Posts Tagged ‘Estate Planning’
Which Avoids Probate, A Last Will & Testament or a Revocable Living Trust?
For those who want to avoid the court-controlled process that takes place after a person’s death (known as “probate”) – using a Revocable Living Trust is typically the best way to do so. This document allows a married couple or a single individual to direct what shall happen to their assets and possessions. It will also indicate who will be in charge of carrying out those instructions, without the need for the involvement of a probate court judge.
Read MoreDo Wills and Trusts from Other States Work in Idaho?
People regularly move to Idaho from other states and bring with them wills, trusts, and power of attorney documents created in their prior state. Such people often ask me if their old estate planning documents are enforceable in Idaho. Generally, those documents are still valid in Idaho. However, there are some very important reasons to have estate planning documents from another state reviewed by an Idaho estate planning attorney. Let’s remind ourselves what each of these documents are and then consider some of the issues that create concern about out-of-state wills, trusts, and other estate planning documents.
Read MoreDo You Know What Estate Planning Documents You Need?
So many of us put off estate planning as something we will “get to soon enough”. However, national statistics indicate that approximately half of all Americans have no estate planning at all. The half of Americans that do have estate planning in place too often have very old documents, perhaps from states they no longer reside in, and even worse, those documents often do not reflect the current wishes and intentions of those Americans.
Read MoreWhat are the Most Important Documents in Your Estate Plan?
When most people hear the term “estate plan” they think of a Last Will and Testament. A Will is an important document that serves as a set of instructions to be carried out upon a person’s death. However, an estate plan is actually a collection of several documents that not only deal with a person’s estate upon their death, but also controls decision-making if a person is alive, but unable to make their own decisions. These documents are called Power of Attorney documents and Advanced Directive documents, and they should be part of your planning documents.
Read MoreDo you need to worry about estate taxes?
When I meet with clients to talk about their estate planning documents, the issue of taxes is always part of the discussion. Generally speaking, there are three categories of taxes with which to be concerned when planning an estate: “death” taxes, inheritance taxes, and income taxes. Let’s review a bit about each.
Read MoreHow is a Living Will vs. different from a Last Will & Testament?
A Last Will & Testament is the document most people think of when they think about estate planning documents. Often a Last Will & Testament is just called a “Will”. This is the document you would use to leave instructions regarding what should happen to your possessions and assets when you die (who gets what), as well as who it is that should carry out your wishes (who’s in charge). This document is not used at all until you are deceased.
Read MoreDo Young Adults Need Estate Plans?
Most people that I meet associate the phrase estate plan with the rich and the elderly. I have written here before about why it is untrue that only the wealthy need an estate plan. Today we will examine how a person’s youth impacts their need for estate planning.
Read MoreHow Often Should You Review Your Estate Planning Documents?
A question I regularly hear regarding all types of estate planning documents is “how often should this be updated?” The answer depends, of course, on the individual circumstances. However, there are some general guidelines that can be helpful. Two questions to think about regarding updating your legal documents include – have there been any major life events since the documents were last updated, and have you looked through the documents in the past 2 years?
Read MoreIs it Important to Avoid Probate When You Die?
When I first meet with clients they frequently tell me that they need to “avoid probate”. They less frequently know what probate is, or why they want to avoid it. To determine if you should be trying to avoid probate, you must first know a little about probate.
Read MoreSpecial Needs Trusts can Help People With Disabilities
I find that most clients have some familiarity with the concept of estate plans, probate, guardianships and many of the other things we do at my law firm. However, one of our practice areas regularly puzzles people: Special Needs Trusts. Let’s look at these unique trusts and see what they can do.
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