Trust and Estate Administration

When a family member dies, your focus is on mourning your loss and honoring the memory of your loved one. At the same time, you may have to settle their financial affairs—a process called estate administration. Estate administration can be complicated even if your family member left behind clear instructions through an estate plan. If they died without an estate plan, the process can be overwhelming, especially while you are grieving.

Whether your loved one died with a will or trust, or without any estate plan at all, an estate administration lawyer can help the process go smoothly, avoiding needless expense and delays and even preventing conflicts between family members over the handling of the estate. To get help administering the estate of a loved one, contact Sanz Law PC today.

Understanding the Basics of Estate Administration

How an estate is settled depends on a number of things, including the size of the estate, whether there was an estate plan in place (and what type), and who is going to inherit.

Probate is the court-supervised process of settling assets that were in the name of the deceased alone, or that were their share of community property or property held as tenants in common. If probate assets are below a certain amount in value, or all property of the deceased is community property with a surviving spouse, there may be a simplified probate procedure available.

If the deceased had a will, the court will determine whether the will was valid, and appoint the person named in the will (if available and suitable) as personal representative of the estate. If there was no will, the court will appoint a suitable personal representative, usually a close relative. The personal representative is responsible for securing all estate assets; paying all legitimate debts of the estate, including income tax and estate tax if applicable; and distributing the remaining assets according to the will. If there was no will, assets will be distributed according to state law.

Not all assets go through probate. Property owned jointly with a right of survivorship (like some real estate or bank accounts) passes directly to the surviving joint owner. Assets with a beneficiary designation, or that are held in a trust, also do not go through probate. If there is a trust, assets must be distributed by the named trustee according to the terms of the trust.

It’s not always obvious what assets are contained in an estate, and which are subject to probate, especially if there was no estate plan in place. A knowledgeable estate administration lawyer can guide you through the probate or trust administration process.

How an Estate Administration Lawyer Helps

An estate administration lawyer can help you navigate the trust administration or probate process. Probate involves many legal requirements and deadlines that you may not be aware of, especially if you have never administered an estate before.

The first thing an estate administration lawyer will do is help you identify whether the estate must go through probate or whether a simplified procedure is available. If probate is necessary, your attorney can help you file the necessary petitions and documents with the court to open a probate estate, prove that the will is valid, and create inventories of estate assets.

An estate administration lawyer can also help you notify heirs and creditors of the estate. They will appear with you at any necessary court hearings and help you determine which debts must be paid and in what order. Lastly, they will help you distribute estate assets so that the estate can be closed.

If all or part of the estate’s assets are in a trust, the successor trustee named in the trust is responsible for managing trust property and distributing it. A trust and estate administration lawyer can help the trustee interpret the terms of the trust and carry them out.

Because an attorney’s services are considered a benefit to the estate or trust, their fees usually come out of estate or trust assets, rather than the pocket of the personal representative or trustee.

Work with an Estate Administration Lawyer Who Cares

Estate administration lawyer Jimmy Sanz devotes his practice to estate and tax law, giving him the legal knowledge needed to handle the complexities of administration. But equally important, Jimmy views trust and estate administration as more than just a legal matter to be resolved. He understands that behind every estate are the loved ones left behind who deserve guidance, compassion, and support at a challenging time.