Revocable Trust Attorney in Eagle, ID
A revocable trust can adapt as your life changes, making it a document not to be ignored. That’s precisely one of its many benefits, as it can most accurately reflect your current circumstances and changing desires. If you’re still physically and mentally able to make your own decisions, you can adjust them whenever you need to.
A revocable trust lawyer serving Eagle can help you create this important part of an estate plan.
If this sounds like the kind of protection you want for your family, an experienced attorney serving Idaho can help guide you through this process to reflect what you’re trying to accomplish. At
Senior Edge Legal, our dedicated
Attorney, Susan Graham, brings over 30 years of experience guiding clients through
elder law and
estate planning processes. Our experienced legal team can guide you every step of the way through the revocable trust process.
Get valuable estate planning advice from Senior Edge Legal
Understanding Revocable Trusts
Most people avoid estate planning because it feels overwhelming, which is why only
33% of Americans actually have a plan. A revocable trust is designed to be flexible and less stressful. While you’re healthy, you are the one in charge of serving as the creator, the manager, and the person who benefits from the assets.
There are three major reasons revocable trusts should be recommended to Idaho families:
- Privacy and speed. Unlike a will, which becomes a matter of public record in probate, a trust keeps your financial details private.
- A safety net for incapacity. A successor trustee especially matters during a health crisis. Your family won’t have to go to court to access your accounts as your chosen successor trustee takes over if you become incapacitated. It’s private, quick, and entirely avoids the expensive conservatorship process.
- No probate headaches. Ideally, you will want to keep your heirs out of court. Avoiding probate eliminates legal filings, delays, and costs.
Ongoing Management of Revocable Trusts
Handling the funding is essential to the processes associated with revocable trusts. This entails transferring ownership of your assets to the trust, thereby granting the document authority over them. Once that’s done, you still have total flexibility. You can buy or sell assets, change your mind about heirs, and manage your investment strategy to hit your personal goals.
You’ll keep records of your transactions as you go, but you’ll have the peace of mind knowing that incapacity planning is already handled. If you’re ever unable to call the shots, your successor trustee takes over the financial management seamlessly, saving your family from further complications in
Eagle, ID.
The responsibility of the successor trustee includes:
- Seamless transition. The successor trustee steps in without court delays, managing assets as instructed.
- Fiduciary duty. The trustee must manage assets prudently, pay expenses, and distribute assets in accordance with the trust document.
- Privacy. The administration remains private, unlike public probate proceedings.
We always aim for a trust administration that happens entirely behind closed doors, but occasionally the court may get involved. This usually occurs due to a technicality, such as an unfunded account, or a human element, such as a disagreement between beneficiaries. In those moments, the
Ada County Judicial Court can become the venue for resolving it.
Our goal is to protect your interests in court so we can return to the private, out-of-court administration you originally intended.
Hire a Revocable Trust Lawyer
67% of Americans do not have any after-death plans in place, and the team at Senior Edge Legal can help. Our lead attorney, Susan M. Graham, will ensure you receive guidance from someone who truly listens. Devoting herself to estate planning law, she has prepared more than 4,000 estate plans for Idaho families. Client reviews note her thorough, careful legal guidance and friendly compassion that establish strong trust and connections.
If you’re ready to get your questions answered, come see us at our Boise office. We’re located at 1009 W. Fort Street. Give us a call or schedule a time to stop by so we can talk about how to protect what matters most to you.
FAQs
What Assets Should I Put in a Revocable Trust?
You should transfer assets that would otherwise go through probate in a revocable trust, primarily real estate, bank accounts, and investment accounts. Additionally, you should consider including valuable personal property and business interests. Generally, you should not put retirement accounts, health savings accounts, or life insurance policies directly into a revocable trust due to tax complications.
Do I Need a Will if I Have a Revocable Trust?
You may still need a will. Called a pour-over-will, it can act as a catch-all for anything that wasn’t officially retitled in your trust’s name. It ensures that those leftover items eventually end up exactly where you intended. More importantly, if you have young children, a will is the legal document that designates their guardians.
Who Should I Name as a Successor Trustee?
The right person for the job depends entirely on your family’s situation and how complex your assets are. You should look for qualities such as integrity and the ability to handle complex matters. While a relative is the common choice, a professional fiduciary can be a strategic option to avoid tensions within the family. Before you finalize anything, have honest conversations with your candidates to gauge their comfort level.
How Often Should I Update My Revocable Trust?
You should think of your trust as a living document that needs to stay in sync with your current life. A helpful guideline is to have a professional review every three to five years. If you’ve recently bought a new home, lost a loved one, or experienced a major change in your family, these are immediate signals that your trust needs an update. Outdated trusts can cause significant conflict and lead to greater future consequences.
Eagle Revocable Trust Lawyer
Too many families end up dealing with major headaches because of one small mistake in a trust document, or the total absence of a trust. Having an experienced lawyer ensures your plan is legally sound and reflects your and your family’s wishes. The lack of trust can leave your family with greater conflict and costs.
Crafting a trust protects what you’ve built and ensures your family is cared for according to your wishes. Our team approaches each trust with the experience and knowledge that our clients need and trust. We understand this is more than planning for your future. It is about your family’s future.
Contact Senior Edge Legal to learn how we can help you establish a revocable trust today.
