A Living Trust may be a good option under certain circumstances but is not for everyone. For example, if you own real property outside of Idaho, a Living Trust can be useful to avoid probate in that state. A Living Trust is also useful for asset management in situations where individuals lack the capacity to manage their estate because of poor health. A Living Trust may also be useful for a special needs or disabled child when it includes a special needs sub-trust or when it includes a support sub-trust to provide food, shelter, clothing, medical care, and educational services for a child.
Other possible advantages to a living trust are:
- Protects your privacy because only a summary of the trust if filed if at all
- Preserves your assets if probate is avoided
- Passes assets to your family quickly and efficiently
- May save on federal estate taxes in estates valued over the federal exemption
- Can be amended or revoked at any time by you
- Allows you to appoint a person to manage your business or guardian to raise your children
- Provides for minor children, grandchildren, or children with special needs
- Requires no court procedures to settle the estate in most cases
- Protects separate property or property from a prior marriage
- Once the trust becomes irrevocable (when you pass away), it may protect some assets from creditors
Come and visit with Delton Walker about which option is best for you, a Will or a Living Trust.
These are documents you may need to plan your estate and simplify your life: