We will walk you through the best options for setting up the perfect business structure for you. We will create your documents, set up your business with the appropriate federal and state authorities and create and file annual business documents.
A will provides a mechanism for you to make the decisions regarding the administration of your estate and the timing and terms of distribution of assets. In the absence of a will, such decisions would be made by the state pursuant to the laws of intestate succession or a court. For example, by having a will you are able to designate your personal representative, the person responsible for administering your estate. You are able to control who receives your assets and when. You are also able to designate who will be the guardian of minor children in the event something were to happen to both you and your spouse. In the absence of specification of your wishes by a will, a court would have to make these types of decisions in reference to applicable laws and the court's discretion.
A trust can be a very useful tool for taking care of young children, a surviving spouse, avoiding substantial tax consequences upon death, and can be used to avoid probate when beneficial to do so. While trusts are a useful tool they are not appropriate for every person in every situation. It is important to explore your options carefully. If you have a fairly simple estate and your children are grown, there may be less expensive options that are available.
ESTATE PLANNING & PROBATE
Upon the death of a Decedent a new entity called the Estate of John Doe comes into being as a legal matter, as a part of the Probate process.
Probate in Idaho is quite fast and fairly inexpensive. The steps of probate include:
1. Client intake;
2. Admittance of the Will and appointment of the Personal Representative;
3. Acceptance of appointment;
4. Creditors and heirs are provided with notice;
5. Payment of all debts and claims;
6. The distribution of the assets of the decedent in accordance with the Will or intestacy.