Probate and Trust Administration Lawyer
Heard of probate? It is a highly supervised process for distributing assets of a person who has died. Property is given to the rightful beneficiaries following the instructions of the will. The entire probate process starts after the death of the owner and the designated individuals in the legal will must start administering the estate as per the will along with terms.
Probate administration can be difficult, and the people you have chosen must have a qualified legal advisor to help manage the legal process. They need to follow critical steps in properly administering the estate.. They must keep records of your assets, maintain full financial reports, receive benefits, pay bills, provide tax returns, just to name a few. Eventually, they need to distribute and divide your assets to the people or foundations you named in the legal will. Probate administration requires a lot of time. . We can guide your chosen ones through the rules with sensitivity and as efficiently as possible.
Why Is it Necessary to Employ a Probate and Trust Attorney?
The entire process of probate and trust administration is very complex. It has lengthy paperwork process regarding creditors, financial accounts, real estate, possibly retirement plans and insurance policies. All while paying attention to the designated beneficiaries.
If there is no will or trust, the assets entitled to the legal heirs will be determined by the state intestacy laws.
Here are some examples of what the personal representative has to settle:
● Hire an attorney
● Gather several documents for the proper administration: Will, death certificate, funeral bill, last medical records, creditors, list of assets, list of heirs, etc…
● Take control or administration of property and assets
● Decide who acquires estate assets
● Value assets
● Make an index of the assets of the inheritance
● Control, defend and protect the estate until the distribution, disposal or liquidation
● Give notice to and compensate the appropriate creditors
● The filing of the owner's last tax return
● Complete the payment of estate tax, if necessary.
● Provide definitive accounts
● Divide the property
Probate can be a complex and challenging time. In most cases, it is necessary to hire a knowledgeable and dedicated probate attorney who can supervise clients at each level of the process.