RGC Tax & Estate Solutions PLLC: FAQ

What happens if you die without a valid will?

In the State of Idaho, when a person dies without executing a valid will, Idaho law determines who will inherit the property of the decedent.

If I only have a small estate, do I still need an estate plan?

Yes, regardless of the size of an estate, every adult should have an estate plan designed to clearly state your wishes and to take care of your family in the event of your incapacity or death.

Does my estate have to go through probate if I have a will?

Yes, probate is required to transfer legal title to the assets of a decedent to their heirs even if the decedent executed a valid will. For those decedents that have a will, the estate will be disposed of according to the wishes expressed in the will. For those decedents that do not have a will, the estate will be disposed of according to Idaho’s intestacy laws.

Why did my father’s bank refuse me access to his accounts after his death when he named me as his financial power of attorney?

That is because a power of attorney ceases to have effect once the principal (your father in this case) dies. The proper authority of an agent after principal dies is as a personal representative (in probate) or as a successor trustee (in post death trust administration).

What is the preferred business entity for a start-up business?

Determining the most beneficial business entity depends upon a variety of factors. Saving on taxes is generally the highest concern for start-up businesses however, there are other concerns as well such as the number and type of owners, type of product or services and type of profit distribution desired. For these reasons it is wise to consult a tax and business attorney when determining the best business entity for your new business.