Boise Idaho Business Guide: Living Trust
To understand how a living trust can benefit you, your Idaho business and your family during and after you have passed, its important to see how it all works.
When you set up your trust in Idaho for all of your assets, business, accounts, vehicles etc. you become the grantor. This is the person whose trust it is. If you are married, you and your spouse can be co-grantors of one living trust, or you can be grantors of your own separate trust. Only the grantors can make changes to the trust period. This is exactly how you, not the courts or greedy family members, can stay in control.
You will name a trustee to manage the assets in your trust. This can be anyone you wish including yourself. This can of course be changed by you as you see fit. If you are married, your spouse should be listed as the co-trustee so that have they automatic and immediate control after your passing. This again prevents any court involvement.
The successor trustees
You need to name someone you know and trust as your successor trustee to step in and manage your trust if the original trustee (you or your spouse) becomes incapacitated or die. This person is your backup, so no court involvement is necessary.
The successor trustee can be:
- Adult children
- Any adult relative
- Or a corporate trustee
In a living trust the people or organization who will receive your assets and items when you die are called beneficiaries.Click for Boise Payroll Service Click to Form an Idaho Business