Idaho Agreement to Execute Mutual Wills
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How to fill out Agreement To Execute Mutual Wills?
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FAQ
When an Idaho property owner dies without a will and has no heirs, the property may go to the state through escheat. This process allows the government to take ownership of unclaimed property. It is important for individuals to consider an Idaho Agreement to Execute Mutual Wills to ensure their assets are distributed as they wish. Creating a will can help avoid unintended outcomes like escheat.
Starting from the date of death, the executors have 12 months before they have to start distributing the estate. This allows time to gather information on the estate and check for potential claims. The executors have no obligation to distribute the estate before the end of the year.
Typically the process takes at least 6 months. This is because Idaho statutes require the estate to remain open for at least six months after the appointment of the personal representative. Sometimes however it takes longer to deal with the property in an estate.
For example, spouses often choose to leave their estates to each other with a gift over to their children upon the death of the second spouse. Reciprocal wills could be joint, mirror or mutual, but joint wills (one will made by two people) are not legal in Ontario.
When is Probate Required in Idaho? In Idaho, probate is required if you own any real estate or if you own possessions with a total value of $100,000. The only situation where probate is not required is if you die without any real estate and you leave total assets of less than $100,000.
Under Idaho law, a will must be filed with the court with reasonable promptness after the death of the testator. Idaho Code § 15-2-902. So, after you pass away, your will should be filed in your local probate court by the person named to be your personal representative (also called an executor or administrator).
The requirements for mutual wills are: there must be an agreement between the individuals who made the wills, which amounts to a contract at law; the agreement must be proven by clear and satisfactory evidence; and. it must include an agreement not to revoke wills.
As an Executor, you should ideally wait 10 months from the date of the Grant of Probate before distributing the estate.
It's also important to note that whilst normally getting married would revoke any previous Wills made, if one of the couple from a mutual will has passed away, a contract has been formed which is not revoked by marriage.
A mutual will's purpose is to ensure that property passes to the deceased's children rather than to a new spouse if a living spouse remarries after the death of the other.
