Estate Planning in 2025: A New Year’s Resolution worth keeping
As we welcome 2025, many of us are making resolutions about health, finances, and personal growth. Yet there's one resolution that often gets overlooked — getting our estate planning in order. It's a task that nearly half of Americans continue to postpone, thinking we'll "get to it soon enough." Even among those who have estate plans, many hold outdated documents that no longer reflect their current wishes or circumstances.
This New Year presents the perfect opportunity to either create or review your estate planning documents. Here are the essential components every Idahoan should understand:
Last Will and Testament: This fundamental document specifies how you want your assets distributed and who should carry out your wishes after your passing. Life changes that should trigger a will review include moving across state lines, welcoming new family members, experiencing the death of a loved one, or changes in your intended beneficiaries or executors. Even if none of these apply, reviewing your will every couple of years ensures it continues to reflect your wishes.
Revocable Living Trust: While trusts come in various forms, a Revocable Living Trust is particularly valuable as it helps your loved ones avoid the time-consuming and expensive probate court process. Not every Idahoan needs a trust, but many of my clients elect to have them once they understand the advantages. Like a will, this document should be reviewed regularly and updated after significant life events.
Power of Attorney Documents: These crucial documents designate who can make decisions on your behalf if you become unable to do so. They typically come in two “flavors” — financial and medical, and you should have both. The people you choose as decision-makers should be trustworthy, available, and capable of handling these responsibilities. Regular review ensures your chosen representatives are still able and willing to serve in these roles.
Living Will/Advanced Medical Directives: Not to be confused with a Last Will and Testament, a Living Will outlines your preferences for medical treatment if you become terminally ill or enter a persistent vegetative state. It covers critical decisions about life-sustaining treatments, including CPR, artificial nutrition, and mechanical ventilation. These deeply personal choices deserve careful consideration and periodic review.
Additional considerations include reviewing beneficiary designations on life insurance policies, retirement accounts, and bank accounts with Pay on Death agreements. These designations typically override will provisions, making them a crucial part of your overall estate plan.
As we begin this new year, consider this: estate planning isn't just about documents and assets — it's an act of love and responsibility toward those we care about most. It spares our loved ones from unnecessary stress and uncertainty during already difficult times. It ensures our wishes are respected and our legacy is preserved as we intend.
The start of 2025 offers us all a fresh opportunity to put proper planning in place. Whether you're creating your first estate plan or updating existing documents, now is the perfect time to take this important step. Consider consulting with a qualified estate planning attorney who can help tailor these documents to your specific circumstances and ensure they comply with Idaho law.
This year, alongside your other resolutions, make estate planning a priority. It's one resolution that, once accomplished, will provide lasting peace of mind for both you and your loved ones throughout the year ahead and beyond.
My law firm is currently offering free telephonic, electronic, or in-person consultations concerning creating or reviewing estate planning documents.
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Robert J. Green is an Elder Law, Trust, Estate, Probate, & Guardianship Attorney and the owner of Kootenai Law Group, PLLC in Coeur d’Alene. If you have questions about estate planning, probates, wills, trusts, powers of attorney, guardianships, Medicaid planning, or VA Benefit planning, contact Robert at 208-765-6555, Robert@KootenaiLaw.com, or visit www.KootenaiLaw.com.
This has been presented as general information and not as legal advice. Do not engage in legal decision-making without the advice of a competent attorney after discussion of your specific circumstances.