Posts Tagged ‘Trust’

Article 105-Estate Planning Series: Why You Need A Trust

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

There are many situations in which a trust is very effective.   For example, property in a trust need not go through the cost and process of probate when you pass.

Probate is the process which permits property (such as land) owned by a deceased person to be passed on to a beneficiary.  But probate in Idaho can’t address a condo or cabin located in another state.  Those who own a home here, and a second home in Arizona, may want to put both properties into a trust and avoid paying two attorneys in two different states for probate.

Article 87-Estate Planning Series: This Is What a Trust Can Do For You

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

Last column I explained the basic difference between a Will and a trust.  In essence, a Will simply identifies who you want to receive your  assets at your passing.  However, a trust allows much more control over how your assets will be used to address circumstances specific to your family.   More on this to come.

There are many other situations in which a trust is very effective.   For example, those who wish to avoid “probate” can use a trust to hold their assets.  This is especially effective if you own land in more than one state.  A trust can help you avoid paying for probate in two different states.

Article 86-Estate Planning Series: Do I Need a Will or a Trust?

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

Most people understand the basic purpose of a Will.  It is the document most people use to instruct who will receive their assets when they die.  A Will may be sufficient to address the assets that make up the estate of many people.  (However, as I have discussed previously, a Will alone is not sufficient to address all the issues that should be considered as part of an estate plan). 

Article 53-Estate Planning Series: When is a Trust Better Than a Will to Distribute Your Assets?

Written by Wright Law on . Posted in Estate Planning, Probate, Trusts, Will

Last column I explained why the process of transferring assets should never be more important than ensuring those assets end up with the people you want to receive them.  So long as this priority is protected, there can be significant advantages to plan for the right way to transfer those assets.

Article 49-Estate Planning Series: What You Are Not Told About the Cost of Probate.

Written by Wright Law on . Posted in Estate Planning, Probate, Trusts

In recent columns, I have tried to take some of the mystery out of the “probate” process.  In my last column, I explained why probate may be important even though it is not a process required by law. 

I also stated that I would explain why some methods to avoid probate are extremely risky.  To do that, I need to first address the motivation to avoid probate. 

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