7 things most people overlook when estate planning

Estate planning is more than just drafting a will. As an Idaho estate planning attorney, I've seen many clients focus on the obvious aspects while missing critical elements that can have significant consequences for their loved ones. Here are seven often-overlooked considerations that deserve your attention: 

1. Digital Assets and Online Accounts 

In today's digital world, your online presence has value. From cryptocurrency and online banking to social media accounts and digital photos, these assets need proper management after your passing. Idaho's Revised Uniform Fiduciary Access to Digital Assets Act provides a framework, but you need to explicitly include digital asset provisions in your estate plan. Consider creating a digital asset inventory and include instructions for your executor.  

2. Pet Planning 

Our furry family members often get overlooked in estate planning. Without specific provisions, pets may end up in shelters or with reluctant family members. Consider a pet trust or designate a willing caretaker with funds set aside for your pet's ongoing care. Idaho law allows for enforceable pet trusts that can provide peace of mind for animal lovers. 

3. Family Dynamics and Potential Conflicts 

Even close-knit families can experience tension during the emotional time following a loss. Consider how your decisions might affect family relationships. Sometimes, an unequal distribution might be fair based on each beneficiary's needs, but without explanation, it can lead to hurt feelings or legal challenges. An experienced estate planning attorney can assist you in navigating these issues. 

4. Incapacity Planning Beyond Basic Powers of Attorney 

Most people understand the need for powers of attorney but fail to create comprehensive incapacity plans. Consider graduated powers that activate under specific circumstances, detailed healthcare directives addressing various scenarios, and HIPAA authorizations. In Idaho, your incapacity documents are just as important as your death planning documents. 

5. Business Succession Planning 

If you own a business, your estate plan should address its future. Without proper succession planning, your life's work could dissolve, leaving employees jobless and reducing your estate's value. Consider buy-sell agreements, key person insurance, and gradual transition plans. Idaho business owners should integrate their business succession and personal estate planning for cohesive results. 

6. Long-Term Care Costs 

Many Idahoans don't realize that Medicare doesn't cover most long-term care expenses. Without planning, these costs can rapidly deplete your estate. Consider long-term care insurance or appropriate Medicaid planning strategies that comply with Idaho's five-year lookback period. Protecting assets from healthcare costs requires advance planning — often years before the need arises. 

7. Regular Reviews and Updates 

Estate plans aren't "set it and forget it" documents. Tax laws change, family dynamics shift, and assets fluctuate. I recommend reviewing your estate plan every 2-3 years and after major life events (marriage, divorce, births, deaths, or significant financial changes). Idaho's trust and probate laws have can change too, potentially affecting existing plans. 

Moving Forward 

These overlooked aspects of estate planning can have profound impacts on your legacy and loved ones. While it's tempting to focus solely on who gets what, a comprehensive estate plan addresses these nuances to truly protect what matters most. 

If you haven't updated your Idaho estate plan recently or want to ensure you've addressed these often-missed elements, schedule a comprehensive review with a qualified estate planning attorney. The peace of mind that comes from knowing you've addressed all aspects of your legacy is invaluable. 

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, & 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 Kootenai Law at 208-765-6555, Info@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.