Idaho Law Blog
New Year is upon us and with it comes an opportunity for us to change and improve our lives. I have a number of clients who tell me that part of their New Year’s resolutions is to either complete or update their Estate Planning. I am a firm believer that everybody should complete their Estate Planning. Here are 3 tips that can help you complete your Estate Planning for the new year.
- GET AN ESTATE PLANNING QUESTIONNAIRE
The first step in completing your Estate Planning is to find out what information is needed. The best way to do this is to get an Estate Planning Questionnaire from your attorney. The Estate Planning questionnaire is a document that allows you to fill in the information that is necessary and needed by your attorney in order to begin the process of completing your Estate Planning.
Our firm provides a simple Estate Planning Questionnaire that makes it very easy for our clients to begin their Estate Planning. This questionnaire asked for information about them personally, about their children or grandchildren, about the size of their estate, about their wishes for who they would like to have a pointed in certain capacities in their Estate Planning, as well as the ultimate distributions that will be made when they die. Almost all of my clients have indicated that our estate planning questionnaire is simple and that it made the Estate Planning process very easy to complete.
Our Estate Planning Questionnaire also allows an individual to determine if they have any particular or special needs within their family. This could include planning to provide care and financial support for minor children or for any family members who have disabilities or special needs.
- LOOK OVER YOUR LIFE INSURANCE AND RETIREMENT ACCOUNTS
Another important thing to do is to look over your life insurance and retirement accounts. These parts of your estate are special. They actually are not included in your Estate Planning. Rather, these items are things that you can take care of through the administrator that holds the accounts or life insurance.
It is a good opportunity at the beginning of each New Year to look at your retirement accounts and your life insurance to determine whether the people you have listed are still those you want to receive those benefits. Change happens to every person. Our lives never stay the same. Looking over your life insurance and retirement accounts will ensure that you are naming the individuals that you really want to receive these benefits when you die.
- REVIEW YOUR BANK ACCOUNTS
Bank accounts are a separate category. Bank accounts are controlled by statute in Idaho. The access and ability to deal with a bank account is determined by the actual owners of the account and/or those who are named as beneficiaries. A bank account is an item that is included in a person’s estate. Even if you were to name one of your children as a cosigner on your bank account that doesn’t necessarily mean that that child is an owner of the account or that they will end up receiving the monies from that account when you die. Rather, it is better to name your children individually as beneficiaries of the account. Additionally in most circumstances, it is far better to not name your children on your accounts but rather to provide a Durable Power of Attorney that gives that child power to access your account when needed.
I am a firm believer that every person should complete and/or update their Estate Planning. The new year is a great opportunity to do this. If you have questions about completing or updating your 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.