Rathdrum & Post Falls Estate Planning Rathdrum & Post Falls Estate Planning
Call Today 208-486-0120
Top
Revocable Living Trust

Rathdrum & Post Falls Revocable Living Trust Attorneys

Trusts Designed to Protect Your Loved Ones

A revocable living trust serves as a valuable estate planning tool. It permits you to transfer asset ownership to a trustee while you're alive, giving you control over your property during your lifetime. In case of incapacity or passing, the trustee manages your estate as per your trust's instructions.

This trust can be established during your lifetime or posthumously. If you create it while alive, you remain the trustee and beneficiary. After your passing, your heirs step in as trustees and beneficiaries. You can also establish a trust for a minor child.

Additionally, you can designate a successor trustee, ensuring smooth trust management if the original trustee can't fulfill their duties. This adds an extra layer of security to your estate planning strategy.

At Rathdrum & Post Falls Estate Planning, our Post Falls revocable living trust lawyers attorneys can help you create a trust that protects your loved ones and allows you to make decisions about your property during your lifetime.

Call our office at (208) 486-0120 or via online form to get started! Your initial consultation with our seasoned revocable living trust attorney in Post Falls is free.

What Is a Living Trust?

A Revocable Living Trust is a legal body that retains and administers your assets during your lifetime and enables for the smooth transfer of those assets to your designated beneficiaries after your death. This trust is adaptable and can be changed or revoked by the grantor (the person who establishes the trust) at any moment during their lifetime. It is an essential component of many estate plans since it avoids the time-consuming and expensive probate process while also providing a mechanism for efficient asset distribution.

What Are the Benefits of a Revocable Living Trust?

A revocable living trust is advantageous for a number of reasons. If you become incapacitated, a trustee can make property decisions on your behalf without having to go through the judicial system. When you are traveling or residing overseas, a trustee can make key decisions concerning your property. A trust allows you to freely manage your property without fear of losing your assets to a third party.

Some of the benefits of a living trust include:

Probate Avoidance

Probate can be time-consuming and costly, especially if you have assets in different states. A living trust streamlines asset transfer, bypassing probate and ensuring quicker distribution to beneficiaries.

Flexibility and Control

You can make amendments to the trust as your financial situation and estate planning goals evolve.

Privacy Preservation

Unlike wills, which become public records during probate, revocable trusts maintain privacy. Details about your assets and beneficiaries remain confidential, shielding your estate from public scrutiny.

Elimination of Challenges to the Estate

Living trusts can reduce the likelihood of family disputes and legal challenges by allowing you to disinherit anyone contesting your wishes.

Segregation of Assets

For couples with separate property acquired before marriage, a revocable living trust can segregate these assets from community property, ensuring they're managed according to your preferences.

Durable Power of Attorney/Guardianship

It can serve as a mechanism for managing guardianship and durable power of attorney. In case of your incapacity, the trust empowers a trusted individual to make financial decisions seamlessly.

Continuous Wealth Management

Living trusts enable continuous wealth management across generations. With a professional trustee, you can ensure your wealth grows, with flexible withdrawal options.

Estate Tax Minimization

While not primarily a tax tool, an RLT can include provisions to transfer wealth efficiently. Larger estates can benefit from a credit shelter trust (CST) within the trust document, reducing estate taxes and preserving more for heirs.

Call us at (208) 486-0120 to get started with a revocable living trust in Rathdrum or Post Falls!

Commonly Asked Questions

What is the difference between a revocable living trust and a will?

A revocable living trust is a legal document that allows you to manage your assets during your lifetime and specify how they should be distributed upon your death, without going through probate. Unlike a will, a living trust is not subject to the public probate process, offers more privacy, and can provide for asset management in the event of incapacity. Additionally, a living trust can be altered or revoked at any time during your lifetime, offering flexibility that a will does not typically provide.

How can a revocable living trust protect my privacy in Post Falls?

A revocable living trust can protect your privacy in Post Falls by keeping the details of your estate out of the public record. Unlike wills, which are filed with the court and become public documents during the probate process, a living trust is a private document. This means the information about your assets and who you have chosen as beneficiaries remains confidential, safeguarding your estate from public scrutiny.

What are the responsibilities of a trustee in managing a revocable living trust?

The trustee of a revocable living trust is responsible for managing the assets within the trust according to the terms set by the grantor (the person who created the trust). This includes investing and distributing assets, paying any debts or taxes owed by the trust, and ensuring that beneficiaries receive their designated inheritance. If the grantor becomes incapacitated, the trustee also steps in to manage the trust's affairs, providing continuity and care in the management of the estate.

How can I set up a revocable living trust for a minor child in Post Falls?

To set up a revocable living trust for a minor child in Post Falls, you should consult with a knowledgeable attorney who can guide you through the process. The trust document will outline how the assets should be managed and distributed for the benefit of the minor child. You can appoint a trustee to oversee the trust until the child reaches a specified age, ensuring that the child's financial needs are met responsibly. Our attorneys in Post Falls can assist you in creating a trust that meets your specific goals and provides for your minor child's future.

Client Testimonials Every Family Matters

"Kurt Schwab did a fantastic job helping me to maneuver through the legal system in Idaho. He kept in touch regularly and made sure the right things were done at the right time."

- DJ

Your Estate Planning Team

Contact Us Today

Start with a Free Consultation
  • Estate Planning & Probate Only
    Because we don't handle any other types of law, our clients can expect the expert focus on their estate planning or probate matters that they deserve.
  • Excellent Communication
    We explain things in such a way that it's easy for our clients to understand. This better helps them make important decisions around their estate planning needs.
  • Friendly and Caring Service
    From start to finish, our team will provide patient and kind legal guidance when it comes to your estate planning matters.
  • Not Afraid To Go To Court
    In rare cases, an estate planning matter will need to be litigated. Our team has litigated many cases and has achieved favorable outcomes for our clients.
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.