When it comes to estate planning, there is no time like the present. Many people delay putting an estate plan in place because they don’t want to think about death and about leaving loved ones behind. Others don’t arrange an estate plan, at all, because they believe that they don’t have enough assets or that they aren’t old enough to start planning.
In a previous article, we discussed why estate planning is important for you and your family. We broke down what estate planning is, what wills and trusts are and also touched upon what can happen if you do not have an estate plan in order. In this article, we are going to outline the ways you and your loved ones will benefit from having an estate plan in place.
At Capital City Law, we offer estate planning services in Boise. We can help you prepare your will or trust as well as answer any questions you may have about end of life plans. If you live outside the great state of Idaho, contact your local estate attorney and make an appointment to start estate planning—it is truly one of the best things you can do to relieve some of the stress and sadness that your loved ones will experience after you pass away.
You can take care of your loved ones, even after you have passed away.
When you establish your estate plan, you are ensuring that your family is going to be taken care of after you die. Whether you decide to create a will or a trust, your plan will explain your exact end of life wishes, including how you want your estate dispersed. Because we have no way of knowing when we are going to pass away, it is important to begin estate planning as soon as possible–you will have peace of mind knowing your family is taken care of after you die. The size of your estate does not matter, and it includes more than just your money and bank accounts. In fact, everything single thing you own is part of your estate. So even if you feel like your estate is more modest, you still have many assets that can be included in your will or trust and then given to the appropriate loved ones after you die. Estate planning ensures that you are in charge of how your assets are distributed, rather than leaving those kinds of decisions up to the court.
You will avoid probate and excess legal fees for your loved ones.
Without an estate plan, it is the court, not your family, that will dictate how your estate is distributed. Who receives what is determined based on your state’s probate laws. Most probate laws state that if you pass away and leave behind a spouse and children, each of them will receive a fraction of your estate. In many instances, the fraction set down by the law is a much smaller amount that what you would have designated had you chosen to create a will or trust. If one of your children is a minor, the court will hold onto their inheritance until your child is of age. If you become disabled and do not have an estate plan prepared, the court will assign you an appointee who becomes the only person who can sign for you when you do business–and the court will, again, be in control of your assets.
Your most precious and special assets will stay in the family.
People tend to think only about money when it comes to passing away and including loved ones in your will. As mentioned, your estate includes a lot more than your money/bank accounts/business, etc. Think about your family heirlooms–that locket that has been passed down from your great, great, great, great grandmother or the baseball Babe Ruth signed in 1930. Those kinds of special assets are ones that you will undoubtedly want to keep in your family. When you estate plan, you are ensuring the proper relative inherits that precious locket or historic ball. Consider, also, that there are some family members who, over the years, may have expressed interest in a specific possession of yours. For your nephew who is an avid bird watcher, you of course want him to inherit the journals full of your birding ventures and observations. Don’t leave it up to the court to choose where your assets go. You know your loved ones better than court officials, so make sure the right person receives the right part of your estate.
You can take care of all members in a blended family.
Studies show that almost 90 percent of estate planning involves blended families. At Capital City Law, we offer estate planning services in Boise that are specifically tailored for blended families. If you are someone who has had multiple marriages and has had children in each of those marriages, planning your estate is one of the most important things you can do to ensure everyone in your family is taken care of as you see fit. If you do not have an estate plan in order when you pass away, it is also guaranteed that someone is going to be left out. For example, stepchildren have no rights to any part of your estate, in the eyes of the law. Meeting with our team to estate plan with a blended family means everyone is included, regardless of their “title.”
You will give yourself peace of mind knowing your loved ones will be taken care of.
No one wants to think about passing away and leaving their loved ones behind. Instead of feeling sad about being without your family and your family being without you, you can find peace in knowing they are taken care of when you have an estate plan in place. Imagine the smiles on your family members’ faces when you leave them a precious heirloom that had been stowed away and forgotten for many years. You will be immortalized in the estate you pass on to your family. You will take comfort in knowing you can still provide for your family after your death, and your family will take comfort in having your most special assets left in their care.
Estate Planning In Boise With Capital City Law
If you are ready to start estate planning, contact the attorneys at Capital City Law. Our experienced team specializes in estate planning with a focus on trust- and will-based planning. We understand that discussing end of life plans can be extremely difficult—this is why we work through the planning steps with the utmost sensitivity and professionalism. Estate planning is actually a very positive and proactive step you can take to protect your family and your assets after your death. To learn more about our legal services or to arrange an estate planning appointment, please get in touch with us today. We look forward to teaming with you soon, and we appreciate your interest in Capital City Law!