trust in My Estate Plan?

If you own real estate and/or if you have children, including a revocable trust can be a very important tool for reducing problems after your death. There was a time in the past when trusts were only used by the ultra-wealthy. However, in recent years trusts have become a common strategy by many regardless of wealth. The primary reason most people include a trust in their estate plan is that it is the most efficient way to avoid probate and provide added structure for the distribution of their estate. For more information about probate, see our “Trust and Estate Administration” page.

Which Assets Should Be Funded to My Revocable Trust?

Proper funding of a revocable trust involves careful analysis of each asset and the circumstances and objectives of the client relating to each asset. It is not a “one-size-fits-all” process, so if an attorney tells you to “put all your assets in the trust” without discussing each of the assets, be wary of following that advice. For instance, it is a common misconception that retirement accounts should not be funded to a trust. That may be true in many cases and there are good reasons to not fund a retirement account into a trust, but there are also many reasons that a retirement account should be funded into a trust and each of the issues should be thoroughly considered to determine which route is best in each case. At Hadfield Law Firm, we take a methodical approach to evaluate each asset and discuss the details for each situation in order to help you understand not only whether the asset should be funded, but how to properly fund it.

How Do I Get Started?

For many, estate planning is easy to put off. Life is busy, you are not facing serious health problems, and it sounds stressful to talk to an attorney about planning for death and incapacity. At Hadfield Law Firm, we make the process simple and reduce the stress for you by offering a free initial consultation and providing simple explanations in plain English. And you do not need to have everything figured out before you schedule the consultation—we will walk you through all the details step-by-step. Generally, the process involves an initial meeting in which we discuss your objectives and answer questions, and identify the options. At the next meeting (or two if needed), we help you understand each of the decisions you need to make and guide you through the details. Then, after you have made your decisions, we draft the documents and schedule the signing meeting. All the documents can be signed and notarized at our office.