It’s not uncommon that I will have an estate planning client in my office asking me questions about estate planning. When this occurs almost always the question comes up about what the differences are between a living will and a last will and testament. I’ve come to find that most people really don’t understand what a living will is, or what it can’t do for them. Here are three things you should know about a living will as part of your estate planning.
1. WHAT DOES A LIVING WILL DO
Estate planning is one of those things that most people really don’t want to think about. Unless you are an estate planning lawyer, or work with 1, it’s unlikely that you will know much about estate planning, or how it can help you. Has an attorney practicing estate planning for over 17 years, I’ve seen a variety of people and the estate planning that they complete. Here 3 things every adult should know about estate planning regardless of their age.
1. YOU HAVE AN ESTATE THAT NEEDS TO BE PLANNED
With all of the advances in medicine, many of us are living far longer than we ever did before. With this longer life, however, there is an ever-growing number of elderly individuals who have Alzheimer’s disease, or some other form of dementia. I often have clients ask me about the estate planning steps they can take to prepare for this possibility, and to protect themselves, their property, and their loved ones if this were to happen. Here are three tips about estate planning and Alzheimer’s disease that every person should think about.
1. CAPACITY IS A LIMITING FACTOR
After practicing estate planning for over 17 years one thing has become clear: there are no two people, nor are there any two couples who are alike. The good news is that estate-planning can take into consideration all the differences and unique circumstances of each person and couple and can create a customized estate plan for them. There is no place where this is more true than when you have a couple who have no children. Here are 4 tips for estate planning for a childless couple.
1. POWER OF ATTORNEY FOR FINANCES
Yes it’s true that no one wants to think about death. Yes, it’s also true that thinking about it come up with sugar completing your estate planning can be overwhelming. However, there are two realities that no one can escape: Death and Taxes. This blog is not about taxes. It is about death.
We all know that we are going to someday die. No one wants to think about that occurring or believe that it will happen to them before they are ready. The reality though is that death occurs all the time and it also occurs to people who are not ready. To make sure you are ready, here are five things that you should do right now to assure that you are prepared.
Idaho is a community property state. Estate planning is affected by property and it’s designation as to whether it is community property or not. There are many times when I am assisting people in completing their estate planning that they are surprised to learn how community property affects their ability to give gifts to others.Here are the four main things to know about Estate Planning and community property.
1. COMMUNITY PROPERTY IS JOINTLY OWNED
Many of my estate planning clients do not know what a Living Will is or how it is a part of estate Planning. It is important to understand that a Living Will is a vital part of estate planning. It has nothing to do with giving away your assets. Rather, a Living Will is a directive signed by you that informs your Physicians and medical care providers about the decision you have made concerning how your life is too end. It gives you the ability to provide specific instructions now while you are able, so that if a time comes when you can no longer communicate your directive as written in your Living Will will be followed. Here are the 3 main steps to having an effective Living Will.
1. PUT IT IN WRITING
The advances in medicine over the last several decades are truly amazing. The effect is that people are living much longer now than they ever have. While this may seem like a good result, the reality is that because people are living longer there are more and more individuals who become disabled in their later years. As a result of this, each person should plan for their own disability in their estate planning by creating a valid Power of Attorney. Here are the three main reasons for having a Power of Attorney as part of your estate plan.
1. AVOID A COSTLY GUARDIANSHIP PROCEEDING
There are many times when I am helping my clients complete their estate planning that they bring to me the estate planning documents they created themselves online or through a software program they picked up at the local office supply store. Usually these documents are brought to me with the question of whether they are valid and enforceable in Idaho. Many times they are not. One of the ways that these types of a state plan usually fail is that they do not name successors.
A successor is a first, second, and third choice of persons that you have named to take care of portions of your estate planning for you when you are no longer able to do them for yourself. Most online and software estate plans do not provide for successors. There are three main reasons that you should name successors in your estate planning to help it be complete.
If there’s one thing I’ve learned after 18 years of practicing estate planning law it’s that most people believe completing their estate planning is more complicated than it really is. After helping hundreds of clients complete their estate planning I’ve come to see that the process is really quite simple. In fact, there really are only three main steps to completing your estate planning. When he steps are considered and followed creating an estate plan is really quite easy.
1. REVIEW YOUR RELATIONSHIPS
Idaho Law Blog