Idaho Law Blog
I’ve stated in my previous blogs many times that I am passionate about Idaho Estate Planning. I firmly believe that almost all individuals will benefit from creating and having a current Estate Plan. In fact, during my 18 years of practicing Estate Planning I’ve never come across an individual whose live wouldn’t be benefited from having an Estate Plan. Given that a new year is upon us, I wanted to list the 3 Most Common Questions my clients have about Estate Planning in an effort to encourage you to complete your Estate Planning.
1. IS ESTATE PLANNING IMPORTANT FOR ME?
As I stated in the opening paragraph, I am a passionate believer that every adult would benefit from having a complete Estate Plan. As s practicing attorney I’ve learned that most people believe that estate planning is only about giving their property away after they die. In reality this is only a small part of how estate planning can benefit a person.
It is much more common that a person would have an accident or an illness that would incapacitate them. Additionally, individuals are living longer than they ever have before. While our bodies may continue to live sometimes our minds become weak and we are no longer capable of caring for ourselves. Under these circumstances it is vital that every person have a plan that determines who will take care of bank accounts, bills, property, investments, medical and health care decisions and all of the other normal activities that a person would normally take care of themselves. Once a person understands that a complete estate plan does so much more to take care of them while they are alive in addition to dealing with their property after they die, they are more interested in completing their estate planning.
2. CAN I AFFORD AN ESTATE PLAN?
Perhaps the most common question I am asked by prospective clients is whether they can afford to have an estate plan created. Most people are under the misconception that creating an estate plan is a very expensive process. However, the reality is that not having an estate plan could be much more expensive.
The price for completed an Idaho Estate Plan ranges from about $600 up to about $1,500. This type of an Estate Plan may or may not include more complex items such as a Living Trust. When an estate involves several properties, and/or includes businesses, or other complex items then the costs will likely be more.
However, failing to complete an Estate Plan could easily result in higher legal expenses later. A good example of this is when a person does not have a valid Power of Attorney in place. If this person becomes incapacitated, a guardianship proceeding will have to be completed by the family to give to another individual the legal authority to act on their behalf. A complete Guardianship proceeding will likely cost $1,500. The problem is that when a guardianship is completed the person still does not have all of the other benefits that a complete Estate Plan provides. .
3. DO I NEED TO USE A LAWYER TO COMPLETE MY ESTATE PLANNING?
Many times my clients will come to me to announce that they completed their estate plan through documents they obtained online. Left and they will bring these documents to me to Simply confirm for them that they do in fact have a valid estate plan for Idaho. And then he of these instances I have to let these individuals know that even though they completed the documents they do not actually have a valid estate plan in Idaho. The reason for this is that Idaho, like most States, has specific requirements that must be met in order for an estate plan including item such as a last will and testament, are valid. Completing an estate plan in Idaho through a qualified attorney is the easiest and best way to be assured that your estate plan is valid in every respect.
If you have any questions about your Idaho estate planning, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
This website includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer for advice on specific legal issues.