WILL vs. TRUST by Boise/Meridian/Eagle, Idaho Attorney

WILL vs. TRUST by Boise/Meridian/Eagle, Idaho Attorney

The answer to the question of whether you can get by with a simple Will involves several factors.  It really comes down to your goals.

If all you want to do is make sure that your property passes to the persons you have chosen as your heirs, a simple Will should be adequate.  But if you want to accomplish more than that, a Trust of some type will be required.  For example:

1. Avoid Probate: If you would like to spare your family and friends from the delay and expense required to go through the probate process, use of a Living Trust is the preferred method of most lawyers for accomplishing this.  It is also worth mentioning that, if the value of everything you own is under $100,000 and it does not include any real estate, your heirs can collect and distribute their inheritance without going through the probate process.  But if your possessions have a value in excess of $100,000 or if you own any real estate (regardless of value), probate is required by law unless you have a Living Trust in Boise, Eagle, and Meridian, Idaho.
2. Reduce or Eliminate Estate Taxes: With a Living Trust prepared by a lawyer or attorney, most married couples can double the size of the estate that they may leave free of estate taxes.
3. Appointment of Guardian for Minor Children: While it is permissible in a simple Will to designate the people you wish to raise your children in the event that you pass away before they are adults, if you plan to also name your children as your heirs, it will be advisable to have your property held in a trust for them until they reach the age at which you expect them to be mature enough to handle the inheritance well.
4. Privacy: One of the unfortunate aspects of the probate process here in Idaho is that it involves a fairly detailed public inventory of all of your possessions by your lawyer.  Use of a Living Trust, on the other hand, keeps your decisions with respect to the extent and disposition of your property much more private.
5. Disability Planning: If you wish to designate who will assist you and have control of your property in the event you become unwilling or unable to take care of your own affairs, this can be easily done within (or in conjunction with) a Living Trust.  Doing so will avoid the requirement of unpleasant legal proceedings in the event that you become incapacitated as the result of age, illness, or accident here in the area of Meridian, Eagle, or Boise, Idaho.

So in order to determine whether a simple Will or a Living Trust will meet your needs and the needs of your family and heirs, it is important to assess your goals carefully.

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Whether you live in Boise, Meridian, Eagle, Star, Nampa, or other nearby communities – in fact, anywhere in Ada County or Canyon County – for additional easy-to-understand information on Wills, Trusts, probate, and estate taxes, visit the user-friendly website at BarryPeters-Law.com. Then call attorney Barry Peters’ offices at (208) 939-2600 for an expedited appointment to begin the process of setting up your own Living Trust.  Or, if you have questions, please call Barry for a free telephone consultation or visit his Q & A pages at BarryPeters-Law.com/common-questions .  As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.