When its time to plan for your family’s future we are here to assist you.
Typically, estate planning is not something people get excited to talk about. Mostly because it requires facing the fact that you are mortal. There just isn’t any way around it. Similarly, if you die without a formal directive, then there isn’t a way around the State of Idaho getting to decide which of your assets go where in a process called probate.
Needless to say, your closest family members will be left with a lot of stress and headaches on top of their grief. By getting out in front of inevitability, you can decide what happens to your assets, reduce costs and time, and minimize governmental agencies’ ability to control what happens to your assets. An effective and complete estate plan will go a long way in creating peace of mind and the following tools are how you would get it done.
A will allows you to transfer certain property to the people you wish. It also allows for you to name a particular person you want to be in charge. That person is called your Personal Representative. Lastly, a will allows you to direct who will take custody of your minor children. Although a will allows you to pass on your wishes, it does not necessarily minimize the need and costs of probate. Although better than passing without a will, a will is limited in its reach.
Trusts take wills one step further. In setting up a Trust you create an entity that holds your assets and is ready to take in all of your assets should you pass. For couples, a joint Trust can encompass both individual’s needs. The Trust has the authority to distribute the assets as you desire. The beauty is, in a Trust you (as trustee) are still in control of your property. Then upon passing, the directives you line out dictate how the successor trustee is to distribute those assets. A Trust is not probated. Meaning, the courts will not oversee how those assets are distributed. As a result, an added level of confidentiality is inherently included.
Although there are various other types of trust (i.e. Special Needs Trusts, Irrevocable Trust, Spendthrift Trusts, etc.) that can accomplish a number of your goals, the right Trust does an exceptional job in making life easier for the ones you love in their time of need. As part of the Trust, we include a Durable Power of Attorney (Living Will/Medical Directive), A Power of Attorney, and a deed for the transfer of any deeded property. Thus, your estate plan will include any documentation needed to minimize uncertainty and maximize the protection of what you have worked so hard to attain.