People who do not have an estate plan in place may want to get in touch with THW Law to discuss the process. Estate planning is extremely important for a large 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 can help.
There are two central components to estate planning Idaho Falls. One component is what should happen to a person's belongings after that person's death. The other is preparing in case the person were to become incapacitated.
If these documents are completed, the state will decide what happens to a person's assets. This might be a long and expensive process under law Idaho Falls, and the estate could possibly go to unintended beneficiaries. Smart estate planning Idaho Falls might reduce taxes and other costs. With no plans in place in case of incapacity, a loved one may likely have to go through a similarly long and costly journey of getting guardianship so that he/she will be able to make medical and financial decisions on a person's behalf.
A will or a trust and powers of attorney that pertain to finances and health care are the minimal documents a person could need as part of Idaho Falls estate planning. There might also be documents known as beneficiary designations associated with assets that may include life insurance policies and some retirement plans that name someone to receive those assets. A will can name who should obtain which assets. It also can name guardians for minor children. For more complicated estates, a person might need to create a trust.
Along with powers of attorney for health care and finances, a person could potentially want to consider a living will that outlines preferences for end-of-life care.
There are do-it-yourself legal documents obtainable online for Idaho Falls estate planning, but there may be a number of problems associated with these. It is very easy to make errors that might conflict with the law Idaho Falls or the state has in place and make the documents invalid. Further, talking with a legal professional at THW Law may help a person create a more successful estate plan. For example, the person may be unaware of certain options such as the special needs trust that can provide support to loved ones. Therefore, meeting with an attorney can make certain that the estate plan is consistent with law Idaho Falls.
By working with a legal representative at Thomsen Holman Wheiler PLLC, the Idaho Falls law firm,a person can create an estate plan that exactly reflects that person's wishes. Idaho Falls estate planning can bring peace of mind and protection to people and their families.
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