Probate/Trust Estate Administration

The loss of a loved one is one of the most stressful events that a person experiences.  We understand that you are grieving for the loss of a loved one.  If you are responsible for settling the Estate, we can help you with the legal process efficiently and compassionately.

After the death of a loved one, the process of managing assets, paying bills and making distributions to his or her beneficiaries is called Estate Administration.  If the deceased person had a Will or no planning, the Estate administration takes place in the local probate court.  There may be no need to go through the probate process if the person had a Trust or had beneficiaries named on his or her assets.

Probate Administration

The term probate refers to the court-supervised distribution of a person’s assets after he or she has passed away. It is a time-consuming, frustrating, public and needlessly expensive process. How long does the process take? It depends on the size and complexity of the estate, and the local rules and schedule of the probate court. In general, most probates require all of the following, and sometimes, much more:

• Filing a petition with the probate court
• Notice to heirs named in the Will or, if there is no Will, to statutory heirs
• Petition to appoint a  Personal Representative (if there is a Will) or an Administrator
• Inventory and appraisal of all estate assets
• Payment of estate debt to creditors
• Sale of estate assets
• Payment of estate taxes
• Final distribution of assets to heirs

We can help your loved ones avoid the probate process by utilizing a variety of strategies and tools. One of the most powerful of these is the Living Trust.

Trust Administration

The process of administering a Trust varies depending on the terms of the Trust.  However, generally, all Trustees are responsible for the following:

• Identifying all of the assets owned by the Trust
• Determining the value of said assets
• Identifying the beneficiaries of the Trust
• Providing certain information to those beneficiaries
• Accounting for how Trust resources are managed
• Making distributions to beneficiaries
• Paying taxes, debts and final expenses
• Posting for creditors

We can help you understand your responsibilities as Trustee.  We can also help you to efficiently administer the Trust by working closely with you and other Trust advisors, including your financial advisor, accountant, and other trusted advisors.