Boise Revocable Trust Lawyer

Revocable Trust Attorney in Boise, ID

Cradled by the Boise River, this city attracts thousands of new residents every year. It is also home to many senior individuals. Some grew up and raised their families in the city, while others relocated to be closer to their families, its advanced hospital systems, and other amenities. For either group, protecting their assets and legacy is a common concern. A Boise revocable trust lawyer can offer you reassurance while securing your future.

Defining a Revocable Trust in Boise

In Boise, where the median household income stands at just above $81,000, many people may believe that they don’t even need a trust. However, this is not the case.

More and more people are choosing a Revocable Trust (Living Trust) over a Will with good reason. A Revocable Trust meets the needs of many of today’s families better than any other plan, and has far fewer risks.

Like a Will, a Revocable Trust is a legal document that lets you specify who you want to receive your assets after you die.  But it does much more.  Here are just some of the benefits:

• It avoids the costs, delays, and publicity of probate.
• It prevents the court from taking control of your assets if you can’t because of dementia or physical problems.
• It prevents the court from controlling assets you leave to minor children and grandchildren.
• It allows you to decide who receives your wealth after you die with no risk of unintentional disinheriting.
• It can protect assets for your children if your surviving spouse should remarry.

How is it that a Revocable Trust can do all this?  When you create a Revocable Trust, you change the titles of your assets from your name to the name of your Trust, or arrange for the assets with beneficiary designations to flow automatically into your trust at your death.  Officially, you no longer own assets in your name so there is nothing for the courts to control when you die or should you become incapacitated.  You do not lose control of your assets—because you control the Trust.  You can buy, sell, and enjoy your assets just as you do now.  Because the Trust is revocable, you can take your assets out of the Trust at any time.

The Differences Between a Revocable Trust and a Will in Boise

When you are deciding whether a revocable trust might be right for you, it is important to look at a few of the key aspects that differentiate it from wills. At Senior Edge Legal, we can review the details of your estate and life circumstances to determine if a revocable trust is right for you. The differences between a will and a revocable trust in Boise include the following:

• Bypassing probate court. When you create a revocable trust in Boise, it can allow your entire estate to bypass the probate process. Probate is both time-consuming and expensive. When you place assets in a trust, they can be quickly distributed amongst your heirs, without having their value decreased from probate costs.
• Avoiding estate taxes. When a revocable trust is established by an individual or married couple in Boise, it can effectively manage your estate taxes. This can provide your heirs with the most favorable situation possible following your death. If your net worth exceeds the federal exemption amount, several other estate planning tools might also be useful, and Senior Edge Legal can advise you on their applicability to your situation.
• Ensuring privacy. Because they do not have to go through the probate court, revocable trusts can remain private, unlike a will. Wills become public record when probated, so information about you or your family does not remain private. Having a revocable trust in place can be especially helpful for families who do not wish for their wealth or possessions to become public knowledge.
• Protection when incapacitated. If you become incapacitated due to an accident, injury, or illness, a trust makes it easy for the person you trust to handle your affairs without court interference. If you only have a will, the probate court may become involved.
• Minor considerations. You can keep your assets held within a revocable trust for any children, making sure they reach a level of maturity before accessing their inheritance In contrast, using a will, a judge will oversee decisions about the management of funds for your children.

Contact an Experienced Boise Revocable Trust Lawyer Today

Is a Revocable Trust right for your situation? Like any estate planning tool, it has its benefits as well as its limitations.  Talking to a qualified estate-planning attorney is the best way to determine its suitability for you.  Estate plans may be simple or complex.  At Senior Edge Legal we specialize in helping you create a plan that fits your unique needs and avoid costly mistakes.  Call and make an appointment with Susan M. Graham, a Certified Elder Law attorney by the National Elder Law Foundation who can look at your overall estate picture to decide what makes the most sense in your case.