Any emancipated minor or 18 year old in Idaho can make create their own last will and testament as long as they are of sound mind and body. The only requirement is that the will be in writing and witnessed by two individuals that are able to verify that the will was legally signed. One of the problems with creating a will is the probate fees that are often involved.
What are Common Probate Fees?
In the state of Idaho the most common probate fees are the taxes and fees associated with any property left to an individual that requires a deed or title to be transferred. In many situations an estate consists primarily of property, which needs to be transferred. This includes cars, motorcycles, homes, and other real estate.
In addition to paying fees to transfer titles it is often necessary for individuals to pay death taxes and other fees in order to have the title or deed successfully transferred. Estate planning in Idaho often includes coming up with enough money to help heirs manage these expenses. The problem is that many estate planners do not take uncommon or unexpected probate fees into account.
Commonly Forgotten Probate Fees
What many people who are estate planning in Idaho forget is that probate often includes deciding whether or not a will is valid or not. This process can be stressful to heirs, especially when an attorney that specialized in estate planning did not prepare the will. It is always possible for an individual or several to make a challenge against the will disputing information.
Debts can also be charged against an estate. This often happens when the deceased has forgotten to take into account past creditors or anyone else that could come seeking money against the estate. In these situations a creditor can be paid using the funds from the estate. In some situations this process could take years and take most, if not all, of the money from the estate leaving the heirs in an extremely bad financial situation.
Avoiding Probate in Idaho
In order to avoid the loss of value in an estate there are ways to avoid probate in Idaho. When estate planning in Idaho and determining what should be left to which heir it is possible to add the heir as a joint owner on accounts or property. Doing this while living and adding a survivorship clause guarantees that your heir will inherit the property or money without having to go through probate.
