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A Letter of Testamentary?sometimes called a "Letter of Administration" or "Letter of Representation"?is a document granted by a local court. The document simply states that you are the legal executor for a particular estate and that you have the ability to act as such.
As part of the probate process, letters testamentary are issued by your state's probate court. To obtain the document, you need a copy of the will and the death certificate, which are then filed with the probate court along with whatever letters testamentary forms the court requires as part of your application.
Letters testamentary are granted to an individual if they have been named executor in the decedent's will. Letters of administration, however, are given to an administrator appointed by the probate court if the decedent died intestate, or without a valid will. Both documents grant the same powers to the holder.
Below are some of the steps involved in probating an estate in Idaho. Step 1: Getting Appointed as Personal Representative. Step 2: Secure Property. ... Step 3: Open an Estate Bank Account. ... Step 4: Ledger, Inventory and Accounting. Step 5: Contact Interested Parties.
If you factor in all fees, the cost of a probate attorney and any Executor fees, a basic, simple probate could average somewhere between around $2,000 - $3,000. Of course this range could drastically change depending on how complicated the estate is and other factors we've mentioned.
Specifically, in Idaho a probate is required after you die anytime your estate includes any assets that have a value of $100,000 or more. Additionally, a probate is required in Idaho anytime your name is on the deed to any real estate, homes, or land regardless of its value.
Typically, there are seven steps in Idaho's informal probate process: Initiate the Probate Proceeding. ... Acceptance of the Application and Issuance of Letters. ... Notice to Heirs and Devisees. ... Notice to Creditors. ... Inventory of Estate. ... Distribution of Estate assets.
There are only two ways that a person can be chosen to be the executor. The first and the best way is when a person has a written last will and testament where they nominate who they want to appoint as their executor.