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Serving the Treasure Valley for Over 20 Years!
PROBATE, TRUST AND ESTATE ADMINISTRATION
Contrary to popular belief, probate is not a tax or a taxation device. Probate is a property transfer process. Specifically, it is the manner in which a decedent’s debts are paid and their property distributed to those legally entitled to it.
In Idaho, the probate process and the trust administration process and the laws governing them are set forth in the Idaho Uniform Probate Code.
Serving the Treasure Valley for Over 20 Years!
PROBATE, TRUST AND ESTATE ADMINISTRATION
Contrary to popular belief, probate is not a tax or a taxation device. Probate is a property transfer process. Specifically, it is the manner in which a decedent’s debts are paid and their property distributed to those legally entitled to it.
In Idaho, the probate process and the trust administration process and the laws governing them are set forth in the Idaho Uniform Probate Code.
In general, the estate administration process involves these key steps:
- Filing the required papers with the Court (petitions, death certificate, trust, will).
- Obtaining the appropriate court orders (Letters Testamentary, Letters of Administration or Letters of Trusteeship).
- Compiling an inventory of estate assets.
- Preserving and protecting estate assets until distributed.
- Notifying estate creditors and paying valid debts of the estate.
- Notifying “interested persons” of the estate.
- Maintaining an accounting of estate revenue, expenses and distributions.
- Distributing estate assets to beneficiaries or heirs.
- Closing the estate.
The probate process can be informal or formal. The majority of probates in Idaho are informal. This simply means the probate court is not actively involved in the day-to-day administration of the estate—the representative acts without direct court supervision or involvement. The Court, however, is there if needed.
If the decedent was married at their death and they had a valid will designating the surviving spouse as the sole beneficiary, then Idaho has an expedited or summary probate process in this circumstance.
If the decedent had a valid living trust AND it was funded correctly at their passing, there may be no need for probate. However, should the decedent pass with real property outside the trust or with any other assets outside the trust, which in total exceed $100,000, then even with the trust a probate will likely be needed.
Decedent’s estates that contain no real property and which do not exceed $100,000 can avoid probate. In Idaho, these estates are classified as “small estates” and the estate assets transferred to those legally entitled to them by a Small Estate Affidavit.
At Dean Law PLLC, we have assisted numerous representatives, trustees, and beneficiaries in the estate and trust administration process. We prepare and file the needed court papers, assist in estate accountings, assist with preparing and filing claims with insurance companies and brokerages, work with accountants, financial and insurance advisors, and provide counsel to our clients as to the meaning and interpretation of will and trust provisions.
We provide guidance to representatives and trustees to ensure they are performing their roles and their fiduciary duties as required by law. We use our courtroom experience in contested estate matters to ensure that our client’s rights and interests in the estate are protected.
Dean Law PLLC is your trusted legal advisor and is here to assist you with any of your estate, probate, and trust administration needs.