When a person dies with assets in his or her name alone without a beneficiary or joint owner on the accounts, those assets are part of the deceased person’s “estate” and the “estate” must be probated (whether there is a Will or not) in order for the assets to be distributed to the deceased person’s beneficiaries. This process typically involves applying to become Personal Representative (formerly known as Executor), marshaling the assets of the estate, paying any valid claims against the estate, filing tax returns, filing the appropriate court documents and eventually distributing assets to the beneficiaries.
When a person dies with assets in the name of a trust, probate is not needed as to those assets but the trust must be administered. Trust Administration requires the Trustee to prudently invest trust property, make any mandatory distributions outlined in the trust, make any discretionary distributions authorized by the trust, file tax returns and to account to the beneficiaries as provided in the trust.
Our estate and trust administration services include:
- Identification of estate and/or trust assets and liabilities
- Probate of Will and Appointment of Personal Representative (formerly known as Executor)
- Preparation of Inventory
- Preparation of Accounting/s
- Assistance in coordinating appraisals of tangible assets and real property
- Supervision of estate and/or trust receipts and distributions
- Preparation of disclaimers for tax planning
- Assistance in coordinating preparation of fiduciary income tax returns