- Do you NEED a Trust?
First, I want to state that I believe a Revocable Living Trust can be a phenomenal Estate Planning tool. In keeping with the tool analogy, a hammer is a phenomenal tool, but a hammer is not useful for every job or situation. That is also true with Trusts, not everyone needs one or should have one.
Avoiding Probate is one of the primary purposes for having a Family Trust in Idaho. Probate is the legal oversight of transferring your assets. But, not every person’s estate is required to go through Probate when they pass.
Assuming you have no estate plan in place, Probate is still not required if you do not meet either of these factors:
You do not own more than $100,000 in total non-real property assets - or -
You do not own any real property (ie real estate):
This includes condos, mineral rights, mining rights, bare land, oil rights, personal residence, etc.; and
This includes those pieces of real property that you have a mortgage on (ie you do not own it outright).
However, if you do meet either of those factors, Probate would be required to administer your assets. That is, unless you have a Revocable Living/Family Trust.
If you want to avoid Probate, or you want to ensure that your wants and wishes are given a voice, talk with Justin today. We can discuss what your planning options are and you decide which option is best for you.
Call today 208-477-1785