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How does a family trust work in Idaho?

A trust need not be approved by a court and does not become public as a will does. All of your plans remain private. The trust also gives you total control of your assets during your life as well as after your death. While you are alive, you continue to manage and use your assets with no change.

Can husband and wife trustee?

Yes. A married couple can typically create a joint trust agreement, naming themselves as co-trustees. Under this arrangement, the married couple will own the trust assets during their lifetimes.

Can two people have the same trust?

Joint trusts are easier to manage during a couples lifetime. Since all assets are held in one trust, ownership mimics how many couples hold their assets - jointly. Both spouses having equal control of the management of joint assets held by the trust.

Do I need a trust or a will in Idaho?

You do need a trust if you have children who are under the age of 18. You may also need a trust if you have children who are disabled or handicapped in some way. Finally, a trust may be a useful estate planning tool for you if you have money, or property that you want to last several generations after you are gone.

Should my wife and I set up a trust?

Assuming you have no creditor concerns, both spouses want all the assets to go to the surviving spouse, and state death tax will not be an issue, a joint trust may be the way to go, for several reasons: A joint trust is easier to fund and maintain during the couples lifetime.

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