Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

Probate in Idaho is a relatively simple and straightforward process. We’re fortunate to live here in Idaho and to have Idaho’s estate planning and probate laws. In many states both estate planning and probate are complex, take a long time, and can be very costly. In some states an attorney is allowed to charge a percentage of the estate as the fee for completing a probate. Idaho probate and estate planning are much cheaper and are streamlined. Here is a short description of the three main purposes of probate in Idaho.

1. PROTECT THE ESTATE

By Matthew P. Stucki

There are numerous reasons why an individual would select a living trust as the vehicle to deal with the distribution of his or her property upon death. A living trust is set up to allow the owner of the property to transfer said property into the trust and out of the owner’s name. When making this transfer of property into a trust, there are important insurance considerations that need to be considered.

Individuals often purchase insurance, such as car insurance or home owner’s insurance, to protect their property against damage. However, when that property is transferred, the insurance provider is no longer responsible for coverage. This makes it important for all individuals who transfer property into a living trust to contact their insurance agent and add the living trust as an insured. Failure to list the living trust as an insured may give your insurance provider a reason to reject claims made by you.

By Lane V. Erickson, Attorney

A new year is always a wonderful opportunity to determine what steps you need to take to protect yourself and your family through your Idaho estate planning. Each year brings change, and our lives and in the lives of those around us. Whether we like it or not these changes need to be addressed and dealt with in a way that will help us move forward productively. 　With 2017 upon us here are 6 Idaho estate planning resolutions you should make this year.

1. COMPLETE BENEFICIARY DESIGNATIONS ON RETIREMENT ACCOUNTS

By Nathan R. Palmer

Most of our Idaho clients hire us to draft three basic estate planning documents: (1) a will or trust; (2) a power of attorney for health care; and (3) a power of attorney for financial affairs. Walking out of our office with those three documents does not necessarily mean your estate plan is complete. There are several additional tasks our clients likely need to perform after they leave our office. The two most common tasks include updating beneficiary designations on retirement accounts and life insurance contracts.

As a general rule, individuals with retirement accounts (whether employer sponsored or not) must list beneficiaries to their accounts. Most individuals list their spouses as the primary beneficiary of their accounts and, if available as an option, list their children as contingent beneficiaries in equal shares. Most of our clients have not reviewed their beneficiary designations for several years – or even decades – and rarely think of doing the same. Unfortunately we see cases in which clients forget to update their beneficiary designations so their retirement accounts end up being distributed contrary to our clients’ intentions. It is important to understand who you have designated as beneficiaries of your respective retirement accounts.

By Nathan R. Palmer

A basic estate plan includes a will (or a trust), power of attorney for financial affairs, and power of attorney for health care. One of the most crucial elements of any estate plan is the person, or people, you choose to act on your behalf. How will your loved ones know who you have chosen to act on your behalf? Will some of your loved ones feel left out?

Holding a family meeting shortly after completing an estate plan can be extremely beneficial. Most family meetings are held at the parents’ home with invitees consisting solely of the parents’ children. I generally advise clients to not invite in-laws or significant others as family meetings are a time for parents to meet with their children and explain their desires. Children often provide input or ask questions at these meetings.

By Lane V. Erickson, Attorney

I have been an attorney now for nearly 20 years. Whenever I am introduced to new people it is common for them to ask what I do for a living. When I let them know that I am an attorney this leads to the next question that is asked: “What kind of law do you practice?” When I mention that I do estate planning most individuals indicate that they believe they don’t need an estate plan or that getting one would cost them too much money. This always leads to an interesting conversation about how affordable estate planning is compared to not having it done. Here are the 3 main reason Estate Planning is affordable now.

1. AVOID A FIGHT OVER CHILDREN

By Lane V. Erickson, Attorney

Many people consider creating a trust as part of their Idaho estate plan to help them in distributing their property to their loved ones. A trust is a way for an individual to protect their property and yet be able to avoid the cost and time associated with probate upon their death. 　A trust has to be administered by an individual who is named as the trustee. This individual has the responsibility and the ability to handle trust property and Nic distributions of trust assets. Here are four things to consider when naming a trustee to your trust.

1. ABILITY OF THE TRUSTEE TO HANDLE THE TRUST

By Lane V. Erickson, Attorney

The one thing that we can count on in our lives is that things will change. Given a few years our lives may look drastically different than they did before. This is normal, and natural, but when it comes to estate planning it can cause some problems. Here are 3 reasons why you should consider updating your estate planning.

1. PEOPLE CHANGE

By Lane V. Erickson, Attorney

Most people’s ideas about estate planning are just plain wrong. For instance, and most of my conversations with individuals about estate planning I learned that most people believe that estate planning has to do with how your property gets distributed upon your death. Well it’s true that this is an important part of your Idaho estate planning, it is not the only part. 　Here are 3 ways your Idaho estate planning can help you while you are alive and can enjoy the benefits.

1. PLANNING FOR YOUR OWN DISABILITY

By Lane V. Erickson, Attorney

In the course of my practice I often represent individuals who are named as Personal Representatives in the probate of a loved one. As I work with Personal Representatives one of the things I help with is determining the assets that belong to the decedent when they passed away. This is important because I often find that even spouses often don’t know all of the assets that are held by their spouse or other loved ones who have passed away. Here is a list of 3 most common types of assets that are in an estate.

1. REAL PROPERTY