Idaho Attorney Answers: When is Simple Will Adequate?

Idaho Attorney Answers: When is Simple Will Adequate?

A simple Will is generally suitable in Idaho only for a person for whom all of the following are true:  (1) They don’t own any real estate; and (2) They don’t have any minor children; and (3) the value of all that they do own is less than $100,000⁰⁰.

The heirs listed in such a simple Will can usually collect their inheritance without having to go through probate.  Their attorney will instead use an alternate process called “Collection of Small Estate by Affidavit.”  Such an approach is very adequate, but only in those limited circumstances.

But what if one doesn’t fall into this narrow group?

If a person owns any interest in real estate in Idaho, a probate will usually be required in order to move the title to the property into the name of the desired heir.  To learn more about the probate process and how it can be avoided, see the explanations on attorney Barry Peters’  web site here.  Although joint tenancy, life estate, or community property with right of survivorship forms of ownership may be used to avoid probate, care must be taken to insure that such is appropriate under all the circumstances.  Real estate in Boise, Meridian, Eagle, Star, Nampa, or other nearby communities – in fact, anywhere in Ada County or Canyon County – will normally force an estate into probate unless the owner’s lawyer takes special steps to avoid such an outcome.

If a person has minor children to whom he or she wishes to leave an inheritance, use of a simple Will can create a substantial burden for those heirs.  A better approach is to use a Will that includes trust provisions detailing by whom and how that inheritance is to be held and managed and the age or ages at which those children are to receive their share of that inheritance.  For additional material on this question, see Barry Peters’ suggestions here.

If a person owns property in Idaho with a total value in excess of $100,000⁰⁰, the process for collecting a small estate by affidavit is not available.  Idaho law does, however, permit a person to designate the person who is to receive the remaining funds held in a bank account or the remaining investments held in a stock brokerage account upon the death of the person who created that account.  Funds or securities held in such account will not be included in that person’s property for purposes of determining whether the $100,000⁰⁰ limit has been exceeded.  But even for a person using such designations, the ownership of any real estate will generally force the estate into probate unless a Living Trust or Family Trust has been created.

As should be evident from this brief discussion, the question of how best to avoid probate is multi-faceted.  The best answer for any given person will require consideration of many aspects of the situation.  That is why consulting with an attorney or lawyer who is experienced in the area of Wills and Living Trusts is so important.  Failing to do so may create unnecessary delays, expenses, and frustrations for those left to deal with such inadequate planning.

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Whether you live in Boise, Meridian, Eagle, Star, Nampa, or other nearby communities – in fact, anywhere in Ada County or Canyon County – for additional easy-to-understand information on Idaho Wills, Trusts, probate, and estate taxes, visit the user-friendly website at BarryPeters-Law.com.  Then call attorney Barry Peters’ offices at (208) 939-2600 for an expedited appointment to begin the process of setting up your own Living Trust.  Or, if you have questions, please call Barry for a free telephone consultation or visit his Q & A pages at BarryPeters-Law.com/common-questions.  As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.