For parents with minor children, setting up a basic Idaho Estate Plan is the single most important thing that can be done. Completing an estate plan allows parents to make sure their child or children will be cared and provided for.
Our Idaho Estate Planning Attorneys can help you with your concerns about death, and caring for your family and loved ones when you are gone. For over 75 years the Idaho Estate Planning Lawyers at the Racine Olson Office have worked with each client to create a customized Idaho Estate Plan that have helped them plan for their loved ones when they are gone. Having a customized Idaho Estate Plan protects each client individually while they are alive and provides for their family members and loved ones after they die.
The Racine Idaho Estate Planning Attorneys recognize that death affects us all but that with a well thought out Idaho Estate Plan a person can have peace of mind that their affairs are in order. Regardless of the circumstances of a person’s life, whether they are young or old, or even whether they own significant assets of not, every person can benefit from having a customized Idaho Estate Plan. Our experienced Idaho Estate Planning Lawyers include experienced partners Randy Budge and Lane Erickson who have received the highest ratings for their ethics and legal ability. Associates Nathan Palmer and Dave Bagley complete the Racine Olson Office Idaho Estate Planning Team.
Preparing for the UnavoidableThe sad truth of life is that even young parents of small children sometimes die. Whether through an accident or unforeseen illness, the tragic loss of parents is made even worse when there is no estate planning document that names a guardian and provides for an orphan child’s financial needs. By having a complete Idaho Estate Plan, parents can ensure that their children are taken care of, by the people they choose. They can also have the peace of mind in knowing that their children the finances they need to continue on in life.
Who Will Care for My ChildWithout question the single most important thing a parent of minor children can do is to name a guardian for their children in their Last Will and Testament. There is a specific part of a Last Will and Testament that gives parents the ability to name the person or people that they want to be named as the legal guardian of their children. This only becomes effective when both parents of the children pass away when the children are still minors. By naming this person the parents are eliminating the possibility that arguments or fights could occur in their family between well-meaning relatives about who should care for the children. When a parent names a guardian in their Last Will and Testament the decision is taken out of the hands of any remaining relatives.
Where Will My Child get the Money They Will NeedIn addition to naming guardians in their Last Will and Testament, parents can also use the Last Will and Testament to create a “Minor’s Trust”. Creating a trust for minor children is simply a way for a parent to direct that any money or property that would pass from the parent to a minor child is held in trust for their benefit. Essentially, what this means, is that a trustee will be named who is someone that is responsible and will watch over the money and property and will use these assets for the benefit of the orphaned child. Often parents will name the same person as the guardian and as the trustee in their Last Will and Testament, but this doesn’t have to be the case. In some instances different people are named. When this happens these people work together to provide for the orphaned child or children.
Enlist an Idaho Estate Planning Attorney to Help YouOur Idaho Estate Planning Attorneys are parents themselves and know the importance of having a plan for minor children. The Racine Olson team of Estate Planning Lawyers are here to help you when you need it the most. Whether you are seeking your own customized Estate Plan or would like to help a family member, 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 consultation with the Racine Olson team of Estate Planning attorneys in Idaho. You can also email us directly at racine@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.