2006 Legislation
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SENATE BILL NO. 1319 – Estate values, cap increased


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Bill Status

S1319................................................by JUDICIARY AND RULES
ESTATE VALUES - Amends existing law relating to the Uniform Probate Code to
increase the cap for estate values.
01/30    Senate intro - 1st rdg - to printing
01/31    Rpt prt - to Jud
02/09    Rpt out - rec d/p - to 2nd rdg
02/10    2nd rdg - to 3rd rdg
02/17    3rd rdg - PASSED - 33-0-2
      AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett,
      Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis,
      Gannon, Geddes, Goedde, Hill, Kelly, Keough, Langhorst, Little,
      Lodge, Malepeai, Marley, McGee, McKenzie, Pearce, Richardson,
      Schroeder, Stegner, Stennett, Sweet, Werk, Williams
      NAYS -- None
      Absent and excused -- Fulcher, Jorgenson
    Floor Sponsor - Sweet
    Title apvd - to House
02/20    House intro - 1st rdg - to Jud
03/06    Rpt out - rec d/p - to 2nd rdg
03/07    2nd rdg - to 3rd rdg
03/16    3rd rdg - PASSED - 62-0-8
      AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
      Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Cannon,
      Chadderdon, Clark, Collins, Denney, Edmunson, Ellsworth, Eskridge,
      Field(18), Field(23), Garrett, Hart, Harwood, Henbest, Henderson,
      Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews,
      McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Nonini,
      Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche,
      Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley,
      Skippen, Smith(30), Smith(24), Smylie, Stevenson, Trail
      NAYS -- None
      Absent and excused -- Bedke, Bell, Crow, Deal, Snodgrass, Wills,
      Wood, Mr. Speaker
    Floor Sponsor - Pence
    Title apvd - to Senate
03/17    To enrol
03/20    Rpt enrol - Pres signed - Sp signed
03/21    To Governor
03/22    Governor signed
         Session Law Chapter 160
         Effective: 07/01/06

Bill Text

  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   Second Regular Session - 2006
                                       IN THE SENATE
                                    SENATE BILL NO. 1319
                              BY JUDICIARY AND RULES COMMITTEE
  1                                        AN ACT
  4    Be It Enacted by the Legislature of the State of Idaho:
  5        SECTION 1.  That Section 15-3-1201, Idaho Code, be, and the same is hereby
  6    amended to read as follows:
  7        15-3-1201.  COLLECTION  OF PERSONAL PROPERTY BY AFFIDAVIT. (a) Thirty (30)
  8    days after the death of a decedent, any person indebted  to  the  decedent  or
  9    having  possession of tangible personal property or an instrument evidencing a
 10    debt, obligation, stock or chose in action belonging  to  the  decedent  shall
 11    make  payment of the indebtedness or deliver the tangible personal property or
 12    an instrument evidencing a debt, obligation, stock or chose  in  action  to  a
 13    person  or entity claiming to be the successor of the decedent upon being pre-
 14    sented an affidavit made by or on behalf of the successor stating that:
 15        (1)  tThe fair market value of the entire estate of the decedent which  is
 16        subject  to  probate,  wherever located, less liens and encumbrances, does
 17        not exceed seventy-five one hundred thousand dollars ($75100,000);
 18        (2)  tThirty (30) days have elapsed since the death of the decedent;
 19        (3)  nNo application or petition for the appointment of a personal  repre-
 20        sentative  or for summary administration is pending or has been granted in
 21        any jurisdiction; and
 22        (4)  tThe claiming successor is entitled to payment  or  delivery  of  the
 23        property, including entitlement as a trust pursuant to a will of the dece-
 24        dent.
 25        (b)  A  transfer  agent of any security shall change the registered owner-
 26    ship on the books of a corporation from the decedent to the successor or  suc-
 27    cessors upon the presentation of an affidavit as provided in subsection (a) of
 28    this section.

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE

                            RS: 15742

A Small Estate Affidavit is used to collect personal property of a
decedent without going through probate procedures.  Only personal
property, not real estate, can be collected, and the proper
successor must present the affidavit.  Current law sets the maximum
amount of such property, which most often is bank accounts, stock
accounts, vehicles, etc., at $75,000.00.  However, an increasing
number of cases have occurred where the amount of personal property
exceeds $75,000.00.  Therefore, this bill increases the maximum
limit to $100,000.00.  This also matches the normal maximum amount
that a bank account would hold, due to FDIC insurance limits.

                          FISCAL NOTE

This bill will have no fiscal impact.

Name:     Robert L. Aldridge, Trust & Estate Professionals of Idaho, Inc.
          Telephone: office: (208) 336-9880  Cell: (208) 631-2481

STATEMENT OF PURPOSE/FISCAL NOTE                        S 1319