Probate, Estate and Trust Administration
WHAT IS TRUST ADMINISTRATION?
If a loved one had a trust prior to passing away, the successor trustee may need to seek legal advice to discuss the steps involved in administering that trust after the death of the grantor (creator) of the trust to follow his or her wishes. Shire Law Group, PC® is ready to assist the successor trustee to explain all of the responsibilities of acting as trustee, tax considerations and the distribution of the trust assets in accordance with the trust document. If you would like to set up a complimentary initial consultation, please give us a call at 847-955-9000 or use this link to schedule an appointment directly on our calendar.
What is Probate?
Probate is a legal proceeding primarily used to transfer title of assets from a deceased person to the proper recipient, while at the same time allowing creditors to make claims against the estate for money owed. It provides for the orderly administration of one's estate.
Other matters are also handled in Probate court, like guardianships for minors or disabled adults. These are typically legal proceedings used to allow the Court to monitor the use of funds available to a minor or disabled adult, so that they may ensure that funds are being used properly.
We have many years of experience handling all types of probate matters. These are generally billed on an hourly basis, as it is usually difficult to determine, in advance, the total amount of time and expense that will be incurred in administering an estate.
The person designated in a will (Executor) or appointed by the Court if there is no will (Administrator), is the person or persons in charge of handling the estate. Typically, the Executor or Administrator (either may be referred to as the "Personal Representative" ) is the point person for the entire process. Think of the Attorney as the director, assisting the Personal Representative in getting everything completed in a correct, quick and efficient manner.
What is a Probate Asset?
Only assets that are titled in the name of the deceased person alone, with no designated beneficiary or joint owner, are "probate" assets. If the deceased person has a life insurance contract and had named a beneficiary to the policy, that beneficiary (by contract) is legally entitled to the proceeds of the life insurance policy without any need for probate. The same is true if the deceased person was a joint owner of any property or account. The surviving joint owner(s) become the sole owner(s) at the death of the deceased person, again without any need for probate.
Isn't Probate Supposed to be a Nightmare?
It doesn't have to be. Of course, if there is a dispute regarding the will or other disputes between the family, probate proceedings may be lengthy and expensive. If everyone is in agreement and on the "same page", probate should be an orderly and efficient way to resolve all matters.
How May My Family Avoid Probate of My Estate When I Pass?
The use of proper Estate Planning will allow your family to avoid the Probate of your estate.
WHAT DO I DO IF I NEED TO START A PROBATE PROCEEDING?
If you need to start a probate proceeding or a trust administration, please give us a call at 847-955-9000 for a complimentary initial consultation, use this link to schedule right onto our calendar and fill-out this form.