What is an estate distribution plan and how does it work?

An estate distribution plan is a set of instructions that specifies how an individual’s property and assets should be handled after their death. In Idaho, an estate plan is legally binding and its instructions are typically followed when distributing assets in accordance with the person’s wishes. When creating an estate plan, an individual typically drafts a will that outlines their wishes for distribution of assets. Other estate planning documents, such as trusts and powers of attorney, can also be used as part of the estate plan. The estate plan may also name someone to become a personal representative, sometimes referred to as an executor. This person is responsible for ensuring that the estate plan is followed. Once the individual has passed away, the court is responsible for granting the executor of the estate the authority to act on behalf of the estate. The executor is then responsible for gathering all of the assets of the estate, including property, investments, bank accounts, insurance policies, and other assets. The executor then works with attorneys to obtain the necessary court orders and approvals. Once all of the assets have been collected, the executor distributes the assets and property in accordance with the estate plan. This includes transferring assets to individuals and organizations named in the plan, paying any outstanding debts, and filing any necessary taxes. Once all of the assets have been distributed, the executor closes the estate and any remaining assets are distributed to the named beneficiaries.

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What is an estate distribution plan and how does it work?

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