Wills & Trusts

Wills & Trusts

Though it is possible to make them more complex than need be, the concepts involved in Wills and Trusts are fundamentally simple.  Here are the basics:

Wills: A Will (sometimes called a Last Will and Testament) is a document that tells your friends and family members:

  • Who you want to receive your possessions when you die.
  • Who is to make sure that your possessions end up with the people you have chosen.
  • Who you want to raise your children in the event you die while they are under age 18.


That’s basically all that a Last Will and Testament does. It expresses your instructions with respect to the possessions and children that you may leave behind when you pass away. Properly prepared, signed, and witnessed, it insures that your wishes will be honored.


Trusts:
A Trust (sometimes called a Living Trust or a Family Trust) is a document that tells your friends and family members:

  • Who you want to receive your possessions when you die (similar to a Will).
  • Who is to make sure that your possessions end up with the people you have chosen (also similar to a Will).
  • When you want those heirs to receive their inheritance (if they are currently too young or immature).


A properly-prepared Trust also offers two other important advantages:

  • It allows your heirs to receive their inheritance without having to go through the time and expense of a probate proceeding.
  • If you have enough possessions that they will be subject state or federal Estate Taxes, a trust can usually limit (and often eliminate) those taxes.


For a more in-depth look at the details that may be included in your Will or Trust, and the costs involved with setting them up, click HERE or on the “Q & A” Tab at the top of this page.

By Author:  Barry Peters

Barry Peters practices law in Boise Idaho

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Testimonials

"It was very easy for me to set up my trust working with a professional such as Barry Peters. He explained my options and answered my questions in a very knowledgeable and understanding way. He was very reassuring and presented me with my trust in a well organized and easy to find any document binder. . . I would definitely refer anyone to Barry Peters who needs help with their estate and trust. He is very professional, knowledgeable and reassuring." (Arlena R., Meridian, Idaho)