Probate Administration
Probate Administration
We assist clients with the probate and administration of estates, as well as the division, distribution and administration of trusts and family assets. Clients often seek our guidance regarding their fiduciary responsibilities as personal representatives of estates and as trustees of trusts. Our attorneys also advise clients needing assistance in administering the affairs of incapacitated persons through guardian and conservator proceedings the Probate Court.
Every Probate Administration is unique, but most involve the following steps:
- Filing a Petition with the Probate Court to Open the Estate
- Publication of a Notice to Creditors
- Delivering Notice to Heirs and Devisees
- Petition to Appoint Personal Representative
- Completing and Filing an Inventory and Appraisal of Probate Assets
- Payment of Estate Debt to Rightful Creditors
- Sale of Estate Assets
- Final Distribution of Assets to Heirs and Devisees
- Filing a Petition with the Probate Court to Close the Estate
The more complex estate administration cases often involve:
Assisting with tax compliance, including :
- Estate Tax returns (Form 706)
- Estate or Trust Income Tax returns (Form 1041)
- Generation-Skipping Transfer Tax compliance
Guidance and document preparation regarding post-mortem solutions, such as:
- Qualified Disclaimers
- Family Settlement Agreements
Certain assets are not subject to the probate process (Non-Probate Assets) including:
- Asset Titled as "Joint Tenants with Right of Survivorship”
- Assets in which the decedent only owned a "Life Estate"
- Assets with Completed Beneficiary Designation Forms, such as IRA, 401(k), and Life Insurance
- Financial Accounts with “Transfer on Death” (TOD) Designations in Place
- Assets owned by a Trust
Attorneys: