Idaho Law Blog
Have you ever thought to yourself, “Do I need a will?” While we are young, all of us tend to think that we are invincible. We feel strong, healthy and full of life. Because of this, we put off the thoughts of death and Estate Planning. This is stuff only old people think about right? The reality is that none of us is truly invincible and everyone needs an Estate Plan.
If you die without an Estate Plan that means your belongings will given to other people through the laws of “Intestacy” or through the government’s default Estate Plan. Intestacy laws will distribute your belongings in a way that is different than what you would plan. I discuss this in a previous blog and recommend that you read that as well. While understanding the laws of Intestacy is important it isn’t the focus of this section. Here I want to focus on children.
For young people with children, having an Estate Plan is vital. The reason for this is because, like your belongings, if you don’t create an Estate Plan where you name guardians for your children, the government will do it for you.
Imagine for a moment that you know that you will be gone. Who would you name as the guardians for your children? Who do you trust that will love your children like you do and would provide for their needs and care? If you create your own Estate Plan you can think about and made a decision for each of these questions.
In your Estate Plan you can designate who will be the legal guardian for your children if anything should happen to you and your spouse. Your Estate Plan can also create a financial “trust” where you name a person you know will take the time and care to manage your assets for your children until they become old enough to care for themselves.
So if you are young do you need to create your own Estate Plan? Absolutely yes!
If you have any questions, our [Idaho, Pocatello, Idaho Falls, Boise] Estate Planning Team of lawyers can help you create your own Estate Plan to care for yourself and to provide for your children. Please contact us.
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 Pocatello Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Pocatello Idaho Estate Planning questions and will help you determine how to meet your personal estate planning needs.