When you lose a loved one often the last thing on your mind is how to settle their Estate. You might be experiencing grief, deep sadness or relief. Whatever you emotional state is, you undobutedly will be overwhelmed by everything that needs to be done to settle your loved one's Estate. Our experienced probate attorneys will help you manuveur through these obstacles. Let the experienced attorneys at Kershisnik Law help you through the probate process.
Boise Probate Attorneys - When is Probate Necessary?
Do you need to probate a will in Idaho? Why go through probate in Idaho? These are common questions posed to Boise Probate Attorneys.
Idaho does not require you go through probate unless the estate has assets in excess of $100,000 or the person who died had real estate. If one of these criteria exist, you are better off probating the estate. This is not to say that estates that have less than $100,000 in assests or where no real property is owned cannot be probated. In fact, any estate can go through probate. Sometimes you have to probate an estate simply to be able to transfer or sell the assets.
So what does probate do for you? There are basically four things that probate does. The court will determine whether or not there is a valid will. The court will appoint the personal representative of the will. The personal representative is usually the person who was appointed by the deceased person in the will to administer the estate. If there is no will, the court will appoint someone to do the administration. The administrator then is given the power to identify the debts and notify creditors of the estate, identify those who will inherit from the estate, pay the bills of the estate, distribute the property and execute legal documents transfering interest in the property to those who have inherited it and to close the estate. Notifying creditors and closing the estate are two critical steps to probate. Once the creditors have been notified they are limited by time to collect on the debts from the estate after which time they are barred from collecting. Probate protects the distribution of property from the estate.
Boise Probate Attorneys, in handling a probate, will create the necessary documents for the estate administrator, file the documents and advise the personal representative on what their duties are, how to best go about those and what the must and must not do. In addition, once the probate has been completed, Boise Probate Attorneys close the estate. This protects the estate from any further claims.
Estate Planning Attorneys - Wills and Trusts - Estate Planning Tools
The purpose of estate planning is to allow you to determine what happens to your property and your money when you die, as well as to preserve your wealth during your lifetime. There are import questions you must ask yourself to determine what your goals, your priorities and your concerns are. Estate Planning Attorneys can help you plan your estate according to these important considerations.
Elements of estate planning include creating wills and forming and funding trusts. There are different options that make sense for you depending upon the size and extent of your estate. For some, a simple will is all that are necessary. For others, a trust with a pour over will might be necessary. A very popular estate planning tool is the living trust. This allows you to create a trust while you are living and allows you to change the trust from time to time if you so desire. How you chose to create your will can have long term consequences. Wills not only allows you to say who gets your property when you die but estate planning can also help avoid taxes and also allows you to prevent your hard earned money and property from being lost.
Do you need to have a will in Idaho? You are not required to have a will in Idaho. Idaho has laws which determine who will get your property if you don't have a will. You have other options for transferring your property in addition to a will. For example, a living trust will also transfer your property. This option allows you to transfer your property out of your estate during your lifetime, eliminating estate tax, but allowing you to retain control of your property during your life.
There are many options in estate planning and many different instruments to help you create an estate plan that is right for you. If you want to plan your estate or you need to speak with a Boise probate attorney, give us a call at, (208) 472-2383. An experienced probate lawyer can make. Give us a call, or fill out the form to the right. Together we can make a plan that makes the best sense for you.