Idaho Law Blog
A new year is upon us and with the new year is an opportunity to make changes that will benefit your life for the better. One of the major things that an individual can accomplish to improve their situation is to complete their estate planning. Here is a list of 5 things that you can do immediately this new year to give yourself greater peace of mind.
1. TALK TO AN ATTORNEY ABOUT ESTATE PLANNING
Honestly the first step is always the hardest one. If you have an attorney friend or someone you know who can give you some advice about estate planning just talk to them about what it takes to get estate planning done. More than likely what will happen is you will find that the process is much simpler than you believe it to be. For our clients we immediately give them a confidential estate planning questionnaire that allows them to begin writing down their information. This first step makes it so simple for our clients to continue with the process of completing their estate planning.
2. IF YOU HAVE AN ESTATE PLAN REVIEW THE APPOINTMENTS YOU MADE
If you already have an Estate Plan then you should review the appointments you made. Consider the individuals you named as guardian for your minor children. Also, think about the person you named who holds a power of attorney for you. Additionally, consider the individuals you listed as the executor or personal representative of your estate. A new year is a great opportunity to review your Estate Plan and see what changes if any you need to make.
3. THINK ABOUT A PLAN FOR YOUR MINOR CHILDREN
Most people would agree that their children are the most valuable thing they have in their lives. Based on this, it is my personal belief that the most important thing you can do for your minor children is to think about a plan for your minor children including who to name as a guardian for them. Would you name a guardian in your will you are telling the courts who you want to have appointed to take care of your children if you and your spouse have passed away. Think of this as an insurance plan for your children on who will be raising them if you and your spouse are gone.The new year is a wonderful opportunity to either create a plan naming a guardian or to review your plan and make sure that it still works.
4. UPDATE YOUR INSURANCE
We have said many time in these blogs that life insurance is really not a part of your estate planning. However, it does play an important role in the overall Estate Planning you complete for yourself and for your family. Circumstances always change. A new year is a wonderful time to review your insurance policies and make sure that they provide adequate coverage and protection and benefits to those that you would be leaving behind if you were to pass away.
5. UPDATE YOUR POWERS OF ATTORNEY AND LIVING WILL
Finally, a new year is a perfect time to review the powers of attorney that you have created and the living will that you have in place. You may find that your ideas and plans have changed. This may be true if the individual is you named as your power of attorney have moved away or have indicated to you that they are no longer willing to serve in those capacities. If you have not created a power of attorney Think seriously about doing so. Estate planning is not just about passing away and giving your property to others after you die. More importantly, it is about your life and the circumstances you may find yourself in where you may need to have someone who can make legal decisions for you. Use this new year as an opportunity to complete this for yourself and your loved ones.
If you have questions about how you can update or create your Estate Plan in Idaho for the new year, 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.