Is Living Trust Agreement all I need in Idaho?

Is Living Trust Agreement all I need in Idaho?

One distinct shortcoming of internet-generated Living Trust Agreements is that some of the mandatory documents are often omitted.

In a properly-prepared Living Trust or Family Trust here in Idaho, at least three documents are required and several more are very advisable.  Here’s which is which:

Required Documents:

• Living Trust Agreement
• Last Will and Testaments
• Deeds to move your home and other real estate into the trust and an Affidavit Regarding Residence of Trust to insure that your homeowners tax exemption will remain in effect even though you have moved your home into your new Trust.

So when you consider using an internet-based entity to draft your Living Trust in Boise, Meridian, or Eagle, always ask if all of these documents are included.  And don’t forget that a Deed is not effective unless it has also been taken or sent to the Ada or Canyon County Recorder’s Office where it was actually recorded.  So any service that omits any or all of these documents or services will be inadequate for the task of using a Living Trust to avoid probate and estate taxes.

Recommended Documents: For a thorough estate plan, though perhaps not absolutely required, several other documents are typical and helpful in a well-prepared estate plan.  Those would include at least:

• Living Wills to establish the medical care and food and water that you would like to receive in the event that you are in a coma and unable to express your desires.  Do you want medical care continued or terminated?  If you want the medical care terminated, do you want food and water terminated, as well?  Or should they be continued?
• Durable General Powers of Attorney which authorize a trusted family member or friend to step in and act on your behalf in the event that you are unable or unavailable to attend to your own affairs.   If you are medically or mentally incapacitated, Power of Attorney will avoid the need for someone to go to court and have you declared incompetent in order to have your affairs attended to.

So as you consider whether to try to cut corners with an internet-generated “Living Trust,” make certain that all of these documents are included in the total package.  Failure to include all of these is a recipe for disappointments.

An additional issue concerns the method by which your documents are signed.  It is very important that, when you sign your new Last Will and Testament, you have two witnesses and a notary public present at the same time so that your signature can be witnessed and both yours and your witness’ signatures are notarized.

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Whether you live in Boise, Meridian, Eagle, Star, or other nearby communities, for additional easy-to-understand information on Wills, Trusts, probate, and estate taxes, visit the user-friendly website at http://barrypeters-law.com.  Then call Barry Peters’ law offices at (208) 939-2600 for an expedited appointment to begin the process of setting up your own Living Trust.  Or, if you have questions, please call Barry for a free telephone consultation or visit his Q & A pages at http://barrypeters-law.com/common-questions .  As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.