By Lane V. Erickson, Attorney
Idaho Estate Planning is not a static business. What I mean by this is there are always changes occurring. Because life is full of changes it is important for every person who has an Idaho Estate Plan to review it from time to time to make sure that it still accomplishes what was intended. To assist you in reviewing your Idaho Estate Plan here are 3 questions to ask yourself about your Idaho Estate Plan.
1. Are Your Appointments/Beneficiaries Still Around?
One of the first major life changes that can occur to a person is that the people around them have changed. What I mean by this as it relates to Idaho Estate Planning is that you named individuals to act as your Personal Representative or to hold a Durable Power of Attorney on your behalf. You also named people in your Idaho Last Will and Testament that will be beneficiaries, receiving a portion of your estate. If any of these people have changed or are gone, it is a good reason to review your Idaho Estate Plan to make sure that it still accomplishes what you intended.
You may find that because circumstances have changed, that you now want to change the names of the people listed in your Idaho Estate Planning documents. Because you are still alive, you have the ability to change your Idaho Estate Plan anytime you desire. When the people that you named in your initial Idaho Estate Plan are gone, it is a good reason to update and/or change your Idaho Estate Plan so that it is accurate based on the people who are still around.
2. Has Anything Changed in Your Life?
Another question to ask yourself is whether anything has changed in your own life. For instance, I often have clients who bring their Idaho Estate Planning documents in for me to review. In many instances these clients were divorced after they receive their Idaho Estate Plan, but their divorced spouse is still listed as the primary beneficiary in their Estate Planning documents.
Another example of major changes may include that you have moved. I have a number of clients who moved from other states to Idaho. They bring with them the estate planning documents they prepared in the state they lived in previously. It is always good to review these documents and make sure that they are valid in Idaho, and that they still accomplish what was intended. Revising and updating an Idaho Estate Plan in these circumstances is usually a very easy process.
3. Have You or Are You About To Receive an Inheritance Yourself?
The final question to ask yourself is whether you have or are about to receive an inheritance yourself. The reason this is an important question is because receiving an inheritance often means that you are receiving either a large amount of money or property or some item that has sentimental value that you may want to pass on to someone specifically. When you created your initial Idaho Estate Plan you may not have contemplated the additional property you would own from an inheritance that you receive. For this reason any time that you have received an inheritance or are about to receive one it is a good idea to review your Idaho Estate Plan and make sure that it still accomplishes what you originally intended.
Estate Planning in Idaho is always subject to change. What you may have thought was a good Estate Plan may now not be because of the changed circumstances in either your life or the lives of those around you. For this reason, it is always a good idea to ask yourself that 3 questions listed above and see whether a change to your Idaho Estate Plan is needed.
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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