Yes, in Idaho, a trust can help avoid probate. Establishing a trust allows you to transfer ownership of your assets to the trust, which means that upon your death, the assets held in the trust are not considered part of your personal estate and are not subject to probate.
In Idaho, the cost of setting up a basic Revocable Living Trust typically ranges from $1,000 to $3,000. More complex trusts may cost even more. Online platforms like Snug provide more affordable options for creating wills and trusts, offering transparent pricing and quality estate planning services.
Most people opt for a Revocable Living Trust, which can be altered or canceled during your lifetime. These trusts provide flexibility and control over your assets and can help avoid probate. Other types of trusts, such as Charitable Trusts or Special Needs Trusts, may be more suitable for specific situations.
Funding a trust in Idaho involves transferring ownership of your assets to the trust. For real estate, you'll need to prepare a new deed for the property in the name of the trust. For bank accounts, contact your bank to change the account holder to the trust. Other assets, such as vehicles, personal property, stocks, and bonds, must also be formally transferred to the trust.
In Idaho, any individual who is at least 18 years old and mentally competent can serve as a trustee. In addition, corporations, such as banks or trust companies, are also authorized to serve as a trustee if they are licensed to exercise trust powers in the state. Trustees must have the capability to manage and care for property, and they must not have been convicted of serious crimes, including felonies or crimes that involve dishonesty or immoral behavior.
In Idaho, to alter your living trust, you must draft an amendment to the original trust agreement. Ensure that your amendment clearly outlines the changes you wish to make, such as altering beneficiaries, changing trustees, or adjusting distribution guidelines. The amendment should include your name, the date, the name of the trust, and the date the trust was created. Like the original trust document, your amendment needs to be signed in the presence of a notary public. If there are numerous changes you want to make to your living trust, it may be more efficient to create a restatement of the trust. A restatement allows you to rewrite the trust in its entirety while keeping the original date and title of the trust, which can be beneficial for avoiding the retitling of assets. The restatement should include all changes you want to make, and these new provisions will entirely replace the old ones.
