Idaho Law Blog
There are 4 reasons every person should prepare a written Will. A Will empowers you to direct your affairs after your death. A Will allows you to give specific property to your family and friends. Even those of us with little or no property will want to designate a guardian for your minor children. Finally, a written Will simply makes things as easy as possible for your family.
1. Directing Your Affairs After Your Death
Friends and family are well meaning most of the time. Sometimes they are not. Regardless, when we die, we either leave directions about our affairs in a written Will or we simply leave these things in the hands of our family and friends. What are your “affairs”? These would be things such as, do you want a funeral or not. Do you want to be cremated, and if so, are your ashes to be buried or scattered in a place you chose? Additionally, in a written Will you can provide direction about how to handle your debts or bills, your property, and your other business or personal affairs. If you don’t provide direction in a written Will, then what you want simply may not happen.
2. Giving Specific Gifts to Specific People
Most people spend their entire lives working to provide for themselves and their loved ones. They may have a house, savings, investments as well as all of their personal possessions collected over the years. All of these “things” are the assets that create an “Estate”. A written Will ensures that when a person dies their estate, and the specific assets in it, are given to the people they want, in the way they want.
A written Will provides an easy and direct way of giving specific gifts to the specific people you want them to go to. Having a written Will gives you peace of mind concerning how your loved ones will receive your property.
3. Minor Children
Most people who have young children don’t realize that if both spouses die, a court will decide who the children live with, who will care for the children, and who will take care of any money/property the children receive. Every person with minor children should have a written Will in order to appoint guardians for their minor children, and trustees to manage their property.
A written Will also prevents minor children from inheriting real estate outright through a trust written into the Will. This is important because in Idaho minors have the legal ability to own property, but they do not have legal ability to manage property. In Idaho, without a written Will, children do inherit a share of a person’s separate property, including real estate. When a minor inherits property Court proceedings must occur to provide a mechanism to protect that property for the minor. This is costly in both time and money.
4. Making Things Easier for Your Family
Most people love their family and want to make things as easy for them as possible when they die. Having a written Will simplifies the things your family must do after you are gone. Consider the first three reasons listed above, and how a written Will makes these things easier. Additionally, a written Will allows your loved ones to know what your plan is either when you die or even before. Having a well thought out plan is so much easier to follow, especially as your family deals with the grief of your loss.
Having a written Will is important for everyone. With a written Will, you protect your family and loved ones for the future, you provide for your minor children, you direct your affairs the way you want, and you make things so much easier for your family.
Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you determine how to meet your personal estate planning needs.