Estate & Trust Administration
Trust and Estate Administration Defined
An estate is a collection of all personal belongings, real estate, digital assets, financial assets, stock, and any other items or assets in the name of or owned by a person. When a person passes away, those items need a new owner. An estate plan directs where those items might go and who those new owners will be. Even without an estate plan in place, there is a default owner determined by state laws. Regardless, administering an estate means documenting all of those items and assets, and distributing them properly, whether according to the estate plan, or by the default state laws. If an estate plan is in place, some assets may be in the name of a trust with special rules, governing where those assets might go and how they are distributed. This is where trust administration comes into the picture. Fiduciary responsibilities, fall upon a trustee, or the distributor, to follow the exact wishes of the deceased person, according to the trust.
Probate
In some cases, probate may be necessary in order to give access or power over an asset to an executor or a trustee. Probate is a public court process involving a judge who determines who should be in charge of the distribution of assets after someone passes away. An estate plan can minimize or eliminate the need for this probate process. A properly funded estate plan allows the probate process to be avoided completely, and the distribution of assets to remain confidential. We assist in informal probates, where all errors are in agreement with a distribution of assets and the person that should be in charge when someone passes away. Formal probate may be required when parties do not agree. Formal probate includes hearings and will be a much longer process.
Probate
In some cases, probate may be necessary in order to give access or power over an asset to an executor or a trustee. Probate is a public court process involving a judge who determines who should be in charge of the distribution of assets after someone passes away. An estate plan can minimize or eliminate the need for this probate process. A properly funded estate plan allows the probate process to be avoided completely, and the distribution of assets to remain confidential. We assist in informal probates, where all errors are in agreement with a distribution of assets and the person that should be in charge when someone passes away. Formal probate may be required when parties do not agree. Formal probate includes hearings and will be a much longer process.
Reducing the Burden
Trust and estate administration can be burdensome and difficult. Family relationships, and the distribution of assets generally do not go well together. If you find yourself in a constant state of stress, trying to please everyone or confused about a loved one’s wishes, we can help. We facilitate the communication between current executors and trustees, and the airs to which they are responsible to distribute assets. We work with financial and other institutions to ensure trustees have access to the assets that require distribution. We reduce the anxiety that might come with not knowing how this process works or never having done it before.
