What happens if I don't have an estate plan?

If you don’t have an estate plan in Idaho, the state will decide how your assets (property and money) will be distributed. If you have an immediate family, they are usually the ones who will benefit from your estate’s assets. The state decides who will be the administrator or executor of your estate, which can be someone other than your family. Depending on the size of your estate, there may be taxes or other fees associated with it. Without an estate plan, the state will use the laws of “intestacy” to decide who will receive your assets. These laws determine who can inherit from you and in what proportions your assets are to be divided. The process can be lengthy and expensive, so it is always best to have an estate plan in place. Having an estate plan is important because it allows you to state your wishes in writing. It also enables you to name who you want in charge of managing your estate and distributing your assets. It can also help you minimize any taxes or fees related to your estate. Lastly, an estate plan can give you peace of mind that your wishes are carried out in the event that you’re no longer alive.

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What happens if I don't have an estate plan?

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