Estate planning does not have to be complex. In fact, many of my clients are surprised when We complete their estate planning for them and they can see how simple it really was. Below is a simple three-step estate plan that anyone can accomplish through a qualified estate planning attorney.
MAKE A LIST OF WHAT YOU OWN AND WHAT YOU OWE
A person’s estate consists of all the things that they own and all the things that they owe. Before any distributions can be made to a spouse or to a child, a person’s debts have to be paid after they die. For this reason, it is very helpful for your family and the people you ask to help with your estate for you to provide a list of all your debts, and a list of all the items that you own. By doing this, your family can take care of your debts and then will be free to distribute your property however you list in your last will and testament.
PROVIDE FOR FAMILY
The next step is really to provide for your family including your spouse and your children. By simply naming these individuals in your last will and testament and identifying what property you want to go to them, you have created a distribution plan for your estate. Doing this does not have to be difficult. It could be as simple as saying that everything you own goes to your spouse, and if for any reason s/he passed away before you then it will be distributed equally between your children.
NAME A PERSONAL REPRESENTATIVE
The final step in the three-step estate plan is to name a personal representative. This can be your spouse, or it can be your children, or it can be a close family friend or some other person that you trust. In addition to naming the First Choice you will also want to name a second and a third choice in case the first person is unable or unwilling to serve.
By completing these three simple steps, any person can have a simple estate plan. If you have any questions about how you can complete your own simple estate plan, 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 firstname.lastname@example.org. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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