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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
]]]] 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
2 RELATING TO THE UNIFORM PROBATE CODE; AMENDING SECTION 15-3-1201, IDAHO CODE,
3 TO INCREASE THE CAP FOR ESTATE VALUES AND TO MAKE TECHNICAL CORRECTIONS.
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
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.
CONTACT:
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