Losing a loved one is a very difficult and emotional time. While having to deal with estate administration during this time can complicate this, it is important that the process is handled accordingly. If your loved one recently passed away, there is a lot to know. Continue reading below to learn more and do not hesitate to reach out to our compassionate California estate planning firm for assistance.
What is the Probate Process?
It is important for everyone to have a will created in their lifetime. If they die without it, there’s a good chance their estate plan will be handled by probate court. The process of probate exists to pay debts, gather assets, and transfer all remaining property of the deceased to their beneficiaries. Individuals who are selected to administer the estate need to understand this process, as they are the one responsible for accounting all these assets and money to allow the process to move forward. Once all these affairs are resolved, a petition can be filed with the probate court, requesting distribution of all remaining assets.
What is the Trust Administration Process?
When a loved one passes away without assets transferred to a trust, probate or estate administration will most likely be needed. The purpose of this is to ensure all debts and taxes are paid, the title to assets is cleared, and additional arrangements are settled with all beneficiaries, such as a spouse, children, etc. There are various things an estate planning attorney can do to help you with this process, including:
- 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 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. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.