Valentine's Day is a time of year when love and appreciation are of the utmost importance. For married couples, there is no greater way to demonstrate love than to think long-term. In this case, affection can take the form of thoughtful legal planning. At Hickey Law Firm, we help couples protect themselves and each other through effective estate planning tools such as wills and trusts; crucial documents that express your wishes while providing security for your spouse's future.

What is a Will?

A will is a foundational estate planning document that allows you to specify how your assets will be distributed upon your death. It also lets you designate a personal representative to manage your estate and name guardians for minor children. For many couples, updating or preparing a will together will provide clarity and peace of mind as life changes occur.

What is a Trust?

On the other hand, a trust offers additional flexibility and privacy. Trusts hold assets accumulated during your lifetime and will subsequently distribute them according to your instructions. Trusts can help to avoid the public probate process by providing continuous management for your spouse or other beneficiaries in perpetuity. In cases where you want to plan for possible incapacity or to transition assets seamlessly over time, a trust is particularly valuable.

Who Should Have a Will or Trust

Adults ages 18 and older should have a will. This is because once a person is of legal age as defined by the law, they may own property, open financial accounts, and designate beneficiaries. A will can specify how those assets should be distributed, name a representative to manage an estate, and/or appoint a guardian for minor children. Without a will, state laws determine how an estate is handled, not preferences or personal wishes.

Trusts are often beneficial for those who want to avoid public probate, provide for blended families, plan for incapacity, manage assets for beneficiaries over time, or protect loved ones with special needs. Business owners and individuals with more complicated estates may also benefit from trust-based planning.

Notably, individuals experiencing life changes such as marriage, divorce, the birth of a child, the acquisition of property, or a significant change in wealth warrant a prompt review or creation of estate planning documents.

Summary

Estate planning doesn't have to be overwhelming. Instead, it can be an educational process that empowers couples with information about their choices and rights. This Valentine's Day, the gift of certainty, the certainty provided for your spouse via a will or trust, is one of the most meaningful gifts they could ever receive. Get started on your estate planning today.

Hickey Law Firm is located in Sandpoint, Idaho, providing representation for Estate Planning, Probate, Personal Injury, Motor Vehicle Accidents, Slip and Falls, Medical Malpractice, Wrongful Death, Real Estate Litigation, Civil Litigation, Business Transactions, and Real Estate Transactions. We are here to listen to you and help you navigate the legal system. Contact us today to schedule an appointment.