Estate planning is like people. There are really no to estate plans that are exactly alike. The reason for this is because each individual has unique needs and goals when creating their estate plan. Because of this when I am helping an individual complete their estate planning we often use the team approach. The team approach is simply where we include all other professionals that the person completing their estate plan has that helps them in different areas of their life. The following is a short list of the types of people who should be included on your team when you are completing your estate plan.
ATTORNEY
It goes without saying that you should definitely consult an attorney to help you complete your estate plan. The reason for this is similar to the opening paragraph above. You are unique individual, your needs for estate-planning will be vastly different than that of your neighbor, or your father, or other friends or family that you are aware of. For this reason you shouldn’t get an estate plan that’s exactly like theirs. Your estate plan should take into consideration your unique life, the family members that you have, the family dynamic that exists, and what your intentions and goals are. An attorney can help you reach your goals and complete an estate plan that accomplishes what you want.
ACCOUNTANT OR FINANCIAL PLANNER
Often individuals don’t know everything about their own finances. Finances are often complex because they can include a savings account, investments, retirement plans, and other products that are used for the actually. For this reason we often encourage our clients to include their financial planner or accountant in their estate planning process.
INSURANCE AGENT
An important enough to overlook area of estate planning is making sure that you have all the proper insurance is in place. Remember, estate planning is doing not only with what occurs to your property after you die but also how you are taking care of while you were alive. Disability insurance is certainly A type of insurance that should be considered. More recently, long-term assistance insurance is something that most everybody should consider. Additionally, life insurance and preparing to leave the next 8 for your family is also important.
FUNERAL HOME
Another important and often overlooked area of estate planning is involving your funeral home. You can take care of and purchase a prepaid funeral plan that will take the burden of doing this off the shoulders of your family when she passed away. More importantly nowadays the plans that you purchase are often transferable to other funeral homes. This provides some Assurance to you that whatever you have paid will actually be used during your own funeral.
This is just a small list of the professionals that you should consider talking with that can help you create your own personal estate plan. By getting assistance from each of these professionals you will be assured that your estate plan is custom designed to fit your unique needs and life.
If you have questions about creating an estate plan, or looking over the current estate plan that you have to make sure that it meets your needs, 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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