There have been many times as I have met with my clients that they have told me that they want me to make sure that their estate planning is “bulletproof”. This is an interesting statement from a client when it has to do with estate planning. Really what my client is telling me is that they want to make sure that I have met their specific needs and that there won’t be any problems that will result from their estate planning. Our goal as premier Pocatello estate planning attorneys as to look down the road of the future and try to conceive all the worst things that can happen, and then use a state planning as a way of avoiding those worse things. To accomplish this we strive to avoid a cookie-cutter estate plan for our clients. Rather, we try to understand what their unique needs are and then we work to meet each of those needs.
At the Racine law office, we have been privileged to provide customized estate plans to our Pocatello clients for over 70 years. We do this by taking the time to get to know our clients and understand what their needs are. After this we use our team of experience Pocatello estate planning attorneys to craft a customized estate plan. Our team of premier Pocatello estate planning lawyer includes partners Randy Budge and Lane Erickson and attorneys Nate Palmer and Dave Bagley. All of the attorneys on our team Are knowledgeable, experience, and have received the highest ratings possible from previous and current clients.
So, what exactly does it take to bulletproof your Pocatello estate plan? There are three specific things that you can do to make sure that your plan is complete and will protect you and your family and loved ones.
1. Get Your Pocatello Estate Planning DoneObviously the first place to start is to get your Pocatello estate planning done. The number one impediment to getting people started with their estate planning is knowing where to begin. To help with this we provide a confidential estate planning questionnaire that provides six simple steps for our clients to follow in order for their estate planning to begin. This estate planning questionnaire gathers information about each client so that we can understand their circumstances in life and what they’re unique and particular needs are now and will be in the future. Recent studies show that as few as only 1/5 of adults in Idaho have done anything towards getting their estate planning done.
At the very core, the most basic estate planning documents that every person should have include the following: a last will and testament; a durable power of attorney; a living will; and a healthcare power of attorney.
The purpose of a last will and testament document Is easy to understand because it’s the one that most people are familiar with. The last will and testament is the document that allows you to Two states specifically who the people are that will receive your property, money, and assets after you. The important thing to remember about this is that your last will and testament only becomes effective after you die. So long as you are alive, you can change your last will and testament as often as you like. By making changes to your last will and testament you will make sure that it is always up-to-date and that it needs your current and specific needs.
The next most important document, and probably the most important document for you to have while you are alive is your durable power of attorney. Having a durable power of attorney gives you the ability to specifically name and authorize another adult to take care of you if you become incapacitated through some injury or illness such as Alzheimer’s disease. Essentially, this document gives authority to another adult to do the same things for you that you normally do for yourself. This includes dealing with your bank accounts and other finances. It also authorizes another adult to take care of all your property and ensure that it is protected. Additionally, this person would have the ability to pay all your bills and communicate and work with your creditors. Really the purpose of a durable power of attorney is to give another adult the authority to take care of all your daily life activities the same as you do when you are able. When a person does not have a durable power of attorney document and they become the courts in Idaho require guardianship proceedings. These proceedings are used for a quart to a point and designate a person who will be your legal guardian to do all the things described above. The problem with involving the courts is that you lose the control over who is named to do these things for you.
After the durable power of attorney, the next most important document is your living will. A living will allows you to provide specific written instructions to your doctors and health care providers about whether you do or do not want to be kept alive artificially. To become legally effective, the conditions that you set forth in your living will have to be met first. Usually these require you to have a terminal condition, and for your doctors to believe that your death could happen immediately. Most importantly your living will document will only be followed if you cannot communicate with your Physicians.
The final estate planning document that you need includes a health care power of attorney. This document is very limited and what it accomplishes. Also, this document only becomes effective if you are incapacitated by either an injury or illness such as Alzheimer’s disease. The health care power of attorney allows you to name another adult to make healthcare and medical decisions for you.
These four documents create the core of a basic Pocatello estate plan. To be sure, there are other estate planning documents that can be utilized when needed including the use of trusts, foundations, partnerships, corporations, and so forth.
2. Plan for a Long LifeThe next most important thing that you can do to prepare your Pocatello estate plan and make sure that it is bulletproof is to plan to live a long life. The reality is that we are all living longer now than we ever have in any other age. due to advances in medicine and technology and health and fitness and food we can be sure that future Generations will likely live longer than us. Because of these things we encourage our clients to find a financial planner that they trust who can provide them with guidance so they will know how long their money, property, and assets will likely last during their life. Additionally a good financial planner can also help you determine whether there are any other resources that you can use for yourself while you were alive. They can also assist you with determining what assets you decide to leave for your family members after you die. these can then be set forth and stated in your last will and testament.
3. Purchase a Pre-Paid Funeral PlanAfter completing your basic estate planning documents, And planning your financial resources to support you for a long life, the final thing You can do to bulletproof your estate planning is to consider purchasing a prepaid funeral plan. The reason This is helpful for you and your family is because it allows you to make this plan yourself while you were alive. This helps you avoid having your family members use their own money, or The Inheritance that you have left for them to pay for your final expenses including funeral expenses. Additionally, this gives you the ability to provide specific instructions and plans to your family about what you would like to have happen at your funeral or memorial service. By taking these important decisions out of the hands of your family you are allowing them to take the time to grieve your death and to come together as a family to support each other. Having helped families through this process I can tell you with some assurance that families are very grateful for the efforts that their loved ones make before they pass away to plan and prepare for their funeral. By doing this, you simplify everything that must be done by your family and loved ones after you die.
So do you really want your Pocatello estate plan to be complete? If so then by following these three steps, you will know that your Pocatello estate plan is complete, thorough, and “bulletproof”. In addition to this you will have provided peace of mind to yourself and to your loved ones by knowing that you have your unique and specific plan in place. The reality is that we have helped thousands of clients accomplish these three steps, and we are confident that we can help you too!
Enlist an Idaho Estate Planning and Probate Attorney to Help YouOur experienced Estate Planning team of attorneys can help you and your family with your Idaho estate plan or with your probate needs. Whether you are seeking your own customized Estate Plan or need a Probate for a loved one who has passed, we are available to discuss your options and answer your questions at an initial consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a free consultation with the Racine Olson team. You can also email us directly at racine@racinelaw.net. We will answer your questions and will help you solve your Idaho Estate Planning and Probate problems.