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A revocable living trust is one of the most versatile and powerful estate planning tools available to Idaho residents. This comprehensive guide explains how these trusts work and why they might be right for your estate plan.
A revocable living trust is a legal arrangement that allows you (the grantor) to transfer ownership of your assets to a trust while maintaining complete control during your lifetime. You can serve as your own trustee, modify the trust terms, or even revoke it entirely—hence the name "revocable."
Unlike a will, assets properly placed in a trust bypass Idaho's probate process entirely. This means:
If you become unable to manage your affairs, your successor trustee can step in without court intervention. This provides a smooth transition of management authority without the need for a conservatorship proceeding.
As the grantor and trustee, you retain complete control over your assets. You can:
While revocable living trusts don't provide immediate tax benefits, they can be structured to minimize estate taxes for larger estates and can be particularly valuable for married couples through proper planning.
Trusts provide valuable benefits for estates of all sizes, particularly in avoiding probate costs and ensuring privacy.
While establishing a trust requires careful planning, our experienced attorneys can guide you through the process efficiently.
This is actually true! You should have a "pour-over will" to catch any assets not transferred to your trust during your lifetime. But don’t worry, we help with this too.
Creating a trust document is only the first step. The trust must also be properly "funded" by transferring assets into it through:
While this may seem daunting, our estate planning attorneys at Doug Marks Law PLLC are well-versed in these steps and will assist you throughout your planning process.
A comprehensive estate plan typically includes several complementary documents:
Together, these documents provide all around protection for you and your loved ones. At Doug Marks Law, we believe strongly in making sure you have a comprehensive estate plan. When we help clients set up a trust, we almost always prepare these documents too.
While trusts offer many advantages, they're not necessary for everyone. Factors to consider include:
Our experienced attorneys can evaluate your specific situation and needs and help you determine if a revocable living trust should be part of your estate plan. Contact us today to schedule a consultation and take this important step toward protecting your legacy.