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.
Estate planning gets a little more complicated when you have to incorporate trusts. Trusts can be versatile tools, but not every estate plan requires their creation. A trust can be useful in protecting the inheritance of a minor or help manage the finances of someone that doesn’t have the means to properly manage their resources.
Too often people set up an estate plan and then think they can forget about it. However, as your life evolves, your estate plan should too. While certain events are obvious that a change is necessary such as change in marital status or the purchase of a new home, other events might not be as clear.
Most people know that creating an estate plan is an important task. Yet, it is easy to put off planning for the future and recent statistics show that many adults have no estate plan in place. Estate planning can be simple or complex depending your family situation or current state of affairs. However, either way, it is important to make it a priority so your family is not left with no sense of guidance. Let us help you navigate this sensitive topic to ensure all your questions are answered.