Idaho Law Blog
I’ve been an estate planning attorney now for nearly two decades. One of the first things I discovered about estate planning when I first began practicing was how flexible estate planning can be. Flexibility in estate planning is really important because a person’s circumstances are changing all the time. Below are three of the basic areas that illustrate how flexible estate planning can be.
OWNERSHIP AND USE OF PROPERTY
Many times when I meet with my clients and we complete their estate planning they will ask me what the limitations are in using property that they have specifically described in their last will and testament that will go to somebody else. For example, I’ve had clients ask me “Now that I have listed my child who will receive this car (or gun, or boat) when I die, I can no longer sell it right?” I’m grateful that my clients ask this question because it gives me the opportunity to talk about the use of property that they list in their last will and testament
A person who owns property has the right to use it at anytime they want. They also have the right to give that property away, or to sell it. None of this changes when you list your property in a last will and testament to be given to a specific person. Doing this in your last will and testament does not change the ownership nature of that item. You still own it. You get you still get the opportunity to use it in any way that you want.
If you did sell that item, and it no longer existed when you pass away the person you named to receive that item would simply not get that item. In other words, the gift would lapse and would not be given after all.
THE NAMING OF A PERSONAL REPRESENTATIVE
Another area of flexibility in estate planning is the naming of a personal representative. Would we prepare a last will and testament for a client we usually require or request that they give us three names that can be used in succession for the appointment of a personal representative. The reason we do this is because often the first person you choose to hold and carry out this responsibility cannot do it for some reason. Rather than having to come in and rewrite your will every time somebody dies or moves we put in a succession plan for the naming of the personal representative.
NAMING CONTINGENT BENEFICIARIES
The same thing is true when you are naming individuals to give your property away too. It’s always possible that the person that you name will pass away before you do. Additionally, although it almost never happens, a person can actually reject a gift that is given to them through a will. If either of these events occurs then it is always useful to have another beneficiary named who will receive it if the first beneficiary I there is no longer alive or does not want the property.
These are just a few examples of the ways that estate planning can be flexible. If you have any questions about the creation of an estate plan for yourself, or how flexible an estate plan can be, 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.
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