An Estate planning attorney helps you develop a thorough estate plan
Estate planning attorney in Boise and Nampa ID can help
you navigate the uncertainties that exists with inheritances. To safeguard loved ones and give peace of mind, creating a complete estate plan is essential. A person assumes their beneficiaries will outlive them when they make an estate plan. This is regrettably not always the case.
A beneficiary is any person designated by the maker of an estate plan as the eventual recipient of an inheritance from them after their dying. Every estate plan must include beneficiaries since they are a key factor in its development. You should make an estate plan in order to designate who will receive your assets after you pass away.
What happens to your will if a beneficiary dies?
The phrase “lapses” is used to designate a recipient in the first instance. This means that if the beneficiary dies before the estate plan’s developer, the inheritance that was intended to go to them is no longer valid.
The phrase “per stirpes” is used to designate beneficiaries in an estate plan in a second approach. This Latin phrase, which means “by branch,” will soon make more sense. If a beneficiary passes away before you do, their portion of your estate will automatically and equally pass to their descendants, their offspring, or their kid. This is the simplest way to understand a per stirpes allocation. The initial share of your inheritance would be allocated to each named, living beneficiary if your estate was set up to be dispersed “per stirpes” and a beneficiary passed away. That share of the bequest would be divided equally among all heirs of the deceased beneficiary.
But what happens in an estate plan that uses per stirpes wording if the dead beneficiary has no children? The inheritance would then proceed as though it had expired as stated in the paragraph above.
When a beneficiary passes away before the person who had prepared the estate plan, the wisest course of action is to revise the estate plan. However, estate planners can make a plan that takes into account the likelihood of a principal beneficiary predeceasing the creator by using the lapse and per stirpes terminology.
Looking for the best estate planning attorney in Boise and Nampa ID?
Estate planning can help secure your wealth for your dependents. To develop a thorough estate plan, work with the best estate planning attorney in Boise and Nampa ID. Jacobson & Jacobson Law Firm, since 1982, is committed to serving the Boise and Nampa, Idaho areas for your topCriminal Defense,Personal Injury, Business Law, Estate Planning, Family Law, Immigration Law, and Litigation needs. Contact us today to get started.