Estate planning is the process where you put into writing the objectives that you have that you want to accomplish and the distributions of property that will occur when you pass away. I feel that my job as an estate planning attorney is to identify clearly what it is my clients want to achieve in their estate planning. Next my job is to look down the road into the future with my client’s objectives in mind and try to perceive all the worst possible things that could happen that would mess up my client’s objectives. The final step is to plan for these bad events in a way that allows my clients objectives to be fulfilled. Essentially, what I mean is hoping for the best but planning for the worst.
Here are just a few areas that I tried to give instruction to my clients about when it comes to estate planning.
SPOUSE
When I talk to my clients almost universally they all hope that their spouse will outlive them. However, this is not always the case. For this reason, it is important for a person to consider what their objectives are and who they would like their property distributed to in the event they are the surviving spouse.
More importantly, each individual needs to consider the row their spouse will play in the event they become incapacitated or disabled because of an illness like Alzheimer’s disease or an injury, and need care. Will your spouse be physically and emotionally capable of providing that care. Alternatively, will you need to have a different plan in place to take that burden off of the shoulders of your spouse. These are just a few of the considerations that estate planning takes care of when it comes to your planning for your spouse.
CHILDREN
The next consideration is your children. It is unlikely, but not unheard-of, that both you and your spouse could pass away at the same time through a tragic accident. If this were to happen, do you have minor children that will need to be taken care of. Or, do you have a child with special needs that will need to be taken care of. These sorts of things do not happen automatically. The two main considerations when it comes to children are who will provide the care as a guardian, and how the finances will be handled for your child. However, through your basic estate plan you can make provisions and plans for these situations.
Estate planning does require some time, effort, and planning. However, completing your estate planning will provide you with a sense of relief, and an assurance that your wishes will be carried out as you direct.
If you have questions about completing your own estate plan, 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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