Idaho Wills, Trust, and Probate
Formulating an estate plan can be an emotional process, but it is necessary to do so in order to protect your property and your loved ones after your death. Estate plans may include a healthcare surrogate designation, advanced care directive, will, trust, and/or durable power of attorney. Regardless of your familial and monetary circumstances, you should continually revise your estate plan to take into account major life events (marriage, divorce, birth, death, retirement, etc.). An Idaho estate planning attorney can be helpful in crafting your estate plan.
You must phrase your will according to Idaho legal specifications. If you fail to do so, your money and property may not be distributed in accordance with your wishes. In addition, you must make sure that you follow the requisite Idaho will formalities, such as:
An Idaho wills and trusts lawyer can help you meet the requisite will formalities and wording requirements.
Changing a Will in Idaho
To alter your will, craft a new will and physically destroy your old will. Alternatively, you can amend your will by attaching an amendment (codicil) to the old will. Be sure that the resulting legal document meets Idaho's will requirements (i.e.-witnesses, signature, etc.). It is recommended that you talk to an Idaho will lawyer about any changes you make to your will.
Trusts in Idaho may provide an alternative means of distributing your property after death. Trusts are both flexible and private. They also allow you to avoid the cumbersome probate process and offer potential savings on taxes. There are numerous reasons a trust may be created, such as for education, special needs, life insurance, and/or charity. In addition, trusts can be living, revocable, or irrevocable. The variety inherent in the trust vehicle makes them the perfect method of distribution for your personal situation.Trusts can be complicated to set up, so it is advisable to contact an Idaho trust lawyer to help you.
Property in an Idaho resident's will goes through probate upon his death. But, if the property is not left to anyone or if the decedent does not leave a will, the property will be distributed according to Idaho rules of intestate succession. According to the rules of intestate succession, property of a decedent is dispensed to the people with the closest blood relationship to the decedent.
Property of the deceased that passes by intestate succession, or property with an unclear recipient in the will may create questions about who should benefit from the estate, or what amount of property that person should receive. Any person with a potential interest may ask the court to decide the proper allocation of property.
Summary Administration procedures may be available in Idaho if your estate is worth less than $100,000. These procedures will permit you to circumvent the probate process.
The following non-exhaustive relationships are relevant to determining distribution by intestate succession:
Talk to an Idaho probate lawyer whenever you have anxiety about the durability of your will. Your will may be challenged after its creation, so it is important to mention your probate concerns to an attorney.
Idaho Statutes, Title 15 – Uniform Probate Code