WILL,
LIVING WILL, AND DURABLE POWER
OF ATTORNEY FOR HEALTH CARE
A will is the most basic estate planning document. If you
have young children you are able to direct who will take
care of your children if both you and your spouse should
die. If you are older a will can help ensure your assets
are distributed how you desire. If an individual does not
leave a will these decisions are left to others.
How much does a will, living will, and
durable power of attorney for health care cost?
My fees are $120/hr. The cost for a basic will, living will, and power of attorney will not exceed $400. In more complex situations, the rate will increase. Please call
for a free initial consultation. Click on the following
link to go to a sheet with a few items to consider in
drafting a will, living will,
and durable power of attorney for health care.
Why do I need a will?
A will is the most basic estate planning document. If you
have young children you are able to direct who will take
care of your children if both you and your spouse should
die. A will also designates how your assets (real and
personal property) will be distributed upon your death.
Who needs a will?
Everyone. It is your opportunity to direct your affairs
upon your death. If you are young you can direct who takes
care of your children. If you are older you can direct how
your assets are to be distributed. If there is a lot of
money involved tax planning may be needed.
What happens if I don’t have a will?
You are considered to have died intestate – meaning without
a will. Idaho has a set of laws which determine how your
assets (real and personal property) will be distributed if
you die intestate. If neither you nor your spouse have a
will designating who will take care of your children, then
family members or the state will determine where your
children will live.
Should I put all my assets in a trust or a
will?
This depends on your particular circumstances and desires.
Ordinarily, a will is sufficient to transfer assets after
your death. In certain circumstances a will may create a
trust upon your death to hold certain assets. One instance
in which a trust may be advisable if you have properties in
different states.
Should I put my property into a trust to avoid
probate?
Idaho state laws regarding probate have made it easier and
less expensive to probate a will, therefore it is normally
not recommended to put assets into a trust just to avoid
probate.
Idaho is a community property state. What are my
rights with respect to my community property
interest?
Idaho is a community property state which means ½ of all
property acquired by you and your spouse while married is
yours and the other half belongs to your spouse. At death,
you can direct your one half share to anyone you desire. If
you don’t have a will, according to the intestate laws of
Idaho, it will pass to your surviving spouse. Individuals
with children from a previous marriage should be sure to
consult legal counsel to ensure these children are provided
for.
Do all assets pass according to my will?
No. Life insurance, retirement accounts, assets in a trust,
and other accounts with a designated beneficiary will pass
according to the beneficiaries you have designated with
those accounts.
What assets are included in my estate?
Life insurance, retirement accounts, your community
property interest, any separate property, trust assets, and
any other assets you own are included in your estate.
What is estate planning?
It is planning your estate, so it is distributed as you
desire upon your death. Tax planning is often involved for
those with larger estates.
What is a living will and durable power of attorney
for health care?
In a living will you designate your wishes if you are a
vegetative state and the durable power of attorney for
health care gives authority to someone else to carry out
your wishes.