Legacy Planning Law Group knows that the best way to help our clients is to understand their post-death administration needs and help them find the right solution and path forward. If you’re interested in learning more about our probate services as part of our unique Estate Settlement Program, please book your free 15-minute phone call with us today!
Probate is part of a larger process called estate administration which handles the transfer of assets after death. Whether the decedent died with or without a will, their estate will have to be administered. Certain types of assets must be overseen by a judge to be transferred at death. In those situations, the estate will have to be probated. Probate is a court process where a court order is needed to pass title to assets. Certain things happen in a probate, the first of which is the appointment of a personal representative (also known as an executor). Once appointed, the personal representative has numerous responsibilities, including marshaling assets, giving notice to beneficiaries, giving notice to creditors, paying debts, preparing asset inventories, filing required tax returns, and finally distributing estate assets and closing out the estate. The probate court is involved every step of the way.
While some types of estate assets must go through probate, other types of assets do not. In that situation, they will still need to be administered. In other words, there will still need to be an estate administration to make sure the assets get transferred in the way the decedent wanted. The estate administrator will have to do many of the same things that are required in a probate proceeding, such as organizing the assets, notifying the beneficiaries, giving creditors notice and a chance to file a claim, paying the unpaid debts of the decedent, preparing an inventory of the assets, filing tax returns, and finally distributing those assets to the intended beneficiaries. Learn more about the probate process in our articles What Is Probate and How to Prepare for It? and How Does a Probate Proceeding Work?
Because probate can be a lengthy, costly and public process, many people choose to avoid it. There are a number of legal strategies that will allow you to pass property to another person after death, without going through probate.
If you are committed to solving your planning needs and want to work with our skilled and experienced team, the first step to get started is booking your 15 minute phone call.
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.