Trust and Probate Administration
A proper estate plan is only complete when you designate individuals to follow through on your wishes. Unlike wills, trusts afford the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Trusts can also be beneficial while the donor is alive to minimize taxes.
Probate
Probate is the process by which the court transfers assets from a person who has died to his or her heirs. First, however, the court must ensure that all of the decedent's debts and taxes are paid. In some cases, probate can be relatively fast and inexpensive. But in most situations it is a frustrating and needlessly expensive process (thanks to attorneys fees, finding fees, court costs, other costs such as bond premiums) that lasts 16 months on average. Complicated cases can go on for years.
- At the law firm of Altman & Associates, we utilize over 40 years of combined experience and the latest information and technology in order to provide you with the most thorough estate planning services possible. We offer many administrative services that uniquely suit the estate planning needs, goals and objectives of any family in any situation.
- If probate is necessary, we will handle all of the administrative and legal details associated with the probate process. Our trust & probate administration attorneys will stand by you in probate court and represent you to the fullest extent necessary.
- For those who have recently lost a loved one, the processes needed to effectively distribute the lingering estate may be extremely stressful. We will responsibly dispense the assets according to the applicable documents and desires of the decedent.
Probate can be relatively inexpensive in a few cases:
- The decedent's assets are under $100,000, there is no real property in the estate and there is no claim by Med-Cal
- A surviving spouse inherits all assets and there are no child beneficiaries
In most other cases, probate is a lengthy process. Fees for probate include:
- Attorneys Fees
- Filing Fees
- Other costs such as a bond premium
On average, probates take 16 months. However, uncomplicated probates with few debts, adult beneficiaries and no fighting can conclude in as little as 6 months, depending upon the court calendar. Complicated probates can last for years.
Contact a trust and probate administration lawyer that will keep your best interests in mind. Our attorneys and staff at Altman & Associates are extremely knowledgeable and very attentive to the specific needs of your individual situation. Let us help you through the process of organizing your personal affairs and planning for the future.
Avoiding Probate
There are several methods that can be used to avoid the probate process and to distribute assets immediately at the time of the decedent's death. Among these methods are:
- Joint Ownership with Rights of Survivorship
- Beneficiary Designation
- Revocable Living Trusts
If you are interested in helping your loved ones avoid probate when you are gone, you should seek legal advice.
Role of Executor
An executor is the person named by a person who made the will (the testator) to carry out the terms and provisions of his or her will. In addition to locating documents left by the testator (i.e., wills, trusts, deeds, etc.) and notifying Social Security, pension providers, annuity providers, and other entities of the death, the executor has numerous other legal responsibilities, including:
- Initiating the probate of the will
- Collecting and inventorying the testator's assets
- Collecting debts owed to the estate
- Distributing assets to the beneficiaries of the will
- Closing the estate
These responsibilities can be daunting and time-consuming, so many executors hire an attorney to assist them. The attorney—and the executor—are generally compensated out of the estate itself. If you have been named the executor of an estate, contact a probate and estate administration attorney to discuss your role and the estate administration process.
Non-Probate Estates
Assets disposed of outside the probate process are part of the non-probate estate. Since a probate proceeding is not required, these assets are distributed more quickly to the appropriate beneficiaries. Many people seek out these assets and ownership models in order to save their loved ones from the difficulties associated with going through the probate courts. If you are interested in managing your finances and your property so that your family does not have to go through probate, then contact one of the experienced estate planning attorneys for Altman & Associates for advice.
Assets Always Considered Non-Probate Assets
Certain types of assets, because of their contractual nature, are always part of the non-probate estate. Some examples are:
- Property held as tenants by the entirety (available to married couples)
- Property with a beneficiary i.e. life insurance, retirement accounts, IRA’s (as long as the beneficiary is not the estate)
Will Contests
The fact that a person (the decedent) leaves a will does not guarantee that the decedent's property will be distributed according to the will's terms. A court generally must provide an opportunity to allow others to object to the will, and a challenge may be brought by anyone who feels the will is inaccurate or invalid in some way. A will contest is an action challenging the validity of the will or its terms and is commonly governed by state statutes or the Uniform Probate Code. If you feel that a will is inaccurate or invalid, or if someone is challenging a will you are administering or benefiting from, you should contact an attorney with experience in will contest cases. These types of cases are difficult and emotionally-charged, so it is important to find an attorney with whom you feel comfortable.
