Since Idaho is a community property state, many married couples believe they don’t need a last will and testament until the first spouse passes away. However, there are many facets to estate planning that should be done together to help decide how you want your futures to look.
First and foremost, while it can be assumed that real estate and financial assets that were acquired during marriage will go to the spouse upon the death of one spouse, it can be helpful to sit down as a couple and think about what the plans should be once both of you pass. After all, leaving all the important decisions to just one person can be problematic and stressful.
If you have kids, you may want to dictate how your estate is broken up amongst your children. Or maybe instead of passing assets to your children, you could create a trust for your grandchildren for college tuition. These are all options to be considered and should be handled long before one spouse passes away.
Let Richard Roberts help with your estate planning. We can start with the basics and then dive deeper into your specific needs and circumstances. We provide full estate planning services to ensure you are comfortable with your estate plan moving forward.