Cross Village, MI Estate Planning Law Firms & Lawyers

They can be, but I strongly recommend that you get an attorney to draft the trust for you and you discuss any tax issues with your accountant. In Idaho, a trust is usually not worth using if all you want to do is avoid probate. Unlike other states, e.g. California, the attorneys are paid an hourly rate, not a percentage of the estate, so you are not really avoiding anything by creating the trust. Also, you have to be careful to make sure the trust owns everything. If you do not do that right, your estate may end up in probate anyway. Finally, there is no estate tax in Idaho and the Federal estate tax only goes into effect if the estate is worth more that $5.25 million ($10.5 million for a married couple). If you have that much money, you can afford to have it done right.

You may give your home to your daughter only when you die. The easiest way to accomplish this would be to have a beneficiary deed prepared deeding the property to your daughter at the time of your death. Beneficiary deeds do not take effect until the grantor on the deed (this would be you) dies. In the meantime, it leaves you free to do anything you want with the property including selling it or pledge in a security for a loan. You should have a real estate lawyer prepare the deed for you and once you have signed it you need to recorded in the recorder of deeds office for the county in which the property is located.

I would want to look at the paperwork, but unless your Authority has been suspended by the court, I believe you should continue to administer the estate. Given the challenge, I believe it to be in your best interests to retain an attorney. The attorney can help present you in the best possible light at the hearing.