Probate is the process by which a court presumes legal jurisdiction over transferring assets from a person who is deceased, known as the descendant, to their heirs; notifying the descendant’s creditors and beneficiaries of their death; and paying the descendant’s remaining taxes and debts.
If you recently lost a loved one who did not plan their estate or fund a trust, it is likely that probate administration is a necessity.Probate can be a time-consuming, expensive process because there are a number of tasks that must be completed, including:
- Identification of assets
- Identification of heirs
- Creation of an inventory of assets
- Distribution of assets
- Payment of debts and taxes
- Management of real estate
- Filing and payment of taxes
- Closure of probate administration
You can find comfort in knowing, however, that with the help of an experienced probate lawyer, your family member’s last wishes will be fulfilled as efficiently and painless as possible.
Even if you loved one properly drafted and funded a trust, there is a crucial course of action you must take: trust administration.Trusts typically make it easier to distribute a descendant’s assets following their death. There are several elements of trusts that make each one different, like the number of beneficiaries, the type of assets involved, whether the trust was fully funded during the descendant’s lifetime, and the location and size of the trust estate. If you have been appointed a trustee, there are numerous responsibilities you will assume that an attorney experienced in trust administration can help you understand and carry out.
At Trinkle Law, our areas of practice include will and trust drafting, and probate administration. Please contact attorney Daniel M. Coton or Robert S. Trinkle at (813) 752-6133 for assistance in these areas.