Kimmer W. Callahan Estate Planning Law Blog on Lawyers.com

People often make the explanation of why you should complete a Living
Trust both complex and confusing. There are numerous advantages to a
Living Trust, but one major reason stands tall above the rest: AVOID
PROBATE!


Probate is a bureaucratic procedure that your family will endure
in most cases at your death if you choose a will, or if you die with no
estate plan. Without a will, the “state” decides who gets your assets
(and this may not correspond to your wishes or expectations). You must
also conduct a separate probate in every state that you own real
property. On average, probate takes about one year. However, its
duration is far greater than need be. While probate is dragging on, it
serves as a reminder of your death to your family and makes it all the
more difficult for your loved ones to have closure to a painful event in
their lives.


Settlement of a living trust usually takes a month or two. This
is due to waiting for final bills and expenses. If more time is taken,
it is usually because of everyone’s wishes, or waiting for property to
sell – not a result of a government dictate. Settling the Living Trust
can occur just about as quickly as desired – and the amount of time is
inconsequential when compared to probate.


In probate, the entire affair – the size of the estate, the type
of assets, the beneficiaries, what they receive, and everything else –
is public record for anyone to see. Fact is, there are people who make
it their business to peruse these records hoping to use this information
for an opportunity. In stark contrast, a trust is completely private.

Sometimes
people become incapacitated. Absent planning, your loved ones would be
forced to apply for a formal conservatorship in order to manage your
affairs and assets. A formal conservatorship is very expensive,
bureaucratic, and time consuming. Another significant benefit of a
Living Trust is that it eliminates the need for a conservatorship, in
most cases. The trust specifies and allows your pre-designated
successor trustee to step in and manage your assets when you are
incapacitated.


A common misconception about living trusts is that trusts are
only for the rich. The determination of whether a trust is right for
you is not a factor of “how much you have,” but of “what your family
will face” when you pass away. If your goal is to make the settlement
of your estate as simple and fast as possible for your family, a Living
Trust may be right for you. Your net worth is not a determining factor
of “If you need a trust.”, but is very relevant in what provisions your
trust should contain.


Many delay implementing an estate plan after they have decided
they should have one. This occurs for many reasons –procrastination,
the mistaken belief that it is very involved, they can’t quite make up
their minds on a few points, searching for the perfect price or timing,
and the list goes on. On the surface, many of these reasons appear
understandable and reasonable, but when you take a closer look, the
major flaw in such logic is the absolutely terrible position you are
allowing yourself to stay in. At any and all times which you walk
around without your own implemented estate plan – by default you have
actually been choosing the estate plan that the state has written for
you. It is better to have a plan you are mostly happy with than a plan
you had no part in creating. You can always change your plan down the
road.

Call now for your free, no-obligation consultation – 208.449-1147.

Callahan & Associates, Chtd.
By Kimmer W. Callahan
Attorney at Law

www.IdahoEstateLaw.com