Who Needs a Trust
We find that the question of whether a Simple Will is adequate is typically driven by the related question of whether a person wants a probate to be required when he or she passes away.
Our partners Daniel Patchin and Ben Monaghan count it a privilege to assist clients with their Estate Planning needs. After our years of working together, Peters Patchin & Monaghan specializes in the preparation of Wills, Trusts, and related documents that are short, simple, and affordable. The unique circumstances of each of our clients are studied and assessed in determining and preparing the best Estate Plan possible.When is Probate Required?
A person who does not want his or her family and heirs to be required to go through the delay and expense of a probate proceeding will almost always want to utilize a Living Trust or a Family Trust to avoid that necessity.
The only situation where probate is not normally required here in Idaho is in the limited circumstances where the person who has died (1) owned no interest in any real estate and (2) had total possessions (including bank accounts, vehicles, etc.) with a value of less than $100,000.
So, returning to the original question: A person who owns no real estate and has other possessions with a total value of less than $100,000 can utilize a Simple Will without having probate required.
Everyone else should consider the use of a Living Trust or Family Trust as the best method for avoiding the expense and delay of probate in Idaho.Inheritance for Young Children
A person who has minor children or who wants to leave an inheritance to persons who are not yet mature enough to handle such a gift should also look seriously at the use of a Family Trust. Under a Simple Will, the inheritance cannot be held past the time that the heir turns 21 years of age. So, if the inheritance needs to be held until the recipient is older and more mature — to keep it from eroding the recipient’s work ethic or being the cause of undisciplined spending habits — a Family Trust is the better choice.Need More Info? Give Us a Call
If you would like our help in setting up your estate plan and deciding between a Simple Will and a Family Trust, please give us a call at 208-939-2600 to schedule your free initial consultation. Or you can go ahead and schedule your expedited appointment at your convenience by clicking on either of the gold “Schedule Now” boxes on our Home Page.