After a loved one passes away, probate can be a complicated legal process. Let a professional handle your estate so that you can avoid making a mistake during this difficult time.
The death of a loved one is an emotional time for his or her family members; those left behind must often deal with stressful decisions as to how that loved one’s estate should be handled. This can be a difficult time, and it is often necessary to take important steps within the legal system following a death in the family. Two of these steps can be estate administration and/or trust administration.
Estate administration entails numerous steps. The number of steps required depends upon the value of the estate, if the person died with a will or intestate, and many other legal stipulations.
Some of the steps include:
- Filing specific documents with the court which can include: Application for Spousal Years Allowance
- Application for Letters Testamentary
- Probate of the Will
- Application for Probate, with or without qualification
- Ninety Day
- Notice to Creditors
- Payment of taxes and debts
- Division and distribution of assets
Probate is the court-supervised process by which the executor of the deceased person’s estate ensures that all debts and taxes of the estate are paid and that all property goes to the people who are intended to received it after death. Probate is not necessary if a person had a well-drafted and funded trust, in which case trust administration will be necessary. Also, not all assets pass through probate.
A trust that has been properly funded can avoid probate. However, every trust is different depending on the needs of who created the trust. Not every trust administration is simple. There can be numerous issues for the trustee to manage. At the death of a grantor, the trustee should contact an experienced attorney to assist with administering the trust. It is important for the trustee to understand their fiduciary responsibilities and individual liabilities if they do not follow the trust provisions correctly.
Our experienced professionals can guide you through the legal processes required at death: paying proper claims, tax filings, accountings, asset divisions, and final distributions. Don’t make a mistake with your loved one’s estate at their death. This complicated process needs to be handled by a professional. Contact W.G. Alexander & Associates today to see what we can do to help you.