Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

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.

By Lane V. Erickson, Attorney

In Idaho, “[a]ny emancipated minor or any person eighteen (18) or more years of age who is of sound mind may make a will.” Idaho Code 15-2-501. When determining whether a person is of sound mind, Idaho Courts have stated:

Accordingly, a testator must have sufficient strength and clearness of mind and memory, to know, in general, without prompting, the nature and extent of the property of which he is about to dispose, and nature of the act which he is about to perform, and the names and identity of persons who are to be the objects of his bounty, and his relation towards them. 　Wooden v. Martin (In re Conway), 152 Idaho 933, 943-944, 277 P.3d 380, 390-391 (2012).

By Lane V. Erickson, Attorney

As an estate planning attorney I am often asked interesting questions by my clients. One question that came up recently was whether a family member, or any other person, who would be receiving a gift under a Last Will and Testament could also be a witness to the signing of the will. A short time ago, Idaho law prevented this sort of thing from happening. However, the law in Idaho and in most other jurisdictions have changed.

According to applicable Idaho law: “Any person eighteen (18) or more years of age generally competent to be a witness may act as a witness to a will.” Further, the law states that “a will or any provision thereof is not invalid because the will is signed by an interested witness.” Idaho Code § 15-2-505.

By Lane V. Erickson

There are many kinds of trust that can be used when completing an estate plan.  These trusts can be Specifically designed to protect land, eliminate taxes, Provide some Assurance for finances into the future, for An individual who has a disability or special needs, or It could be for underage children or for family members that you want to provide some support to but not give a large amount of cash to directly.  The type of trust that is created often determines who should be named as the trustee.  When considering who should be the trustee here are some things you should think about:

WHAT CHARACTERISTICS SHOULD A TRUSTEE HAVE?

By Lane Erickson, Attorney

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

By Lane V. Erickson, Attorney

The basic estate planning questionnaire that we provide to our clients ask questions that will allow us to determine whether they might need to use a trust in their estate planning. Not all Estates need to have a trust created. However, there are many reasons why at rest is a good idea. The purpose of this blog post is to not talk about the uses of a trust, but rather to talk about what a trustee does when a trust is created.

WHAT IS A TRUSTEE

By Lane V. Erickson, Attorney

Estate planning does not have to be complex. In fact, many of my clients are surprised when We complete their estate planning for them and they can see how simple it really was. Below is a simple three-step estate plan that anyone can accomplish through a qualified estate planning attorney.

MAKE A LIST OF WHAT YOU OWN AND WHAT YOU OWE

By Lane V. Erickson, Attorney

I’ve been an estate planning attorney now for nearly two decades. One of the first things I discovered about estate planning when I first began practicing was how flexible estate planning can be. Flexibility in estate planning is really important because a person’s circumstances are changing all the time.  Below are three of the basic areas that illustrate how flexible estate planning can be.

OWNERSHIP AND USE OF PROPERTY

November 17, 2016 through November 27, 2016 is the National Highway Traffic Safety Administration (NHTSA)’s nationwide campaign urging motorists to buckle up and ensure that children are correctly restrained in child safety seats.  Wearing a seat belt reduces the risk of a fatal injury by 45%.

Seat belt use reduces fatalities by 74% in rollover crashes involving passenger cars and by 80% in rollover crashes involving light trucks. (This effectiveness info from Fatality Reduction by Safety Belts for Front Seat Occupants of Cars and Light Trucks, NHTSA, DOT HS 809 199)

Over Thanksgiving week, millions of motorists will hit the road to spend time with family and friends.  It is one of the busiest travel times of the year.  More vehicles on the roadways also pose a higher probability for more crashes to occur.  An unrestrained passenger is killed every 5.5 days.

By Lane V. Erickson, Attorney

There are just about as many different types of estate plans as there are people. What this really means is that there is a great deal of flexibility in the type and content of the estate plan that you choose. Estate planning is really designed to protect you and your loved ones regardless of your unique or unusual circumstances.

The basic components of an estate plan include a last will and testament, a durable power of attorney, and a living will and durable power of attorney for health care. Estate planning can also include various kinds of trusts that may be necessary for either yourself or for a loved one.