Things You Should Know When Creating a Last Will and Testament in IdahoBy creating a free last will and testament in Idaho, you state what will be of your assets after your demise. The will determines the fate of things in your name which may include but not limited to your estate, your possessions, money, property, and your children. While we often think that wills should be created by senior citizens only, we shouldn't bind ourselves to this backward kind of thinking. You can create a form in Idaho at any age from 18. And if you are putting off the creation of the will because you think it is expensive, ditch the idea that you have to engage an estate planning lawyer. We recommend getting a free Idaho last will and testament form then enter the appropriate details. The form has fields which will guide you on what should be and what should not be in the will. Wondering why we insist on getting a will? Well, if you pass without a will, the state gets involved and as we all know, involving the government doesn't go well with our wishes. You also need a will because after putting in the hard work, shedding tears and sweat, you must have an opinion (which should be respected) on who gets what after your death, right? Lack of a will renders your spoken wishes irrelevant. Failure to express your wishes in writing means that your best friend, the person who's been through it all with your, will not get anything from your even if that was your wish. Often, money from your auctioned property easily ends up at the mercy of the government as it decides who gets what.
Are there laws that grant the government the power to distribute your property?Yes. Without a free last will and testament in Idaho, the state renders you intestate by invoking intestacy laws. These are the laws that apply to asset distribution for people who don't create wills (decedents). The decedent's asset distribution to the spouse will depend on the couple's owned property. Do they have separate or shared property? Also, is the decedent survived by children or parents? And in the absence of children, parents or spouses, are there surviving grandparents, siblings, aunts or uncles who could inherit the assets. What this tells you is that the state will only consider your family when distributing your assets.
Essentials of the last will and testamentAs you look for your will form, here are essential elements of the will-
BeneficiariesWho would you want to inherit your estate? And, what percentage do you allocate your beneficiaries? In the list of beneficiaries, write down all your children. Even in cases where you are not leaving anything to your kid(s), you must write down their names. This is important because it ensures that your will is not contested later on by their legal guardians or the kids themselves. So, air all your dirty laundry to protect your assets and the interests of the kids.
ExecutorThe executor of your last will refers to the person you to take care of things after your passing. An executor's primary role is to administer the estate left behind. While this is an honorable position, you need to keep in mind that it's a position that comes with tough obligations. This administrative role may be easy or tough depending on the complexity of the issues around asset distribution. Before you write down the name of the executor, confirm their willingness to take up that role.
- Among others, the leading roles of an executor include:
- Creating a copy and filing the will with a local probate court
- Giving notice of your death to the banks, government agencies, and creditors/.
- Setting up a bank accounts for incoming funds and payment of bills
- Filing a complete inventory of your assets with the court, as well as deciding on the necessary kind of probate
- Property administration and payment of taxes and debts to the estate.
- An executor will also distribute assets, dispose property, and represent the estate in court.