Articles Posted in Estate Planning

By Matthew P. Stucki

A couple of concepts that are often confusing for many clients deal with: 1) the difference between separate property and community property, and 2) how separate property of an individual is distributed upon his or her death if he or she does not have a Last Will and Testament.

Under Idaho Law, property that is owned by the wife prior to marriage and property that is acquired after marriage by way of gift, bequest, devise or descent, shall remain the sole and separate property of the wife. (vice versa for the husband). See Idaho Code § 32-903. However, to maintain the separate nature of the property, it is important that the wife does not mix her separate property with her husbands. For example, if a woman has $20,000 of separate property in an account before marriage and after marriage combines her account with her husband’s account, with both her and her husband thereafter using the account as a common account, then the property that the woman initial had is likely to have lost its classification as separate property of the wife.

By Lane V. Erickson, Attorney

In my practice as an estate planning attorney, I often have clients who want to talk about what they think they know about estate planning. It usually starts with a statement/question like the following: “It’s true isn’t it that . . .” The client then will make the statement that they have heard from a family friend or read on the internet. Most often, the statement/question made by my clients is just plain wrong. Here are the Top 5 Estate Planning Myths that I have heard as an estate planning attorney.

1. Only the Wealthy Need Estate Planning.

By Lane V. Erickson, Attorney

I meet with clients almost every day to discuss their estate planning. When I do this I discuss the differences between estate planning and intestacy. Most of my clients are surprised to hear a default estate plan exists for everyone. It is only when a person actually creates a written estate plan that they eliminate the default estate plan of intestacy. Here are the main differences between Estate Planning and the laws of Intestacy.

APPOINTMENTS

By Lane V. Erickson, Attorney

In the many years that I’ve worked as an estate planning attorney, I have met a variety of people. I find that most people are generally interested in getting their estate planning done, but don’t know how to get started. I’ve also found that completing your estate planning is one of those items that seems important but is always pushed lower on the To Do List by more pressing matters. Here are the 4 biggest estate planning mistakes that I have found are made by everyday people.

1. THINKING THAT YOU HAVE TIME TO GET IT DONE LATER

By Lane V. Erickson, Attorney

For parents with minor children, setting up a basic Estate Plan is the single most important thing you can do. Completing an estate plan allows parents to make sure their child or children will be cared and provided for. Here are the 2 most important things to consider in completing your estate planning if you have minor children.

1. WHO WILL CARE FOR MY CHILD

By Lane V. Erickson, Attorney

The internet has become an integral part of our everyday lives. In fact, it’s hard to imagine a time before emails, YouTube, Facebook, tweeting, Instagram, Amazon and so on. However, not everything having to do with the internet is great. Additionally, not all the information that you get on the internet is reliable or accurate. Along the lines of estate planning, I am often asked by my clients whether they can simply get a do-it-yourself kit from the internet to help them complete their estate planning. Here are the main reasons why this is not a good idea.

ONLINE ESTATE PLANNING KITS ARE GENERIC

By Lane V. Erickson, Attorney

Although I’ve been an attorney for many years now, the first time I really came to understand the importance of having a valid Living Will was not through work. Rather, it occurred many years ago when a friend suffered a serious heart attack.

The paramedics came and took my friend away to be treated at a hospital. When we arrived to show our support to his wife and his family we learned that our friend had been placed on a life-support system which helped him to breathe and helped his heart to circulate blood through his body. Essentially, he was alive, but the doctors told us that there was no hope for recovery.

By Matthew P. Stucki

When people in the community discover that I am an attorney that practices in the area of estate planning, one of the first questions that they ask is what happens upon my death if I do not have a Last Will and Testament. In response, I inform them that if they die in Idaho, the Idaho legislature has promulgated statutes that provide for the distribution of one’s property upon death if there is not a valid Last Will and Testament.

These statutes can be found in Idaho Code, Title 15, Chapter 2. In essence, all community property of a deceased individual passes to the surviving spouse. (See, Idaho Code § 15-2-102). However, if there is not a surviving spouse, then the deceased person’s property passes according to the following priority:

By Matthew P. Stucki

This is the fourth of four posts discussing the execution of a valid Last Will and Testament. The first three steps in executing a valid Last Will and Testament include testamentary intent, testamentary capacity, and voluntary creation of the Last Will and Testament free from fraud, duress, or undue influence. The fourth and final step in the execution of a valid Last Will and Testament requires that the Testator execute it under a specific ceremony per state law.

For example, in Idaho, a Testator’s Last Will and Testament must be signed by the Testator and by at least two witnesses who either witnessed the Testator signing or had the Testator acknowledge his or her signature to the witnesses. Both the Testator signatures and the witness’ signatures should be signed or acknowledged in front of a notary public. Once this ceremony is completed, the Testator has a valid Last Will and Testament.

By Lane V. Erickson, Attorney

Probate is an essential part of the process where property is passed through a court process from a person who dies to those individuals he has chosen or who the law prescribes are entitled to receive it. The probate process is used whenever title to property needs to be transferred away from the person who died to another person, and for creditors to be paid. A probate occurs whenever a person has either a written Will or who dies without a will and any additional type of an estate plan such as a trust. The 4 disadvantages of completing a probate are as follows:

1. COSTS AND FEES