Protect your family, protect your assets
Richard P. Wallace has been serving Coeur d’Alene area in legal services for over 40 years with an emphasis on Estate Planning. Estate Planning ensures that you, your family, and your assets will be taken care of no matter what happens. We take the time and are committed to understanding your preferences before the planning process begins. Our team can prepare important legal documents such as Living Trusts, Wills, powers of attorney, and health care directives to ensure that your wishes are put in writing and made official.
What is a Trust?
TRUSTS – like a box with assets in them and are managed by the Trustees according to the terms of the trust. There is no probate as the assets are transferred from the trust to the beneficiaries by deed after the owner’s death. All wills have to be probated to transfer title to real property. The nicest gift you can give your family is a TRUST.
What is an Estate?
We all have an “estate.” Your estate is everything you own, minus your debts. This will seem strange, but after you die, your estate takes on a life of its own. It becomes a legal entity. Your estate can owe or be owed money, for example. It gets bills and has to pay them. In some cases, your estate can live more than twice as long as you do.
Your estate is equal to your net worth — the value of your assets —
minus any debts. Assets in your estate can include:
Any real property (houses, land, etc.)
- Bank accounts
- Investment accounts
- Stocks and bonds
- Mutual funds
- Insurance proceeds
- Retirement plans
- Money owed to you
- Tangible personal property like jewelry, art, furniture and cars
Please call or email to set up a free consultation. Let’s meet over a cup of coffee or I can swing by for a house call. I’ll work with your schedule.