» » Idaho Living Trust Form – Irrevocable & Revocable

Idaho Living Trust Form – Irrevocable & Revocable

The Idaho living trust is a legal form which allows an individual to determine how their personal assets will be handled after their life has ended. The initial creator of the trust, known as the “Grantor” or “Settlor,” will nominate a Trustee to manage the trust during their lifetime. A Grantor may choose to elect him/herself as Trustee and manage the trust as well as take advantage of any income accumulated from their assets (Revocable Trust). If the trust in Irrevocable, the Grantor may benefit from various tax advantages, however, the Grantor of an Irrevocable Trust is not permitted to act as Trustee. Both trust types permit the Beneficiaries to avoid the probate process in Idaho.

Laws – Title 15 (Uniform Probate Code)

Register (§ 15-7-102) – There is a duty of the Trustee to register the trust in the probate court using the Registration Statement.

Will (Last Will and Testament) – A Will is suggested as it allows a Grantor to transfer to an heir any additional asset not described in the trust. The property placed in a Will is subject to the probate process.

Types

Irrevocable Living Trust – A Grantor cannot modify an Irrevocable Trust once it has officially been established. All assets are in the name of the trust and not of the Grantor, resulting in protection from any income or estate tax that may be generated.

Revocable Living Trust – At any point during the Grantor’s lifetime, he/she may choose to alter the trust. These alterations can include naming additional Beneficiaries or terminating the trust altogether.

Individual Roles

Both Revocable and Irrevocable Trusts have four (4) major roles:

Grantor (or “Settlor”) – This person chooses what to include in the trust and who the Beneficiaries will be.

Trustee – The Trustee is required to execute the duties outlined in the trust which includes updating the Beneficiaries with relevant information and managing property. In a Revocable Trust, the Grantor is permitted to be the Trustee.

Successor Trustee – Becomes the Trustee if the initial Trustee is unfit to serve, becomes incapacitated, or dies.

Beneficiaries – Person(s) who will inherit the property and other assets from the Grantor when they die.

How to Make a Living Trust in Idaho

In order to make a living trust in Idaho, there needs to be an established Grantor, Trustee, and Beneficiary(ies). Also, in accordance with § 15-1-102, the form must clearly state the purposes and policies of the trust. After meeting the aforementioned requirements, the form must be filled in with the necessary information and signed by all relevant parties. It is also recommended that a Notary Public be present at the time of signing.

All property placed in the trust must legally change ownership. This means if a vehicle is mentioned, it must be titled to the trust in addition to real estate as it must be deeded in the name of the trust with the County Recorder’s Office (see below).

Motor Vehicles – Transferring a vehicle to a trust must be done through an Idaho Bill of Sale. Once complete, the form should be filed at a DMV Location.

Real Estate – Any real estate can be transferred by filling out an Idaho Deed with the County Recorder’s Office in your jurisdiction of residence (County List)

Websites – If placing a domain name in a trust, contact your registrar to change the ownership information. This change will be reflected on the ICANN / WHOIS database.

Do I Need a Living Trust?

The decision to create a trust should rely entirely on the individual and their financial affairs and preferences. For example, if an individual has less than $100,000 (per § 15-3-1201), they can bypass the probate process altogether by having their Heirs file a Small Estate Affidavit (Form CAO Pb 01) after the person’s death. Otherwise, a trust is necessary to avoid probate.


ABOUT SSL CERTIFICATES