Who Needs a Living Trust & Who Doesn’t?
We believe that Simple Wills are quite adequate for many people. Specifically, those who do not own any real estate and who have possessions and accounts with a total value of less than $100,000 can usually do just fine with a Simple Will.
The factor that drives this distinction is the probate laws. Idaho law states that the estate of those who do not own real estate and who have possessions and accounts with a value of less than $100,000 do not have to go through the legal probate process. Hence, the heirs of those people are not burdened with the lengthy and expensive probate process. Instead, they can take advantage of the use of a Small Estate Affidavit.
For those who own real estate (regardless of value) or who have possessions and account with a total value in excess of $100,000, probate will be required when they pass away. For those among this group who want to protect their family and heirs from that process, a Living Trust or Family Trust is the best tool to accomplish that.