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. Setting up a living trust is the best way to avoid the costs and frustrations of probate at death. Properly created revocable trusts are implemented by individuals while living for their benefit and for the benefit of children and beneficiaries after one dies. When death occurs, the first goal for the lawyers at Altman & Associates is to protect the assets for the surviving spouse and for beneficiaries. When a spouse dies we assist the spouse to implement the wishes of the decedent. We also assist successor trustees with the responsibilities they have upon the death of a trustee. If you serve as a trustee or as a personal representative of a decedent’s estate, you assume responsibilities.
Probate
Probate is the process by which thecourt 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 (due 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.
Probate is the process of carrying out the decendents wishes as written in the Last Will and Testament. The attorneys at Altman & Associates recognize that the undertaking of filing a will and opening the probate estate can be a difficult often complex problem with resolving the controversies among heirs and beneficiaries. Often faced with the recent loss of a loved one, personal representatives often find themselves confronting the task of probating an estate for the first time. Our experience and expertise in the probate administration process is valuable and beneficial to often maintaining family harmony. 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 administration services possible. We offer many administrative services that uniquely suit the estate planning needs, goals and objectives of family in this 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 distribute 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
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.
Probate Assets
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 Assets
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, IRAs (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 beneficiaries to object to the will, and a challenge may be brought by anyone who feels the will is inaccurate or invalid in some way. In addition to these types of litigation matters, there are often unresolved disputes and controversies at the time of death which fall upon a personal representative to manage. 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 and is experienced in defending claims for and against an estate or personal representative.
If you have been named Trustee, Successor Trustee or Co-Trustee
We recommend that you speak with one of our attorneys should you learn that you have been named trustee of a trust or successor trustee. Serving as a trustee or successor trustee carries many complicated responsibilities. You are considered a fiduciary and will need to comply with the trust laws governing the trust, communicate with the beneficiaries and institutions holding the trust assets, and meet all the IRS and other tax requirements. Siblings serving as Trustees has ruined many a Thanksgiving dinner! Whether we created the trust or not, our attorneys can help to assist you in administering the trust. By working with our attorneys we can alleviate the burden of trust administration and greatly reduce the chances of a dispute arising among beneficiaries because of conflicts of interests, misunderstandings or disagreements. We can help to protect you from disputing beneficiaries and other challenges to your role as a trustee. Before you accept this important fiduciary role, sit with one of the experienced trust administration attorneys at Altman & Associates.
