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.
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.
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.
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).
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.