Probate
Probate is simply the legal procedure your estate goes through after you pass away. During this legal proceeding, a court will start the process of distributing your estate to the proper heirs.
Probate is a court-supervised proceeding that authenticates your Will (if you have one) and approves your named Personal Representative (Executor) so he or she can distribute your property and belongings. During the probate process, all your assets must be located and assessed for total value. Once that is done, taxes and debts are paid and the remaining value of the estate is distributed.
In cases where there is no Will (meaning your estate is intestate), this process becomes more complicated. Because there is no documentation stating your final wishes, it is up to the courts to handle proceedings and make all decisions for you pursuant to the State’s intestacy laws.
Unless you properly plan, your estate will go through the probate process. That said, the process is greatly simplified, or potentially even totally avoided, when you have a solid Estate Plan in place. The more planning you do now, the easier it will be on your loved ones after you pass.
Trust Administration
When a loved one dies and they have a trust, the process of trust administration will need to be undertaken.
Trust administration refers to the trustee’s management of trust property according to the trust’s terms and for the benefit of the beneficiaries after death. Many steps are required to safeguard effective administration. It is recommended to work with an attorney to help facilitate the process for the trustees throughout the process.
Here to Help
Whether you are the trustee, personal representative, guardian, conservator or beneficiary, we will assist you in navigating the challenges of court, taxes and trust requirements as simply and painlessly as possible.
Trust administrations, probates, guardianships and conservatorships impose many responsibilities. We will guide you through the process of finding and collecting assets, preparing an inventory, opening and closing bank accounts, notifying heirs and beneficiaries, preparing tax returns and paying taxes, dealing with creditors, preparing accountings and fulfilling reporting requirements, preserving and liquidating assets, along with complying with all court requirements and deadlines.
