If you receive an inheritance, it can change your financial situation for the better. However, because of Idaho probate laws, you may not see your funds for months or years. What can you do if you need cash fast?
Rockpoint Probate Funding allows you to access your funds before the estate finishes probate. We don’t require a credit check, verify your income, or restrict how you can use the cash. You simply provide us with some basic information, and we send you cash fast — often as soon as today.
To help you make an informed decision, here we provide an overview of the Idaho probate process.
What Does Idaho Probate Involve?
In the simplest terms, probate involves verifying a will and distributing assets to heirs. More specifically, it is the legal process of reviewing the deceased person’s property, identifying beneficiaries, calculating assets, settling outstanding debts, and dividing remaining assets among the legal heirs.
Probate also helps when someone dies without a will. The court will appoint an estate executor, who must protect and distribute the property according to Idaho intestate succession laws.
Does Idaho Require Probate for All Estates?
Idaho requires probate in most cases. However, the state permits four methods of settling an estate:
- Small estate affidavit: If the estate is worth less than $100,000 and does not involve real estate, an heir may complete an Affidavit Collecting Personal Property of Decedent without going to probate court. The heir can claim the assets after a 30-day waiting period.
- Informal probate: For estates with an original signed will or uncontested estates without a will, informal probate may be the right option.
- Formal probate: Unsettled or unclear estates must go through formal probate. Examples include questions about the will’s validity, objections to the appointment of the executor, or disputes over legal beneficiaries.
- Summary administration: Idaho law allows for a more streamlined procedure when the surviving spouse is the only beneficiary.
Which Assets Don’t Require Idaho Probate?
Thankfully, for heirs, not all assets must go through probate. The following property goes directly to the beneficiaries upon the owner’s death:
- Jointly owned assets
- Life insurance proceeds
- Retirement accounts like IRAs and 401(k)s
- Property in a living trust
- Assets with transfer-on-death or pay-on-death designations, which can include vehicles, real estate, securities, and bank accounts
What Is the Idaho Probate Process?
Probate in Idaho must stay open for a minimum of six months. However, most cases take eight to 12 months to complete, barring complications or delays.
Idaho probate involves the following steps:
- Initiating probate: The probate petition, the will, and the death certificate are filed with the court to open legal proceedings.
- Appointing an executor: The judge appoints a personal representative (also known as an executor), either the person named in the will or the surviving spouse or an adult child if there is no will.
- Notifying heirs: The personal representative notifies all legal heirs and any other organizations or individuals who stand to inherit a portion of the estate.
- Notifying creditors: According to the Idaho Uniform Probate Code (UPC), the personal representative notifies creditors. Creditors typically have four months to file a claim on the estate.
- Cataloging assets: The personal representative inventories all the assets the deceased person owned when they died.
- Settling liabilities: The personal representative pays outstanding debts, files taxes, and pays taxes for the estate. The court decides which creditors to pay if the estate is not large enough to cover the debts.
- Distributing property: The personal representative distributes all remaining assets and asks the court to close probate.
What If Someone Dies Without a Will?
Without proper estate planning, the state (rather than the decedent) decides the distribution of property. When someone dies without a will, their property goes to surviving family members in the order and amount outlined in the Idaho UPC. For example:
- If the decedent wasn’t married but had children, their children inherit the entire estate.
- If they were married but had no descendants or parents, the spouse inherits everything.
- If they had no spouse or descendants, their parents inherit everything.
- If they had no immediate family, their grandparents, siblings, nieces, nephews, and cousins receive everything.
- Foster children and stepchildren have no rights to the estate if the decedent never legally adopted them.
How Much Are Idaho Probate Fees?
The cost of Idaho probate varies greatly by the size and complexity of the estate but may total several thousand dollars. The money to pay these costs comes from the estate funds.
Common probate fees include the following:
- Court filing fees
- Legal fees, if an attorney works on the case
- Executor compensation, which can be an hourly rate or a percentage of the estate value
- Professional fees, such as for appraisals, land surveys, or accounting services
- Probate bonds, which courts sometimes require to protect the estate (especially in disputed estates)
Can I Receive My Idaho Inheritance Early?
Your pending inheritance may be just the financial boost you need, but it doesn’t help you pay bills now. If you can’t wait months or years for Idaho probate to come through, an inheritance cash advance may be the answer.
At Rockpoint Probate Funding, we can give you cash while your probate case is still pending. Often called “estate loans, “inheritance loans,” or “probate loans,” this funding differs from traditional loans in several important ways:
- Non-recourse funding: You don’t have to repay the money if you don’t receive your inheritance.
- No minimum credit score: We don’t check your credit or ask about your income.
- No spending restrictions: Unlike a mortgage or a car loan, your funds are not tied to a specific purchase.
- Quick processing: We can evaluate your application and send your funds in as little as one day.
- Private transactions: We don’t share your personal data with third parties.
Access Your Inheritance Today With Rockpoint Probate Funding
After reading what Idaho probate entails, you may be concerned about when you will receive your inheritance. If you need cash now, Rockpoint Probate Funding can help. Contact us online or call (888) 263-8588 today.
