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Idaho Living Trust Form (Revocable)

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Idaho Living Trust Form (Revocable)

Updated March 21, 2024

An Idaho living trust is a legal form that allows an individual, known as the “grantor,” to place their assets in a trust to be distributed to a designated beneficiary after they have died. A trustee manages the trust property during the grantor’s lifetime. With a living trust, the grantor may designate themselves to serve as the trustee.

Requirements (2)

  1. Capacity: An individual must be 18 or older, or an emancipated minor, and “of sound mind” in order to create a will or trust.[1]
  2. Registration: The trustee must register the trust with an Idaho court in the jurisdiction where the trust is principally administered.[2]

Laws

Amending/Revoking – If a trust is revocable, this must be stated in or otherwise confirmed by the certification of trust.[3]

Bond Requirement – A trustee is not required to provide a bond unless this is a requirement imposed by the terms of the trust, a reasonable request by a beneficiary, or an order from the court.[4]

Certification of Trust – To establish the existence and/or provisions of a trust, a trustee may present a certification of trust in lieu of a copy of the trust instrument.[5]

Co-Trustees – If powers are vested in three or more co-trustees, the trustees may exercise their powers by majority decision. However, a trustee who has dissented in writing from a decision cannot be held liable for the consequences of that decision.[6]

Contesting a Trust – In any judicial proceeding related to the contesting of a trust, notice must be served on all relevant parties at least 14 days before the first hearing on the petition.[7]

Costs Related to the Trust – In the course of managing trust assets, a trustee may only incur appropriate and reasonable costs in relation to the value of the assets and the purposes of the trust.[8]

Jurisdiction – If a trust has been registered in a different state, that registration must be nullified before the trust can be validly registered in the state of Idaho.[9]

Oral Trusts – In order to validly register an oral trust, the required registration statement must not only identify the grantor and the source of the trust’s funds, but also describe the time and manner of the trust’s creation and the terms of the trust.[9]

Pet Trusts – A trust established to provide for the care of an animal is considered a valid purpose trust under Idaho state law.[10]

Signing Requirements – There is no statewide statute specifying that an Idaho trust must be signed.

Spendthrift Provision – A spendthrift provision is valid if it holds that a beneficiary’s interest in the income or principal of a trust may not be voluntarily or involuntarily transferred.[11]

Trustee’s Compensation – Unless the terms of the trust specify the trustee’s compensation, a trustee is entitled to the same reasonable compensation as that of an executor.[12]

Trustee’s Duties – A trustee has a duty to prudently and efficiently administer the trust in alignment with its purposes and for the benefit of its beneficiaries.[13]

Trustee’s Powers – In addition to any powers set out in the terms of the trust instrument, a trustee has the power to collect, hold, invest, and otherwise manage trust assets received from the grantor.[14]

Sources

  1. § 15-2-501
  2. § 15-7-101
  3. § 68-115(1)(d)
  4. § 15-7-304
  5. § 68-114(1)
  6. § 68-109(a)
  7. § 15-8-204(1)
  8. § 68-507
  9. § 15-7-102(3)
  10. § 15-7-601
  11. § 15-7-502(1)
  12. § 68-103
  13. § 15-7-305
  14. § 68-106(c)