Estate Planning, Wills, Trusts and Probate

Estate Planning Services

Peak Law offers a broad scope of estate planning services, including assisting clients with:

• Wills
• Revocable & Irrevocable Trusts
• Asset Transfer / Funding into Trusts
• Land Trusts
• 2nd Amendment Trusts
• Powers of Attorney
• Advance Directives
• Medicare/Medicaid Planning
• Probate
  

Do I Need More Than A Will?

Having a will in place is an important step in ensuring your wishes are met and your assets are properly distributed following your passing. However, your estate plan may involve more than just preparing a will. There are other considerations that a Will may not cover.

For example, it’s important to consider vital health care decisions.  If you are unable to make decisions regarding your own health care, who will you turn to?  Health care power of attorney and living wills are legal documents that define who medical professionals can turn to for answers about your continued care.  They communicate your health care wishes when you are unable to communicate them yourself.

Beneficiary designations are also important components of an estate plan.  Some possessions and assets can be passed on to heirs without being explicitly dictated in a will.  If you have insurance plans, pensions, or other assets, it is important to make sure that the appropriate beneficiaries and contingency beneficiaries are specified.

Other examples of estate planning may include a durable power of attorney, letter of intent, or a guardianship designation.  How do you know which of these documents you need in place? Contact Peak Law for answers.  We can review your circumstances and help you craft an estate plan that addresses all your needs.

Why You Need To Establish An Executor?

It is generally in your best interest to name an executor to handle your will or trust. An executor is an individual who is in charge of managing the estate.  Their responsibilities may include handling and finalizing the probate process, protecting the assets of the deceased and the estate, paying creditors, and distributing assets as outlined in a will or trust.  If an individual fails to specify an executor, then one may be nominated. However, this can complicate things and sometimes lead to family tension or rifts.

It is always better to name an executor that you trust – someone you can have a frank conversation with about your financial wishes, and someone you can count on to make sure that your wishes are upheld and your assets are distributed in your preferred manner.

An executor can also be a beneficiary.  In many cases, a parent may designate their child or spouse to be the executor of their estate.  However, non-family members may also be chosen and named as an executor if an individual feels more comfortable with a neutral third-party handling the details of their final wishes.

How do you know who to nominate as the executor of your estate? An experienced estate planning attorney can help you sort through your options.  It can be beneficial to have an objective, outside opinion when it comes to picking your executor. An attorney can provide you with the legal support and advice you need to make the best decision for your circumstances.

Why You Need A Lawyer?

Planning your estate is no easy task. While planning your estate on your own is doable, there are certain standards you must meet.  And without the careful guidance of a lawyer, you may make mistakes.  You may not even consider details, such as taxes, which are essential to planning an estate.  This ultimately means your property might not be distributed the way you want.  You may lose all control.

Estates need to follow rigid state laws and statutes in order to be valid.  This process can be daunting.  Thinking about death and planning ahead for it can be emotionally exhausting. Peak Law can assist you in handling your assets properly.  We can tailor an estate plan to your needs. We are ready to help you in any way you need.

Who Gets My Estate If I Don't Have A Plan?

Without a valid estate plan, your property will be distributed according to the state probate laws. The Idaho statutes state that if you die and are survived by a spouse, then all of your property will go to them.  If you are only survived by children, then your children will inherit all of your estate.  However, if you are survived by both a spouse and children, then your estate may be split between them depending upon the age and status of your children.

Though, if you are not survived by a spouse or children, then the future of your estate gets more complicated. First, your estate will be divided amongst your parents and siblings.  If that is not a viable option, then it could be disbursed amongst the rest of your family such as your cousins, nephews, uncles, etc.  And, although it is not common, if you are not survived by anyone, then your estate could go to the State of Idaho.



What Are The Possible Consequences Of Not Having An Estate Plan?

One good reason to have an estate plan is to lower the cost of the probate process. These unnecessary fees can be large.  Regardless of any disputes, the fees are costly.  In addition, a court could take a small percentage of your estate’s value.

Other consequences include the delay of your estate being implemented and a loss of your privacy. A simple probate can take longer than year.  During this time, anyone can access your private information from the court.  This includes family members, organizations, and creditors; they will try to use your information to challenge the validity of your estate plan.  With Peak Law, you don’t have to worry about the unneeded expenses, delays or loss of privacy.

How Much Does Estate Planning Cost?

Estate planning depends on the size and value of your estate and the complexity of how you want it distributed. But, estate planning doesn’t have to be expensive. Peak Law can help start your estate plan with what you can afford. We provide a free consultation, estimate and find practical solutions with your financial capabilities. Don’t plan your estate alone in order to save money. Experienced lawyers can provide you peace of mind while we prepare your documents properly

Trust, estate and tax laws are constantly changing. Peak Law counsels clients with up-to-date advice in order to properly plan their estates and protect the assets they build over a lifetime.  We provide advice on estate planning techniques that can be used not only upon death, but during your lifetime to enable wealth to pass to your intended beneficiaries in the most tax-efficient manner possible.

Knowing you have a plan provides peace of mind that your family will be protected the way you want.

Don’t wait.  Contact Peak Law, LLC at (208) 278-1652 for a free consultation.

Information presented on our website is intended as general information only and is not intended to be specific legal advice for you.  Please call to discuss your specific legal needs.