As you can imagine, the entire process of settling an estate requires intense intervention and supervision of a court and its appointed officers.
When an individual passes away, he or she leaves an estate that is to be inherited by a spouse, an adult child, or any other beneficiary. Different states have varying probate procedures that occur when during the death of a loved one.
If you are inquiring about the probate process in Idaho, it can be difficult to understand the intricate details concerning the remaining value of your entitled estate. A Coeur D’Alene probate lawyer can help.
In order to understand more about the probate process in the state of Idaho, here is some vital information to assist you.
The Basics Of Probate In Idaho
In legal terms, probate is the process in which an estate is processed by a probate court. Under the supervision of this court and in the absence of an appropriate will, the surviving spouse or adult child is appointed by the court to become a personal representative or executor of the estate.
With this title, the executor will have the legal power to gather and estimate the value of the estate’s assets to pay the bills and taxes that the estate owes. After this, the executor then distributes the remaining assets to the beneficiaries or heirs.
The basis of probate is to prevent the mishandling of an estate left behind by a deceased person. In simple terms, a probate eliminates the chances of an outsider occupying the home of a person who dies.
Until a judge determines the authenticity of the will, notifies the people involved with the estate, and supervises the required payments to creditors and tax collectors, the estate will be frozen.
After all of these tasks are carried out, the probate court will issue an order distributing all properties to its beneficiaries, and the estate will be effectively closed.
Do All Estates Require Court Supervision?
Truth be told, not all estates are subject to supervision by a probate court. If a specific estate does not meet specific criteria in the state of Idaho, it is deemed to be a “small estate” and doesn’t require supervision on behalf of the court to be settled.
In addition, all assets are simply not required to endure the probate process. In fact, some types of assets are distributed immediately after the death of the owner without probate.
One of the most common types of assets that does not require probate is known as joint tenancy. In this situation, one joint tenancy retains the ownership of an entire asset is the other tenant dies.
For example, if Marie and Moses Marshall both own a home, they are both subject to joint tenancy. If Moses dies, his wife becomes the heir to their asset without the need for probate.
Another common kind of assets that do not require probate are life insurance policies or retirement accounts. Upon the death of the policy or account owner, the beneficiaries are fully entitled to receive the following assets.