What Is Estate Planning?
Estate planning is organizing what happens to the possessions you own after your death. These materials can include your car, home, bank accounts, stock funds, real estate, life insurance, and ownership interests in small or large firms. If you do not establish a plan for these assets after your death, then the state will oversee it for you. Idaho Falls estate planning can ensure that your things are managed according to your wishes.
Who Should Have an Estate Plan?
The basic answer is everyone because even if you do not have much assets, you could become incapacitated and be unable to communicate your wishes for such matters as health care needs. If you are over 18, you should make a typical estate plan.
What Does Estate Planning Involve?
A thorough estate planning lawyer in Idaho Falls should: 1) make a plan in advance, 2) name specific people or organizations that will receive your assets, 3) consider the most reliable way to execute the plan under applicable estate tax laws, and 4) take the immediate steps necessary to carry out your plan. These actions can include:
- A will
- Creating a trust or multiple trusts
- Providing for guardianship of children or other dependents
- Planning for transfers of business interests upon retirement, incapacity, or death
- Providing for family members with special needs without disqualifying them from government benefits
- Instructions for your financial and medical needs if you become incapacitated before death
- Minimizing taxes and legal fees while fulfilling your wishes
- Advanced health care directives
- Durable power of attorney to handle matters other than medical and health needs
Why Can You Trust Thomsen Holman Wheiler PLLC?
An
experienced estate planning lawyer in Idaho Falls should work with their
client more than one time. At Thomsen Holman Wheiler PLLC, they establish
reliable contact with their clients to update your plan as financial or
personal circumstances change.
What happens to these assets can have critical impacts on the people you leave
behind and you need to create a plan for these possessions to prevent the state
from managing them in a manner that could be contrary to your wishes. Thomsen
Holman Wheiler PLLC has over 30 years of experience overseeing the custom
needs of their clients for Idaho Falls estate planning.
For extra information about Idaho Falls estate planning, please go to www.thwlaw.com.
