Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

We live in a wonderful world where people are constantly on the move. Whether it is work, or family, or simply a need for a change, many people move from state to state during their lives. I often have clients who have move to Idaho asked me whether the will they had created in a different state will be valid in Idaho. Idaho has a specific statutes that answers this question.

Idaho Code § 15-2-506 states specifically that “[a] written will is valid if executed in compliance with section 15-2-502 or 15-2-503 of this Part or if its execution complies with the law at the time of execution of the place where the will is executed, or of the law of the place where at the time of execution or at the time of death the testator is domiciled, has a place of abode or is a national.”

By Lane V. Erickson, Attorney

I’ve been an attorney now for several decades and have heard many of my clients who are young ask this very question. Many of us, myself included when I was young, believed that since we were young and healthy, that it really wasn’t necessary for us to complete our estate planning. However, the truth is just the opposite. Estate planning is much more than deciding who to give your property away to after you die. In fact, estate planning has much more to do with your life while you are alive, than it does with what happens to your property after you die.

Taking capacity and disability as an example. According to current morbidity tables, the chances of a young and healthy person becoming incapacitated or disabled in the next year is significantly greater than the chance of them dying. So even the young and healthy need to have an estate plan in place where they determine what’s going to happen to them if they suddenly become disabled or incapacitated.

By Lane V. Erickson, Attorney

Many of my clients who are married, often wonder what property they will actually be able to give away in their Will (last will and testament) to the people they choose when they die. The reason they ask this question is because they recognize that Idaho is a community property state but they don’t really understand what this means. Here are a few things you need to know about your Will and the property you can give away in Idaho.

In Idaho all property acquired after marriage by either the husband or wife is presumed to be community property. Idaho Code § 32-906(1). The presumption is rebuttable but the party asserting that property is not community bears the burden of proving that the property is separate with reasonably certainty and particularity. Matter of Freeburn’s Estate, 97 Idaho 845 (1976). However, in Idaho all property of either the husband or the wife owned by him or her before marriage, and that acquired afterward by either gift, bequest, devise or descent, or that which either he or she acquires with the proceeds of his or her separate property, by way of moneys or other property, shall remain his or her sole and separate property. Idaho Code § 32-903. The income of all property, separate or community, is community property. Idaho Code § 32-906(1). Property conveyed by one spouse to the other shall be presumed to be the sole and separate property of the recipient. Idaho Code § 32-906(2).

By Lane V. Erickson, Attorney

When it comes to estate planning there are a myriad of options available. The type of estate planning that is completed for a person really depends on what it is they want to accomplish and the size and type of the estate they own. Through my experiences in helping individuals create a customized estate plan I’ve come to learn that there are 4 specific reasons why people like having a Trust more than a Will.

1. MULTIGENERATIONAL BENEFICIARIES

By Matthew Stucki

This is the third of four posts discussing the execution of a valid Last Will and Testament. If you recall, the first step in executing a valid will requires the person executing the Will, the Testator, to have Testamentary Intent. The second step, deals with the requirement of Testamentary Capacity. The third step, which is the topic of this blog, requires that the execution of an individual’s Last Will and Testament be free from fraud, duress, or undue influence.

When preparing a Last Will and Testament for an individual, the individual often meets with an attorney to discuss how he or she would like to give away their property in the event of death. The individual also selects who he or she would like to represent them, a Personal Representative, upon their death and distribute the property as outlined in the Last Will and Testament. In most instances, it is my experience that the individual that I am working with to draft a Last Will and Testament desires to give everything to his or her children, and he or she keeps each child apprised of the contents of the Last Will and Testament. This process is a built in safe-guard against fraud, duress, and undue influence as each child of the individual or Testator can hold the other children accountable and prevent each other from bad conduct.

By Lane V. Erickson, Attorney

Being named as a Trustee in a Trust for a family member or a close friend may be a great honor but it is also a great responsibility. Just because you are named as a Trustee doesn’t mean that you are required to serve. Before you agree to serve as a Trustee you should be fully informed about what you are being asked to do. To help you become more informed here are 4 questions to ask before you agree to serve:

1. CAN I READ THE TRUST?

By Matthew Stucki

This is the second of four parts discussing the execution of a valid Last Will and Testament. If you recall, the first step in executing a valid will requires the person executing the will, the Testator, to have Testamentary Intent. The second part, which is the discussion for this post, deals with the requirement of Testamentary Capacity.

As people are living longer, it seems that more and more individuals are having to deal with the effects of dementia and memory loss. Depending on the severity of one’s mental condition, signing a Last Will and Testament may be out of the question. Under the law, a person must have Testamentary Capacity in order to execute a Last Will and Testament. However, judging one’s capacity can be difficult.

By:  Matthew Stucki

Recently I met with an individual who wanted me to review his Last Will and Testament, which he had personally drafted himself. In our meeting, the individual indicated to me that he had looked up templates on the internet and picked out different sections of the template until he had everything that he wanted in his Last Will and Testament. He then signed the document that he had prepared, believing that he had a valid Last Will and Testament. This prompted a lengthy discussion regarding the steps required in executing a valid will.

In order to execute a valid Last Will and Testament, there are several steps required. This blog post covers the first step, which is Testamentary Intent, with the reaming steps to follow in similar blog posts. Testamentary Intent in simple terms, refers to the Testator’s intent, or the intent of the person executing the will, with respect to the document he is signing to function as his or her Last Will and Testament. If such intent is found, then the Last Will and Testament is said to have testamentary character.

By Lane V. Erickson, Attorney

Making all the decisions about and creating an estate plan can be an intimidating and complex process for many people. One of the biggest decisions that must be made is who will be in charge of handling your estate for you after you pass away. This person is commonly known as a Personal Representative or Executor. 　The purpose of this blog is to give you some things to think about as you choose who your personal representative will be. 　Here are 4 things to consider when naming a Personal Representative in your will.

1. THE RESPONSIBILITY OF BEING A PERSONAL REPRESENTATIVE

By Lane V. Erickson, Attorney

I’ve had a number of both new and current clients who come to me just prior to leaving on a vacation or a trip abroad who are concerned about their estate plan. It seems that the idea of traveling, whether to a remote location or not, somehow creates a sense of urgency in my clients in making sure that their estate plan is complete. Based upon these experiences here are 4 things that you should do with your estate plan before you travel so that you can have peace of mind.

1. REVIEW YOUR PLAN FOR YOUR MINOR CHILDREN