Is Probate Right for You?
Probate is a judicial proceeding in which a judge supervises the disposition of a person’s assets after they pass.  In Idaho, probate is required if you own real estate (unless that real estate is placed in a Living Trust), or if you have assets worth over $100,000.  Probate costs vary but typically range between $3,000 to $5,000.  Probate takes a minimum of six months.

In some situations, taking your estate through probate makes sense.   For example, if:

  • You anticipate complex creditor issues. If you know that when you die there is a high likelihood that your estate will owe more money than you have, probate can be a good forum to sort out complex creditor issues.  A judge will review each creditor’s claims and decide how to divide the assets amongst the various creditors.  The judge’s decision is final, which ensures that there are no outstanding issues for your loved ones to resolve once probate concludes.

  • You anticipate a high degree of conflict among your beneficiaries. Probate may also be a good option if you think there will be a dispute over how your assets are distributed when you die.  As with the creditor claims, a judge will weigh each family member’s claims and once a decision is made, it is final.  However, in our experience, a well drafted estate plan that is communicated to your loved ones before your die significantly decreases the likelihood that your estate will be contested.  
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For most people, however, probate is an unnecessary hassle for several reasons: 

  • Your loved ones must hire an attorney to help them with the process, which can be a challenge if they live out of state. 

  • Probate filings are available to the public.  Your Personal Representative must file a copy of your Will and an inventory of everything you owned when you died.  In some cases, they also must file a list of the people who receive your assets and how much they receive.  This may not be information that you want to have made public.

  • Probate delays the time when your beneficiaries receive their inheritance, usually by four to six months. 

  • Other than the limited situations discussed above, there is no benefit to your loved ones from the probate process.  

In contrast, with a Revocable Living Trust, your estate can avoid probate all together.  With a Revocable Living Trust, your trustee  distributes your assets pursuant to the terms you set without Court supervision and no public fillings. The only people who know the value of your estate are your beneficiaries, and, if you so choose, the beneficiaries may only know the amount they have inherited, and not the total value of your estate.  Click here for more information about the benefits of having a Revocable Living Trust.

If you have questions about the pros and cons of the probate process,
​please give us a call or send us an email.