Based in Idaho, serving clients nationally
Probate and Trust Administration Attorney
Based in Idaho, serving clients nationally
Probate and Trust Administration Attorney
Most people want to ensure their assets and life’s work are properly passed on to their loved ones after they’re gone.
But how can you ensure the distribution will be fair and in accordance with your wishes?
There are two main options: probate and trust administration.
If you create a will, your assets will go through the probate process, when the court oversees the transfer and administration of affairs and assets.
However, if you choose to set up a trust, you will name a “successor trustee” to assume control of the trust and deal with asset administration upon your death.
There are pros and cons to each of these processes, but our team at Generations Law Group is prepared to sit down and go through the details of your case with you to determine the best situation for you, your family, and your legacy.
Probate in Idaho
Many people find the idea of probate to be intimidating — your will becomes public record, and the court becomes charged with overseeing the administration of all your assets to the proper beneficiaries.
However, probate is not as complicated as it sounds, particularly when you have a probate attorney team on your side.
Each state has slightly different regulations for the probate process.
In Idaho, probate is required in two circumstances:
- If an estate has a value of $100,000 or more, regardless of the property that is contained in the estate; or
- If an estate holds any real property, regardless of the value of the real property.
If your estate qualifies for probate, the court will appoint a Personal Representative to transfer title, since you (the property owner) are no longer able to sign a deed to transfer it.
What does the probate process look like?
The probate process in Idaho typically takes about 6 months, but can drag out for longer periods of time depending on the circumstances — particularly if there are disputes among the family members and beneficiaries.
Some of the documents and other important elements the Personal Representative will need to collect for the probate process include:
- Copies of the death certificate
- Copies of the will or trust
- Financial information and documents of your loved one
- Estate property and assets
In general, however, probate can go fairly quickly and smoothly with the aid of dedicated probate attorneys.
Call for a consultation: 208-401-9300The steps are typically as follows:
Trust Administration in Idaho
A trust is created so that people can continue to manage their assets and estate during their lifetime with a plan for these affairs after their death. The ideal trust clearly outlines this person’s wishes to their family, heirs, and beneficiaries, explaining real estate, personal family items, and even guardianship clarifications.
There are many types of trusts, including revocable (living) trusts and irrevocable trusts. As the names might suggest, revocable trusts can be changed and amended during your lifetime, but irrevocable trusts are set in stone.
Other differentiations of trusts include:
- Family
- Life insurance
- Special needs
- Marital
- Pets
- Charitable remainder
What does the trust administration process look like?
The “successor trustee” is the person named in the trust who will assume control of the trust after the creator dies. The successor trustee should normally be alerted of this role ahead of time.
Once the creator of the trust dies, the successor trustee should set a timeline and a budget for the trust administration, seeing as the court will not be intervening.
The next steps in the trust administration process include:
- Notifying the beneficiaries of their role in the trust
- Identifying trust assets
- Opening a trust bank account
- Paying debts and filing tax returns
- Obtaining titles and appraisals
- Keeping accurate records of the trust administration
- Closing the trust once all tasks have been completed
Because each trust and each family is different, it’s difficult to know how long the trust administration could take, but hiring an experienced team of trust administration attorneys can definitely help take pressure off the successor trustee during the process.
“I highly recommend Generations Law Group, LLP. Tom is a true professional. Although creating a trust can seem daunting, Tom made the process smooth and seamless, handling all of the small details quickly and efficiently. When there was a change to the trust, Tom was there to provide much needed guidance and advice, providing lists of items that needed handled, and providing excellent referrals for other attorney services. Generations Law Group, LLP is knowledgeable, thorough, responsive, and a pleasure to work with.”
- Christy H.
How Generations Law Group Can Help
If your family is dealing with the probate process, a probate attorney can help with everything from getting property appraised and finding all of the decedent’s assets to resolving tax issues and managing the estate’s checkbook.
In trust administration processes, attorneys can help you understand documents and administer the estate, as well as dealing with court proceedings and settling disputes.
Our team of compassionate attorneys at Generations Law Group has decades of combined experience in probate and trust administration. Let us guide you through the process. Get started by contacting us to set up your initial consultation.
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