Articles Posted in Estate Planning

By Lane V. Erickson, Attorney

Once you are married, you stay that way legally until a judge signs a divorce decree. If you are separated from your spouse but not divorced and then you die or become disabled, your estranged spouse may still have legal control over you and your estate. 　Worse, your estranged spouse may be legally entitled to receive your estate. 　The good news is that you can change this. 　Here are 3 things you should know about estate planning and divorce.

1. YOU CAN CHANGE YOUR ESTATE PLAN ANY TIME YOU WANT

By Lane V. Erickson, Attorney

The world has become a much smaller place. It’s now very common for an individual to own real estate not only where they live but also in other states. If you own land, regardless of what state it is in, there are several things that you should know when it comes to estate planning.

The first thing you should know is that owning real estate in different states is not a real problem when it comes to estate planning. The probate of your estate will take place in the state you reside in when you die. The court proceedings and appointments of a personal representative will all take place there. More than likely your family will have an attorney help them through the probate process. However, your family will also have to hire an attorney in each state where you own real estate to help in the transfer of that property as well.

By Lane V. Erickson, Attorney

Several times a week our firm will get phone calls asking whether we have the will for a certain individual who recently passed away. Talking with other estate planning attorneys, this is not unique. It seems all too common that even after going to the effort to create an estate plan, many individuals make it hard for their families to find their estate planning documents because they simply aren’t organized. 　Here are some tips that can help your family in the event you pass away.

1. ORGANIZE YOUR DOCUMENTS

By Nathan R. Palmer

Family members and loved ones of Idaho residents who die owning less than $100,000 in assets may not need to probate their loved ones estate. No advanced planning is required. The deceased individual’s assets may be obtained by presenting an affidavit to institutions holding the assets. The affidavit must state the following:

1. The fair market value of the entire estate does not exceed $100,000;

By Lane V. Erickson, Attorney

Life insurance can be an important part of your estate planning. This is particularly true if you are the main provider for your family. Life insurance can provide a great level of protection when you have minor dependents such as small children and/or a stay-at-home spouse. And using life insurance as a component in your estate planning there are two specific things that you need to be aware of.

1. LIFE INSURANCE IS NOT A PART OF YOUR ESTATE

By Lane V. Erickson, Attorney

Let’s suppose for a minute that you have taken the advice that we’ve given in this blog several times and you’ve actually completed your estate planning by having a Last Will and Testament prepared. 　A few years go by and you pull your Last Will and Testament out to review it and realize that you’d like to make some changes. A thought then goes through your mind. Rather than taking the Last Will and Testament back to the attorney you wonder if you can make handwritten changes to you Last Will and Testament yourself and save some money.

In Idaho a person can make handwritten changes to their own will so long as those changes are in their own handwriting and are dated and signed. However, there are several problems that can arise if you choose to do this.

By Lane V. Erickson, Attorney

Most states have specific laws that define when a person becomes a legal adult. The age when this happens can vary between 18 all the way through 21 depending on which state you live in. However, regardless of which state you live in at some point every person will become a legal adult. Every legal adult needs to complete their own personal estate planning. Here are the basic estate planning documents that every adult, including a brand new adult, should have.

1. POWER OF ATTORNEY (FOR BOTH FINANCES AND HEALTH CARE)

By Lane V. Erickson, Attorney

The purpose of creating a Last Will and Testament is so you can give your property away to those you choose. But the question comes up sometimes about what happens if a gift that is given in a Last Will and Testament no longer exists when the giver of the gift dies. When this happens then the gift fails because it no longer exists. The key is contained in the language used in the Last Will and Testament. The few examples will help illustrate this.

Suppose for a moment that you create your Last Will and Testament. In doing so you provide a specific gift in your Last Will and Testament of your Range Rover car to your son. Now let’s suppose that you’re actually driving the Range Rover vehicle, you get into an accident which destroys the Range Rover and which leads to your death. In this instance your gift to your son specifically is your Range Rover car. Because your Range Rover car was destroyed in the accident that took your life, there is no Range Rover car remaining to be given to your son as a gift. In this example the gift of your Range Rover car to your son fails.

By Lane V. Erickson

The story is well-known by now because it’s been all over the news. Apparently a former librarian named Robert Morin who worked at the University of New Hampshire library passed away. In his Last Will and Testament he left a $4 million gift to the school. The University of New Hampshire used $100,000 from the gift to go to the library where Robert worked. The controversy arose because the University chose to use $1 million from the gift to pay for a new electronic scoreboard for the football field.

Many individuals in the community and around the nation are upset that a larger gift was not used by the University for the library. As the facts have come to light Robert’s last will and testament specifically designated that $100,000 would go to the library. However, Robert did not designate specifically how the remaining money should be used by the University. As a result, the University was free to spend $1 million from the gift for the electronic scoreboard despite what others thought should be done.

By Lane V. Erickson, Attorney

I’m often asked by my Estate Planning clients what the steps in Probate include. I find it helpful for my clients when I explain the process and help them understand the six basic steps involved in a Probate. Here are those steps:

1. Petition for Probate