Idaho Law Blog
As an estate planning attorney I find that people most often fail to get their estate planning done because they don’t know where to begin. I feel that my job as an estate planning attorney is to help people get on the right path to completing their estate planning. Often all it takes is providing a basic estate planning checklist to my clients to help them get started. Here are some of the basic things that I discuss with my estate planning clients:
1. BANK ACCOUNTS, LIFE INSURANCE AND RETIREMENT ACCOUNTS
First let’s start with the things that estate planning don’t take care of. This includes bank accounts, life insurance, and retirement accounts. These are all items that are controlled by third-party contracts you have entered into through the banks, insurance companies or retirement account providers you have chosen. Most people are surprised to learn that when they complete their estate planning they aren’t done. They still need to go to these third-party contract holders and complete their beneficiary designations. Sometimes these are called payable upon death designations. whatever you call them you need to go to these entities and have them provide you with a beneficiary form that you can fill out that designates who your bank accounts, life insurance policies, and or retirement accounts will be made payable to upon your death.
2. TAKING CARE OF MINOR CHILDREN
The next most important item for you to consider is taking care of your minor children. What this really means is that if both you and your spouse pass away who would you designate and name as the legal guardians of your minor children. If you fail to do this you are setting up a situation where your family may not agree on who the legal guardian would be and this could result in a legal fight that could destroy relationships and cost a large amount of money in legal fees. By naming legal guardians in your estate planning documents you are avoiding such fights and eliminating the need for legal fees.
3. TAKING CARE OF YOURSELF
After completing these things then you need to consider taking care of yourself. But I really mean by this is part of your estate planning documents provide for your future while you are alive. These documents include the power of attorney for finances, the power of attorney for health care, and you are living will. These basic documents provide a plan for you in the event you are unable to communicate and or care for yourself in the later years of your life. The reality is these documents will have a much greater impact on your life while you are alive than your Last Will and Testament will.
If you have questions about your own personal estate planning, we can help. 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 solve your Idaho Estate Planning problems.
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