Wills and Estate Planning
The Taylor Law & Mediation will package includes:
- The drafting of a will
- A living will and durable power of attorney
- A durable power of attorney to be effective upon incapacity
The Taylor Law & Mediation will package is $200 for a single will and $250 for a set of two for couples who wish to get their wills done at the same time.
Taylor Law & Mediation has the ability to complete a will for residence located throughout the state. For additional information, email email@example.com.
Wills are often completed in two visits. During the first visit, the process is explained and information is collected and an attorney will advise the client the best way to proceed to ensure the final distribution of their property is distributed with their intent. Then the attorney will draft the will, which will be executed during the second visit. Taylor Law & Mediation has the technology and capability to complete wills in one or zero office visits, though the client would need to take the completed will to a notary to execute.
Updating your current will
It is often a great idea to update your will after major life events occur, such as getting married/divorced, having children or the death of a person in your existing will. The process, and cost, for updating a will is the same as above.
What if I don’t have a will?
If you don’t have a will, the court will decide who gets your assets when you die. Below is a list of outcomes if you do not have a will in place under Idaho law:
- If you die with a child but no spouse — your children will inherit everything
- If you die with spouse but no descendants or parents — your spouse inherits everything
- If you die with parents but no spouse or descendants — your parents inherit everything
- If you die with a spouse and descendants — your spouse inherits all of your community property and 1/2 of your separate property; your children inherit 1/2 of your separate property.
- If you die with a spouse and parents — your spouse inherits all of your community property and 1/2 of your separate property; your parents inherit 1/2 of your separate property.
Why get a will?
A will lets you determine whom you want to get your assets (your belongings or “stuff”) when you die. If you die without one, the state’s intestacy laws will determine how your assets are distributed.
Generally speaking, if you die and leave a spouse and kids, your assets will be split between your surviving spouse and children. If you’re single with no children, then the state is likely to decide who among your blood relatives will inherit your estate.
Having a will is important for people who have young children, because wills are the best way to transfer guardianship of minors.
Wills can be amended at any time. It’s a good idea to review your existing will, especially if your marital status changes or you have additional children.
Wills and Trusts
A will is also useful if you have a trust. A trust is a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes. It’s a good idea if you plan to leave assets to minor children, such as the Servicemembers Group Life Insurance (SGLI).
But you still need a will since most trusts deal only with specific assets such as life insurance or a piece of property, but not the entire sum of your property.
If you have a revocable living trust which contains the bulk of your assets, you still need what’s known as a pour-over will. In addition naming a guardian for your children, a pour-over will ensures that all the assets you intended to put into the trust are included in the trust even if you fail to retitle some of them before your death.
Any assets that are not retitled in the name of the trust are considered subject to probate. As a result, if you haven’t specified who should get those assets in a will, the court may decide to distribute them to family members that you may not have chosen.
Call Taylor Law & Mediation PLLC to schedule an appointment to complete a will today.