Living Trust / Family Trust Differences in Boise, Idaho?
Lawyers and attorneys in the Boise, Meridian, and Eagle area are sometimes asked “What is the difference between a ‘Living Trust’ and a ‘Family Trust?’”
The answer is that they are nearly identical.
In Idaho, a Living Trust is an arrangement established with all of the pieces put into play while a person is still living. With the counsel of his or her attorney, the person who created the Living Trust operates it so long as he is living. He is also the person whose needs are taken care of out of the trust until he passes away.
The alternative is called a Testamentary Trust which is just a trust that is created in a person’s Last Will and Testament. The Testamentary Trust does not come actually into existence until that person passes away. Then, as part of the probate of that person’s estate, the Testamentary Trust is brought into existence.
A person can have his or her lawyer set up a Living Trust that does not have family members as the ultimate heirs. The property could be left to friends or to charity instead.
But if a Living Trust in Idaho designates children or other family members as the heirs, it is sometimes called a Family Trust instead of a Living Trust. Either term is acceptable.
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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 Idaho 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.
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Testimonials
"I am very pleased with the work you did for me regarding my Living Trust and accompanying documents. They were completed in a very timely fashion and are what I had asked to to do for me. I would recommend your services for Living Trust, Will, and etc." (Louis B., Boise, Idaho)
