Idaho Law Blog
Let’s assume you have been vigilant in completing your estate planning. You have your Last Will and Testament in place and it includes specific gifts that you are leaving for specific people. You have a boat that your Last Will and Testament leaves to your oldest son. You have an heirloom china set that’s been in the family for several generations that Last Will and Testament gives to your daughter. You have nearly a half a million dollars stored away in savings and retirement accounts that will also go to your children once you pass away.
But, what if you change your mind. What if you decide that you want to travel the world. What if you suddenly find yourself in need of the money You have work so hard to store away. Can you go ahead and use the money, or sell the boat or give the china to someone else even though these things are specifically described in your Last Will and Testament as going to someone else? The short answer is yes. These items belong to you and you can do whatever you want with them, even if you have specifically listed them in your Last Will and Testament.
A Last Will and Testament is the correct document you use to leave gifts to your family, friends, charities and whoever else you choose. The thing to remember is that a Last Will and Testament is not a final decision. A Last Will and Testament only becomes your final decision after you have passed away.
While you are living, you own your property, even all the items you listed in your Last Will and Testament. They belong to you. You have a right to use them, sell them, or even give them away to whomever you want. This is true even if you specifically listed these items in your Last Will and Testament and designated that they will go to someone in particular like your son or daughter.
Sometimes I have to remind my clients of these things. To illustrate this point I often tell my clients that the money, property, and any other item belongs to them. They can choose to sell it turn them turn it to money and take it all down to Las Vegas and blow it in the slot machines if they want to. When I say this my clients usually laugh. They recognize the absurdity of the statement but it does help them understand that their property belongs to them and they can do anything they want with it until they die.
So, do you want to spend your children’s inheritance, then go right ahead. It all belongs to you and you have a right to do whatever you want with it. If you have questions about your Last Will and Testament, or leaving an inheritance for your children, 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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