Wills

For many, Estate planning is understood to be drafting an end of life will. The idea of drafting a will can feel daunting. It involves thinking of worst case scenarios and the idea of your life being over. Many people also feel as if a will is final and life changes so why draft a will now when the future may change your desires.


The good news is that wills can and are meant to be changed. As a person and his or her relationships change and evolve over time so can a person's will change and evolve over time. While most of this type of change is planned for and can be drafted in the original will, if unplanned events occur that effect the way the will needs to be drafted amendments can be made with the help of an attorney.

Estate Planning

In Life we work hard to provide for and protect the ones we love. As people we have dream and desires for those that we love. We want to see them succeed and we want to help them achieve that success. We can make that possible through estate planning. The 2 main ways of estate planning are Wills and Trusts which are explained below.


The problem is no one knows where or when they will pass. What happens all to often is people put off drafting a will and then pass without ever laying out how they would like their loved ones to be taken care of or their cherished items to be distributed. When this happens the state takes over and decides based on code instead of the person's will.


This means if you do not have a will already you can have one drafted now to ensure your loved ones will be taken care of in the event of an accident. Then as you grow and evolve you can have your will updated to reflect that evolution. At Hansen Legal we will be here for you through the entire process. We will draft the will and we will manage and update it for you as needed. If you are considering having a will drafted or need your updated, call Hansen Legal to set up a consultation.


Trust accounts follow different rules than that of an end of life will which makes them very useful for ensuring your loved ones are taken care of the way you want. The benefit to a trust is you can set it up so that it continually provides for the needs of your loved one.


If instead of selling a house, the owner placed that house in trust for his or her child, the house could turn into the fund that paid for the child's education and life. When the house is placed in the trust, the trust is obligated to make a profit off of it. This is generally through renting it.






There are also ways to limit what can be taken from the trust. If the owner of the house fears creditors may come looking to take funds from the trust, rules can be put into place that would prohibit them from doing so. Also, if the Owner wishes to ensure the child obeys the law rules can be put in to place to ensure such things.

Trusts

For some people an end of life will is not enough to ensure their loved ones are taken care of or they wish to set up a means of support for their loved ones while they are still living. In other cases people may have very strict rule they wish to have followed after they leave. For all these situations a Trust is often the answer.


Trust accounts manage assets for the purpose of making profit off of those assets. The earnings of the trust account are then distributed according to rules set by the one who created the trust. A good example of this is a house.


The owner could then set rules that required the child to reach a certain age and or do certain things like go to college. If the child were 7 years old at the time and the rule was she must be 21 or enrolled in college to receive funding from the trust, then that would give the trust 14 years to earn money. During that time, as the trust continues to earn money from renting the house, it is able to use the profits to make other investments and increase the overall profitability of the trust. After 14 years the trust would be able to provide a lot more to the child then just the profit of a house rental.

Overall, trusts offer additional aid in helping people provide for and protect the ones they love. If you are looking to sell a house you may want to consider a trust instead. If you would like to explore setting up a trust, call Hansen Legal for a consultation.

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Phone: 208-242-2020

200 S. Main St. Suite I-3

Pocatello, Idaho 83204