We buy everything else online -- shoes, cars, groceries, even a Chia Pet Gremlin. Why not make your will online? Seems like a good idea, but here are three reasons why it is NOT! 1. Validity You probably are not a lawyer, so you are not trained in spotting issues in legal documents. Details you might not even realize are important may completely change the meaning or validity of your will. Take the case of Ron Ferree from New Jersey. Ron used a form will with a 'fill in the ...
Don’t wait until it’s too late!
We have received a number of calls lately from people who have waited to start estate planning until it's too late. It invariably does not end well. "Too late" here usually means waiting until someone has become incapacitated to a point where they can't participate in the process anymore. (Or, of course, died...) And once that's happened, there is little anyone can do to help. Here's the thing: Idaho already has an estate plan for you. You might like it; you might not. But, if you ...
Appointing a Guardian for Your Kids
Parents of minor kids are often worried about who would be appointed as guardian of those kids if something happened to the parents. Under Idaho law, a parent may designate a guardian for their children if those children become orphaned . The only method for doing so is through a valid Will. The Will may appoint one or more people and may outline an order for priority of those people. Any writing that is not a Will does not have the same legal effect. Thus, parents of minor kids ...
Just Say “No” to Joint Wills
We sometimes get asked to prepare a joint will for a married couple, but they are almost always a bad idea. Here's why: What's a Joint Will? A joint will is a single document that's signed by two people, typically a married couple. The idea is that, when one spouse dies, the survivor inherits everything. When the second spouse dies, everything will pass to the children. Sounds like a nice idea - certainly "easier" than each spouse writing their own will. One of the aspects to a joint will, ...
My Kids Shouldn’t Inherit, So Can’t I Just Leave the Money to My Parents?
I often speak to groups on the topic of estate planning. (If you want me to speak to your group, please contact us!) When I do, I always talk about how best to protect kids in the event the worst happens and the parents both die. You see, if children are too young or too immature to do something sensible with an inheritance, I usually recommend that the inheritance should be held in trust. Inevitably, someone will say, "I named my parents as the beneficiaries on all my accounts. They ...
Navigating the Probate Process — What to Do Now That a Loved One Has Died
If your loved one died recently, you are likely in turmoil. You may feel a variety of emotions -- grief, anger, or even relief. You also may be worried about what you need to do from a legal standpoint to wrap up a person's affairs. If so, you need to understand the probate process, and this post will help. What is Probate? Probate is a court process for wrapping up a deceased person's legal and financial affairs. Steps in the process may include the following: Appointment of a ...
Grandfather Screws Up – Leaves Legacy of Pain and Regret
I heard a story from another lawyer today, although it is sadly quite common. A grandfather, trying to do something for his grandkids as his dying wish, left those grandkids a bunch of money. His grandkids are still young - teens and preteens. He probably figured he would help them get a leg up by leaving them each about $1 million. So how is that a mistake? The problem is that he left those gifts to the kids directly, rather than using a trust. Why does that matter? Because when the ...
Who Wants to Be a Trustee? – Part 1 – Overview
Estate planning attorneys use trusts to solve all sorts of problems for their clients. Any time there is a trust, there must be a trustee - the person who manages the assets in a trust. This post, along with the next several ones, will talk about what it means to be a trustee. Wait, what's a trust again? A trust is an agreement in which the grantor designates a trustee to manage assets for the beneficiary. One person might fill more than one of these roles. In a revocable living trust ...
Who Does What in My Estate Plan — Or What is a Fiduciary?
We've had some questions lately about the roles people play in estate plans. These people (which lawyers call a "fiduciary"), include your personal representative, your trustee, your "agents," and the guardians for your minor children. Personal Representative Your Personal Representative (or "PR") is a person you designate in your Will. His or her job is simply to wrap up your financial affairs after you die. (The out-of-date name for this job was the "executor." We don't use that term ...
Star Trek Actor Left No Will
Anton Yelchin is best known for playing Clumsy Smurf in The Smurfs (oh, yeah, and Pavel Chekov in the new Star Trek movies). At the age of 27, he died in an accident. News media are reporting that his parents have filed probate, claiming that he did not have a will. His estate (which is a legal word that just means “everything you own at the time of your death”) is already worth about $1.4 million. Because he died in an accident (his Jeep rolled down the driveway and killed him), that ...
