Frequently Asked Questions
Estate Planning
What is estate planning, and why is it important?
Estate planning is the process of arranging for the management and distribution of your assets after death or incapacity. It helps avoid probate, reduce taxes, and ensure your wishes are honored.
What is involved in the estate planning process?
It involves reviewing your assets, goals, and legal options to create documents that ensure your wishes are carried out.
Who needs estate planning?
Anyone who owns property, has dependents, or wants to make end-of-life decisions should consider estate planning, regardless of age or wealth.
What documents are included in an estate plan?
Common documents include prenuptial agreements, power of attorney, wills, and living trusts.
When should I start estate planning?
It’s best to start as soon as you have assets or dependents. Waiting can lead to unnecessary legal complications.
What’s the difference between a will and an estate plan?
A will is a single document; an estate plan includes a broader strategy with multiple legal tools to protect your assets and wishes.
How can I avoid probate?
Setting up a revocable living trust and properly titling your assets are common ways to avoid probate.
Who benefits from estate planning?
You, your family, and your beneficiaries all benefit through reduced taxes, fewer legal disputes, and greater peace of mind.
Wills
What is a will?
A will is a legal document that states how you want your assets distributed after your death and names guardians for minor children.
Do I still need a will if I have a trust?
Yes, a “pour-over” will can catch any assets not included in your trust and ensure they’re distributed according to your wishes.
Can I write my own will?
While DIY wills are legal in some cases, having a lawyer draft your will ensures it's valid and less likely to be contested.
How often should I update my will?
Review your will every few years or after major life events like marriage, divorce, or the birth of a child.
Living Trusts
Why should I have a trust?
A living trust helps you avoid probate, manage assets during incapacity, and streamline the transfer of your estate to heirs.
When is a trust better than a will?
A trust can be more beneficial when you want to avoid probate, manage assets privately, or provide long-term instructions for distribution. For more examples, check out our blog.
Can a living trust be changed?
Yes, a revocable living trust can be amended or revoked at any time while you are alive and competent.
Should all assets go into a living trust?
Not necessarily. Retirement accounts often pass outside of a trust via beneficiary designations.
Business Law
What legal structure is best for my new business?
The best structure depends on your goals. LLCs, S-Corps, and partnerships each have different legal and tax implications. Check out this blog post for more information about new businesses.
What contracts does my business need?
Common contracts include operating agreements, service contracts, NDAs, and employment agreements, all tailored to your specific needs.
How can a lawyer help prevent business disputes?
An attorney helps you set clear terms, document agreements, and comply with laws, minimizing misunderstandings and liability.
What should I do if my business is being sued?
Contact a business attorney at McFarland Ritter immediately to assess your options and respond before deadlines pass.
How does arbitration help resolve business disputes?
Arbitration offers a faster, more private, and often more cost-effective alternative to traditional litigation.
Have More Questions? We’re Here to Help.
Estate planning and business decisions can feel overwhelming, but you don’t have to navigate them alone. At McFarland Ritter in Boise, we’re committed to providing clear answers and personalized legal solutions tailored to your needs. Contact us to schedule a personal or business consultation. We’re always happy to help.