Idaho Law Blog
Every person should have an estate plan in place. The benefits of even the most basic of estate plans outweigh the costs. An estate plan will ensure family members and friends know your answers to several important issues, including who should act as personal representative of your estate and how assets should be divided. Your loved ones will also know you contemplated those sensitive matters and made your last wishes known. In Idaho, a basic estate plan will typically consist of three documents:
- a will or trust;
- a power of attorney for financial affairs; and
- a living will and power of attorney for health care.
The benefits of utilizing a will versus a trust are discussed on other blog posts. In short, utilizing a will requires the estate to go through the probate process. The utilization of a Trust, on the other hand, can typically avoid the probate process if the trust is properly established, funded, and managed prior to a person’s death.
A power of attorney for financial affairs is usually beneficial when a person becomes incapacitated and is unable to manage their own financial affairs. We usually see the benefits of a power of attorney for financial affairs when children are called upon to assist their parents in the management of their finances. Having a power of attorney in place typically avoids the necessity for a guardianship/conservatorship which are generally more expensive and onerous.
A living will is a person’s wishes as to their end-of-life treatment when they have are on life support (a death is imminent) or have been diagnosed as being in a persistent vegetative state. A power of attorney for health care is beneficial when a person lacks the mental capacity to make choices regarding their health care, or the ability to manage their medical records. Having a power of attorney for health care in place typically avoids the necessity for a guardianship which is generally more expensive and onerous.
Contact an Idaho Estate Planning attorney to ensure your estate plan meets your needs. At Racine Olson, we have estate planning attorneys located in our Pocatello, Idaho Falls, and Boise offices. Our attorneys will help you with your estate planning needs throughout Idaho, including Firth, Malad, Montpelier, Preston, Soda Springs, American Falls, Blackfoot, Pocatello, Idaho Falls, Rigby, Twin Falls, Rupert, Burley, and Boise.
Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Nathan Palmer and the Racine Olson team of Idaho Estate Planning attorneys in Pocatello, Idaho Falls, or Boise. You can also email Nathan Palmer directly at nrp@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you determine how to meet your personal estate planning needs.