What is Estate Planning?

October 5, 2021

What Is Estate Planning?

Estate planning is deciding what happens to everything you own after your death. These assets can include your car, home, bank accounts, stock funds, real estate, life insurance, and ownership interests in small or large businesses. If you do not create a plan for these assets after your death, then the state will do it for you. Idaho Falls estate planning can ensure that your possessions are passed according to your wishes.

Who Should Have an Estate Plan?

The short answer is everyone because even if you do not have many 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 create a basic estate plan.

What Does Estate Planning Involve?

A good 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 efficient 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?

A professional estate planning lawyer in Idaho Falls should interact with their client more than one time. At Thomsen Holman Wheiler PLLC, they maintain regular contact with their clients to update your plan as financial or personal circumstances change.

What happens to these assets can have important impacts on the people you leave behind and you need to create a plan for these possessions to prevent the state from handling them in a manner that could be contrary to your wishes. Thomsen Holman Wheiler PLLC has over 30 years of experience meeting the unique needs of their clients for Idaho Falls estate planning.

For more information about Idaho Falls estate planning, please visit www.thwlaw.com. 

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