Owning a home + becoming a homeowner is full of excitement & a process full of steps that we help guide you through. One step that you may want to look into if you are already a homeowner or are thinking of becoming one, is contacting an attorney to make an estate plan.

A home is typically one’s largest asset. If & when you are to pass, that asset must go somewhere. Recently, we got to sit down with Shaila Buckley Law & become more educated on what they do- part of that being estate planning. A well-thought out estate plan can help make it clear who gets your assets when you pass, including your home. If you do not have an estate plan, the court will step in & distribute your assets according to state law. This may play out how you would have wanted to, but it may not.  

They gave the great example of Prince, the musician. He died intestate (without a will) & his assets took five years to be divided + determined. They may have been applied how he wished, but we really will never know. 

So, learn from Prince & look into estate planning. 

There are two types to look at: a will & a revocable living trust. One of these keeps your home out of probate in Idaho - a revocable living trust. Probate is a judicial proceeding in which a judge supervises the distribution of a person’s assets after they die. 

Why may you want to avoid probate? Or really, why would you want your heirs to avoid going through the probate process? It can be very expensive, timely, public & cumbersome. A revocable trust can also avoid probate in multiple states if you own property in more than one. 

All that being said, I am not an attorney & am not here to give you legal advice, but I am a real estate agent that wants to help you + provide you with information on how to best handle your home(s). After another event learning about estate planning, we will definitely be getting ours set up so that we ensure that our properties will go to our daughter if we are to pass unexpectedly.