Meridian Revocable Trust Lawyer

Revocable Trust Attorney in Meridian, ID

For many people in Meridian, creating a trust seems to be a concern for only the rich and famous. However, this is far from the truth. No matter your age or wealth, creating a revocable trust can be an essential tool in your estate plan. Whether you are a retiree enjoying the historical charm of Old Town or a young person raising a family in neighborhoods like Paramount or Tuscany, a revocable trust lawyer serving Meridian can help you establish a trust and protect your assets.

At Senior Edge Legal, our estate planning attorney has been helping clients and their families establish comprehensive estate plans and trusts for over 30 years. If you are considering creating a revocable trust or want to know how one might be of benefit to you, our team can offer you and your loved ones the legal guidance you deserve here in Ada County. We can go over the various options and aspects of an estate plan; then, we can determine which ones can ideally preserve your legacy and assets for generations.

Creating a Revocable Trust in Meridian, Idaho

In Meridian, where the median household income is around $98,686, the establishment of a revocable trust can be an important aspect of any estate plan. A revocable trust, also known as a living trust, is a flexible legal entity; it can be altered, modified, or revoked at any time by the individual who created the trust, also known as the grantor.

A revocable trust allows the grantor to transfer the ownership of certain assets into the trust. However, they can still maintain control over these assets while they are still alive. If you decide to act as both the grantor and the trustee of your trust until your death, it gives you control over the following:

• Buying, selling, or refinancing the assets held within the trust
• Adding or removing certain forms of property from the trust
• Changing or removing beneficiaries from the trust
• Modifying or revoking the trust completely

Creating the trust is only the first step in this process. For your trust to be valid, it must also be correctly funded by transferring certain assets into it through the following means:

• Transferring personal forms of property into the trust
• Assigning ownership of your business interests
• Updating designations regarding your trust’s beneficiaries
• Retitling real estate, or your financial accounts

While this can seem like a daunting process, the team at Senior Edge Legal can guide you through every step of this process. We are well-versed in the legalities surrounding the creation of revocable trusts, and we can also assist you through the overall estate planning process.

The Process of Creating a Trust in Meridian

Although every individual’s circumstances may be different, everyone will need to take and accomplish certain steps when creating a revocable trust in Meridian. These include the following:

• First, you need to decide what kind of trust you want to create. In most situations, this will be a revocable trust.
• You will then need to identify the property and assets you wish to transfer into the trust.
• Next, you will need to name a trustee, or the individual who will be in charge of managing the trust. For most revocable trusts, the individual who creates the trust can name themselves as trustee. They can then appoint another individual to act as successor trustee when the original person passes away.
• Then, you can determine the beneficiaries who will inherit the assets placed within the trust.
• Draft the trust document with the guidance and legal assistance of an experienced attorney.
• Sign the trust documents in accordance with the relevant Idaho estate laws.
• Change all titles of any assets held within the trust.
• Finally, you will need to fund the trust.

How Do You Know If a Revocable Trust Is Right for You?

A trust can offer several advantages and benefits, but trusts may not be the perfect fit for your situation. There are several factors you and your attorney will want to consider if you are trying to decide whether a revocable trust is right for you. These factors include:

• What your family’s overall situation looks like.
• If you have any concerns regarding privacy.
• The complexity and overall size of your estate.
• Whether you own property in multiple states.
• If avoiding probate is important to you and your loved ones.

The Benefits of a Meridian Revocable Trust

There are several benefits to creating a revocable trust in Meridian. However, not everyone takes advantage of these benefits. In fact, only around 46% of people in America even have a basic will in place. At Senior Edge Legal, we can show you the benefits of creating a revocable trust. That way, you can see if it is the right move for you. The benefits of a revocable trust include:

• Bypassing probate. Unlike with a will, assets in a properly created trust can bypass the probate process entirely. This means your beneficiaries can receive their assets quicker, your estate will not need to pay probate costs, and your loved ones can maintain a sense of privacy.
• Mitigating tax obligations. When a revocable trust is created in Meridian, it can effectively manage your estate taxes and may even enable your loved ones to mitigate or avoid estate taxes altogether.
• Privacy. Wills are public knowledge, if probated, as they are available on public record. Conversely, a trust can remain private, as it will not pass through the probate process. Having a trust in place can also protect your assets, investments, and property from being viewed on the public record.

Speak With an Experienced Trust Lawyer serving Meridian Today

It is never too early to prepare for the future and all the uncertainty that can accompany it. If you become unable to voice your desires and wishes regarding your assets or care, establishing one or more legal entities can enable you and your loved ones to move forward with confidence.

At Senior Edge Legal, we have the knowledge necessary to help you create a trust that fits the needs of you and your loved ones. Contact our office today for more information.