Idaho Law Blog
For nearly two decades I have been practicing estate planning law by providing estate planning advice and creating estate planning documents for my clients. These documents often and usually include a Last Will and Testament. The purpose of this post is to describe several of the important functions that can be accomplished through a Last Will and Testament. Here is a list of some of the basic things that a Last Will and Testament can accomplish:
1. SPECIFIC GIFTS
In your estate planning documents, including in your Last Will and Testament you have the ability to name specific items of property that you own, and identify the person you would like this property to be distributed to. This is known as a specific gift. An example of a specific gift often occurs when the husband or father has a gun collection, or maybe even just a single gun that has some sentimental value because it belonged to his father or grandfather. In a Last Will and Testament this individual can name a specific person, such as a son or grandson to receive that specific gun. In this way, there is some assurance that this gun, that may only have sentimental value, will stay in the family for another generation.
2. DISINHERITING A PERSON
A Last Will and Testament also provides a specific place for a person to disinherit a member of the family. Idaho law states that if you simply fail to name a person in a Last Will and Testament that person will be considered to have been forgotten by you and the law will provide a distribution of a portion of your property to them. However, if you specifically name that person in your Last Will and Testament and state in clear language that you do not want any of your property to be distributed to them then that person is disinherited. The law will uphold such a disinheritance in a Last Will and Testament .
3. NAMING GUARDIANS FOR MINOR CHILDREN
Your Last Will and Testament is the perfect place for you to consider taking care of your minor children as well. You can do this by naming specific legal guardians who will take care of your minor children in the event you and your spouse pass away. This allows you to avoid family quarrels and fights about who should be named as your minor children’s legal guardians. It also eliminates the need for the legal expenses that would be associated with such a fight.
4. CREATING A TRUST
A Last Will and Testament is also the perfect place to create a testamentary trust such as a Minor’s Trust or a Special Needs Trust for a child or family member who has disabilities or handicapped. By doing this in your Last Will and Testament you are providing a mechanism for caring for the distribution of property to other minor children or persons with special needs. This allows you to protect those properties and to assure yourself that they will in fact be used on behalf of your family in a controlled and wise way.
If you have questions about creating a last will and testament for yourself, 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.