Last Will and Testament
Every person should have a last will and testament in addition to their other estate planning documents. The Racine Olson Estate Planning attorneys will help you effectively plan your estate to ensure your estate is properly administered after your death. An estate is more likely to be administered properly through thoughtful and deliberate advanced planning.
A properly drafted last will and testament can help reduce the risk of controversy after your death. Family members and loved ones of those who pass away without a last will and testament are often forced to choose who will act as personal representative of the decedent’s estate. In some cases multiple family members desire to act in such capacity resulting in unnecessary conflict between family members and loved ones. Proper planning with an experienced estate planning attorney can avoid these common pitfalls.
A last will and testament explains your desires to your loved ones. The document also provides a sense of peace for those who take the time to engage in estate planning. For example, couples with young children often worry about who would care for their children in the event both parents pass away unexpectedly. Parents of children with special needs share similar concerns. Most of these concerns are resolved through thoughtful estate planning as parents can feel confident their wishes will be carried out after their death without unnecessary conflict between surviving family members.
In general, a last will and testament should: (1) nominate a personal representative to administer your estate; (2) establish testamentary trusts for your loved ones, including trusts for minor children and third-party special needs trusts, as necessary; (3) nominate guardians for your minor children, if any; (4) identify your beneficiaries and describe the portion of your estate you desire to be distributed the each; and (5) intentionally disinherit family members or loved ones as necessary.
We all need a last will and testament that is tailored to our situation in life. Death, divorce and other unfortunate events shape our perspective and change who we are as we age. Our estate planning needs and desires change as we progress through life. As a result, the Racine Olson Estate Planning attorneys recommend having your estate planning documents reviewed by an experienced estate planning attorney every three to five years to ensure it continues to meet your desires.
The Racine Olson team of Estate Planning attorneys can help you prepare and execute a last will and testament to ensure your wishes are carried out after your death. Whether you need your first last will and testament or need to modify your existing estate planning documents, our attorneys are available to discuss your options and answer your questions at an initial consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a consultation with the Racine Olson team of Estate Planning attorneys in Idaho. You can also email us directly at firstname.lastname@example.org.