Detailed Answer
When you administer a decedent’s estate in Idaho, the personal representative must collect assets, pay debts and expenses, and distribute the remainder to heirs or beneficiaries. Idaho law grants specific options for converting personal property into cash to reimburse estate expenses and equalize distributions.
Powers Under Idaho Code
- Private Sale – Under Idaho Code §15-3-1005 (idaho.gov), you may sell personal property at a private sale if the terms are fair and no interested party objects within 10 days after notice.
- Public Sale (Auction) – Pursuant to Idaho Code §15-3-1006 (idaho.gov), you may conduct a public auction after court approval and required notice.
Private Sale Process
- Appraise items not specifically devised.
- Give written notice to heirs and creditors.
- Wait the 10-day objection period.
- If no objections, confirm sale at or above appraised value.
Public Auction Process
- File a petition in probate court for sale approval.
- Publish a notice of sale in a local newspaper at least seven days before the auction.
- Hold the auction publicly to the highest bidder.
- Return to court for confirmation of sale.
Reimbursement and Equalization
After sale proceeds arrive, Idaho Code §15-2-503 (idaho.gov) requires paying funeral expenses, debts, taxes and personal representative fees before distributions. Once obligations clear, you may divide the net proceeds equally or allocate cash to balance distributions of in-kind gifts.
Example Hypothetical
A decedent owned artwork worth $20,000 and unpaid funeral bills of $5,000. The representative sells the artwork at auction for $18,000. After paying the $5,000 expense and a $1,000 administration fee, $12,000 remains. If the decedent had two heirs, each earns $6,000, equalizing distributions.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a licensed attorney in Idaho for guidance on your specific situation.
Helpful Hints
- Keep detailed records of appraisals and notices delivered.
- Consider multiple bids or appraisal sources to ensure fair value.
- Discuss proposed sales with heirs early to avoid objections.
- File required notices in the correct county publication.
- Review court rules on timelines and confirmation hearings.
- Retain all receipts for expenses you intend to reimburse.