What are the different types of estate planning documents?

Estate planning documents are documents that help you arrange your financial and legal affairs in case of your death or incapacity. In Idaho, there are three main types of estate planning documents: wills, trusts, and powers of attorney. A will is a legal document that states how you want your possessions to be distributed upon your death. It also defines who will be in charge of carrying out your wishes, known as the “executor.” In Idaho, every person over 18 years old should have a will to ensure that their assets are distributed according to their wishes. Trusts are legal arrangements that allow you to control how and when your assets are transferred to your beneficiaries after your death. Trusts are popular because they provide more privacy than wills, and can be used to avoid probate court fees and taxes. Finally, powers of attorney are documents that allow you to give someone else the authority to act on your behalf if you become incapacitated. The person you give this power to is known as your “agent” and can act in your interest if you are unable to do so yourself. All three of these documents are important tools for estate planning in Idaho. They help you make sure that your wishes are carried out even if you are unable to make decisions for yourself. It is highly recommended that all adults have these documents in place to ensure their wishes are followed.

Related FAQs

How can I plan for the future care of my minor children?
What happens to my estate if I die intestate?
What is a trust account and how does it work?
What is the difference between an executor and a trustee?
How should I choose an executor for my will?
What is a gifting program and how does it work?
Who should be included in an estate plan?
What happens if I don't have an estate plan?
What is a durable power of attorney?
What is an estate tax return and why should I file one?

What are the different types of estate planning documents?

Related FAQs

Related Blog Posts