Probate in Idaho is a topic causing much concern among people who have been involved in such a situation in one form or another. There are certain probate laws in Idaho that one should be aware of in order to avoid unpleasant situations and negative consequences. Probate court proceedings could be time-consuming, expensive, and stressful. If you ask someone who’s been through a probate process for advice, they’ll most likely recommend finding a way to avoid probate in Idaho. There are also steps you can take to avoid probate in Idaho and we’ll look into them in more detail later on in this article.
In this article, we’ll offer valuable information about avoiding probate in Idaho. To do this, we’ll explore the probate process in Idaho, see how it works, and look into the possibility of transferring on-death deeds for real estate.
How Probate Works in Idaho
For starters, let’s look at how probate works and what it actually is. If you’ve heard about a house in probate this means that the estate is getting settled under the supervision of the court. An individual, normally a surviving spouse or child over the age of 18, is appointed by the court in case of no will present or nominated by the deceased’s will. This person becomes the executor or Personal Representative. They obtain the legal right to take possession of and value the assets under the estate’s ownership, to take care of bills and taxes, and distribute the possessions to the heirs or beneficiaries.
The main objective of the probate process is to avoid fraud after a person’s death. It puts a pause on the property so that a judge can establish if the will is valid, if all individuals have been made aware, that the property has been identified and appraised, and that all taxes have been paid by the creditors. When all of these processes have been completed, the court gives an Order that distributes the property and the estate is considered closed.
Once the transfers have been settled, the new owner of the property can make any decision about the real estate. Some choose to sell a house by owner while others choose selling a house as-is.
When is a Probate Required in Idaho
It’s important to note that probate in Idaho is managed and controlled by Idaho statutes, which can be found in Idaho Code 15-1-101 through 15-4-401. The guidelines described in the Idaho Statute state that there are two circumstances that require probate. Let’s look at these two scenarios.
The first condition under which probate is required in Idaho is if an estate is worth $100,000 or more irrespective of the property that is included in the estate. The second condition that requires probate in Idaho is if an estate has any real property, irrespective of its value. Under probate lows, a Personal Representative can be appointed and has the power to transfer title to land that is included in the estate. Due to the fact that the decedent has passed away, they are no longer capable of agreeing and signing a deed to transfer title to the land. As a result, the court appoints a Personal Representative that will obtain this power.
The Probate Process in Idaho
The probate process in Idaho can be described in several simple steps. Here is what the process looks like in more detail:
Step 1 – With the presence and help of the court, you must fill out a petition for probate and for the appointment of a Personal Representative. This step can be done both with and without an original written will or testament.
Step 2 – The court will submit an order appointing the chosen Personal Representative and noting the presence or absence of a written will and the preceding of the probate by the laws of intestacy.
Step 3 – Any creditors will be enabled to make claims in the estate. They will find out about the situation as a notice to creditors will be submitted and published in a local newspaper where the decedent resided.
Step 4 – The property that was under the decedent’s ownership upon their death is listed and filled out by the Personal Representative in an inventory.
Step 5 – The Personal Representative makes distributions following the last will and testament of the laws of intestacy if there is no present will.
Step 6 – The estate is closed as a result of a statement filed by the Personal Representative and the probate is closed.
Now that you know the steps of a probate process in Idaho, it may be worth offering a probate timeline that will give you an idea of how much time the process will take.
How Long Does Probate in Idaho Take?
Another popular question is how long does probate in Idaho take. The probate length will be different according to the situation and a range of factors that establish the time necessary for completion. On average, the process requires at least half a year for it to be brought to an end. This is a duration set by law, as the Idaho statutes oblige the estate to be kept open for at least 6 months once the Personal Representative has been appointed.
However, there is no guarantee that the process will not take longer than that. In fact, in a lot of cases, the time required to deal with the property in an estate is much longer. Sometimes, probate has lasted for more than two years until it was closed. There are no barriers to the time necessary for completion and closing. The only obligation set by the statutes in Idaho is for the estate to be closed if the liability of the Personal Representative is coming to an end.
Avoiding Probate in Idaho
Now that you’re aware of what probate is, you may be wondering what you can do to avoid probate in Idaho. Avoiding probate in Idaho is possible under a few popular scenarios. Let’s go over them in more detail.
One of the things that you can do if avoiding probate is your goal is to make a living trust. A living trust can be made for any owned asset, including property, bank accounts, cars, and more. If you choose this option, you’ll have to create a trust document that outlines a successor trustee or someone who will be taking over as a trustee after your death.
Under this circumstance, you’re transferring ownership of the assets to yourself as the trustee of the trust. Upon completion, the terms of the trust will be the ones controlling the assets. After you pass away, the chosen successor trustee will have the option of transferring the assets of the decedent to the trust beneficiaries via an affidavit without the need for any probate court proceedings.
There are other possibilities of avoiding probate in Idaho related to ownership. Fr instance, joint ownership is a common option for avoiding probate. If a property is under the possession of two or more individuals or is in joint ownership, and the ownership consists of the “right of survivorship”, the owner that survives after the other owner has passed away automatically takes ful possession of the property. There will be no necessity for any transfers of probate processes to take place.
Under Idaho law, joint tenancy is available, meaning that real estate owned in joint tenancy will automatically be transferred to the surviving owners.
Transfer-on-death deeds for real estate
One popular option in some states is the transfer of death deeds. However, it’s important to note that the state of Idaho does not permit the transfer of death deeds for real estate. Transfer on death deeds can be seen as “beneficiary deeds”. They are similar to normal deeds for real estate that are used for making transfers of property. The only difference is that it only takes effect after your death. They’re simple to create, flexible as they can be changed, offer a simple process after your death, and are widely chosen as a way to avoid probate.
Probate in Idaho and any other state is a process that the majority of people are not looking forward to. The slow completion times, complex and lengthy documentation, the overall expense, and other factors make it an experience often associated with a negative journey. We hope you’ll find this information useful when it comes to avoiding probate in Idaho. We’ve shared with you the basic essentials you need to know about probate, we’ve gone through the process, and have shared with you some valuable tips on how you can avoid it.
We are available to answer any further questions you may have, all you have to do is reach out to us. If you’ve been searching for ways to sell your house fast in Boise, our experts can support you with professional advice and guidance. In case you’re interested in additional information about probate, you can check out our case study on the topic.