Meridian Estate Planning Lawyer

Estate Planning Attorney in Meridian, ID

Meridian, Idaho, is a city in the heart of the Treasure Valley. Residents flock to this area for its vibrant community and quaint spaces, like Old Town or Settlers Park. People in this area work hard for what they have, so they deserve legal ways to protect their assets, even after they are gone. No one wants to talk about the end of their life, but an estate planning lawyer serving Meridian can make sure your legacy is protected with compassion.

At Senior Edge Legal, our estate planning firm has been helping people throughout Ada County preserve their legacy and safeguard their loved ones for over three decades. We understand how hard you have worked for the things you have. We also know how important it is that your family is financially secure, even after your death. Our firm can guide you through the estate planning process, provide guidance on critical issues, and show you how to effectively pass down your assets.

Basics of a Comprehensive Estate Plan for Residents of Meridian, Idaho

With a median household income of $98,686, having an estate plan in Meridian is vital for protecting all that you have worked so hard to obtain in your lifetime. Depending on your life circumstances, including your age, your health, and the amount of wealth and assets you currently hold, various tools can enhance your Meridian estate plan. Senior Edge Legal can help you create the following legal documents or entities:

Will-Based Estate Plan

In Idaho, a will is a legal document that allows you to state who will inherit your possessions and other assets upon your death. In Meridian, the testator, or the individual who is creating the will, must be at least 18 years old and also be of sound mind and body.

With a significant senior population, many residents of Meridian, ID, can benefit from a will-based estate plan. A will is a crucial legal document that dictates how your assets should be distributed upon your death and names a trusted executor to manage your estate through the probate process. It is especially vital for parents of minor children, as it allows for the designation of legal guardians. In Idaho, a will must be in writing, signed by the individual (or someone they direct), and witnessed by two people. The probate process in Idaho is court-supervised, can be time-consuming and expensive, and is a public record. A will only takes effect upon your death, so it’s important to have other plans for financial and health matters in case of disability. Our team helps countless Meridian-based families draft comprehensive will-based estate plans, including ancillary documents and guardianship designations for minors, to ensure their legacy and wishes are protected.

Trusts & Trust-Based Estate Plans

Several different trusts can be established in a Meridian estate plan. These trusts can protect your assets, enabling your loved ones and estate to avoid probate after your death. This can be very beneficial, as probate costs can often erase 5% of your estate’s total value. Trusts can be:

• Revocable, meaning that they can be changed or terminated at any point
• Irrevocable, which means they cannot be modified or terminated

For many Meridian, ID residents, a revocable trust, or living trust, is a superior estate planning tool compared to a traditional will. Like a will, a revocable trust allows you to specify who inherits your assets, but it offers crucial added benefits. By transferring ownership of your assets into the trust, it allows your estate to avoid the costs, delays, and public nature of probate, while also preventing court control if you become incapacitated. A revocable trust also provides a way to protect assets for your children and can be used to control all of your assets, preventing unintentional disinheritance. You maintain full control over your assets within the trust, allowing you to buy, sell, or manage them as you always have, making it a flexible and highly effective option for securing your family’s future.

Healthcare Directives

One of the most important aspects of an estate plan for your own health is a healthcare directive. This document allows you to specify how you would like any medical conditions to be treated if you cannot make these decisions for yourself. You can also use a healthcare directive to communicate any of your end-of-life healthcare desires, such as a DNR (do not resuscitate) provision.

Powers of Attorney

If you are incapacitated due to an injury or illness, you will probably be unable to make and manage your own financial decisions. Having a power of attorney can enable a trusted individual, such as a friend or family member, to have the legal right to make and manage decisions regarding your finances or other legal issues on your behalf.

At Senior Edge Legal, we can guide and advise you through every step of creating a fortified estate plan in Meridian or anywhere else in Ada County. We can handle your case with precision and close attention to detail, whatever your situation might include.

Risks of Not Having an Estate Plan in Meridian, Idaho

In Meridian, if you die or become incapacitated without an estate plan in place, your estate and loved ones may face a variety of financial and other risks. The future of both your family and your assets can become extremely uncertain, which is why having an estate plan is so vital.

The most common risks associated with the lack of an estate plan in Idaho include:

Family Disputes

Without having a clear path forward for the distribution of your assets, family members can face more disagreements and disputes with one another. Even families who are close and share love between each other can still face conflict, as emotions usually run high after the loss of someone they hold dear. This can lead to strained familial relationships and expensive legal battles.

Unintended Distribution of Assets

In Idaho, if you pass away without having a trust or will in place, your estate will be divided based on the intestacy laws of the state. This means the courts will make decisions regarding who inherits your property and even on the guardianship of any minor children. This can almost guarantee that your own personal wishes will not be followed.

Delays in Accessing Inheritances

If you do not have a detailed estate plan in place upon your death, your beneficiaries can face significant delays in accessing their inheritance. Without a plan, the probate process of Idaho can tie up your estate and its assets for months or more, leaving your loved ones without the monetary resources they might need to cover mortgages or daily expenses.

Higher Costs

When there is no estate plan in place following your death, the costs of estate attorneys, court expenses, and probate can significantly increase. In these situations, the costs will be subtracted from the assets held by your estate, meaning there will be less left over for your heirs.

Contact an Experienced Estate Planning Lawyer serving Meridian Today

The diligent and knowledgeable estate planning lawyer at Senior Edge Legal can help you and your loved ones create and manage an estate plan. Whether you are hoping to create an estate plan for the first time or modify an existing one due to a change in your circumstances, the team at Senior Edge Legal can use their knowledge and skill to address any estate planning issue you may have. Contact our office today to schedule your initial consultation with our team and learn more about our legal services.