How To Manage Probate, Trusts And Estate Administration
Probate administration is a judicial process whereby an individual’s assets are distributed according to either the individual’s last will and testament, or, if there was no will, according to state law.
The probate administration process is time-consuming, public, and usually expensive. The goal of an estate plan is to avoid probate administration by using either a revocable trust or an irrevocable trust and funding the trust before death.
Our Attorneys Understand The Full Process
If a revocable trust (sometimes referred to as a “living trust”) is used, no separate income tax return is required and the individual’s Social Security number is used to identify the accounts prior to death.
If the decedent dies with so-called “probate” assets, meaning assets the individual owns directly (not including IRAs with a specific beneficiary designation other than the estate), the process begins with a petition filed with the Probate Court.
You must include a copy of the will or a statement that the decedent died without a will. Notices must be sent to all the heirs, who then have an opportunity to contest the will.
If no objections are filed or if objections are dismissed after litigation, the will is allowed and the process of collecting the assets begins. An inventory must be filed 30 days after the date of appointment and accounts are required to be filed each and every year.
The lawyers at the Elder Law Centers can guide you through the probate administration process to assure all legal requirements are met and the property is properly distributed.
We can also help with your estate administration needs.