Estate administration can be a very involved, time-consuming, and sometimes complex process. That is why if your loved one recently passed away, there is a lot you need to know about the months ahead. If you find yourself in this situation, please do not hesitate to reach out to our compassionate, experienced firm. Here are some of the questions you may have regarding the estate administration process going forward:
What is the probate administration process like?
When someone dies without establishing a will or trust, there is a very good chance their estate will be handled by the probate court. The probate process is conducted to pay debts, gather assets, and transfer all remaining property either to the beneficiaries or heirs of the deceased. If you are selected by the court as the administrator of an estate, there is a lot you need to know about the legal process going forward. You will be the one responsible for accounting for all assets in the estate and all the money received during the probate process. Once all the decedent’s affairs are resolved, you may file a petition with the probate court, requesting that you distribute all remaining assets.
What is the trust administration process like?
If your loved one has passed away while assets were either unintentionally or purposefully not transferred to a trust, probate or estate administration will most likely be required. The purpose of trust administration is to ensure all debts and taxes have been paid, the title to assets is cleared, and that any additional ongoing arrangements are settled with the loved one’s spouse, children, or any other beneficiaries. When you hire our firm to help with the trust administration process, there are various things we will do for you and your family, including, though not limited to:
- Monitor trust terms to ensure all assets are paid out on time
- Marshal assets and obtain appraisals
- Help with the sale of assets
- Help distribute assets to beneficiaries
- Accountings — either formal or informal
- Keep track of contingencies and other provisions
- Provide notifications to government agencies as required by law
- Negotiate with and pay creditors
Contact our experienced California firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.