Adults who do not have an estate plan in place may want to contact THW Law to discuss the process. Estate planning is important for a number of reasons whether a person has only a few assets or a large and complex estate, and an Idaho Falls law firm such as Thomsen Holman Wheiler PLLC may be able to help.
There are two main components to estate planning Idaho Falls. One component is what happens to a person’s belongings after that person’s death. The other is preparing in case the person becomes incapacitated.
If these documents are not in place, the state will decide what happens to a person’s assets. This could be a long and expensive process under law Idaho Falls, and the estate could go to unintended beneficiaries. Responsible estate planning Idaho Falls may reduce taxes and other costs. With no plans in place in case of incapacity, a loved one might have to go through a similarly long and costly process of getting guardianship in order to make medical and financial decisions on a person’s behalf.
A will or a trust and powers of attorney dealing with finances and health care are the minimal documents a person might need as part of Idaho Falls estate planning. There may also be documents known as beneficiary designations associated with assets such as life insurance policies and some retirement plans that name someone to receive those assets. A will can name who should receive which assets. It can also name guardians for minor children. For more complex estates, a person might want to create a trust.
In addition to powers of attorney for health care and finances, a person might also want to consider a living will that outlines preferences for end-of-life care.
There are do-it-yourself legal documents available online for Idaho Falls estate planning, but there may be a number of disadvantages associated with these. It is easy to make errors that might conflict with the law Idaho Falls or the state has in place and make the documents invalid. Furthermore, talking with an attorney at THW Law may help a person create a more effective estate plan. For example, the person might be unaware of certain options such as the special needs trust that can provide assistance to loved ones. Finally, meeting with an attorney can help ensure the estate plan is consistent with law Idaho Falls.
By working with an attorney at Thomsen Holman Wheiler PLLC, the Idaho Falls law firm, a person can create an estate plan that accurately reflects that person’s wishes. Idaho Falls estate planning can bring peace of mind and security to people and their families.