When a family member or friend passes away, his or her estate often goes through a process supervised by the local probate court. This is a time consuming process that requires numerous filings with the court, payment of costs and expenses, valuation of various assets, possible court sales or auctions, payment of taxes, and ultimately distribution of property to heirs. The entire process is referred to as probate administration and typically can take one year or longer to complete and cost many thousands of dollars based upon the value of assets subject to probate. Of course, probate can and should be avoided by the use of thorough and complete revocable living trust which we can draft for you.
If you have successfully avoided probate by previously setting up and maintaining your living trust, after your death, your designated trustee will begin the process of trust administration. This process is similar to probate administration but typically takes place outside of court and is supervised by the trustee’s attorney and CPA. We handle many trust administrations which involve assisting the trustee to provide notice to interested parties, gather, protect and manage trust assets, obtain values and account for receipts, disbursements, and sales of trust assets, preparation of necessary tax returns and ultimately distributing assets to trust beneficiaries. Transferring bank, brokerage and other financial assets as well as real estate and other assets involve important legal steps and frequently require various legal documents to ensure costs and taxes are minimized. Our office provides the professional guidance and competent advice that is essential for any trust administration.
Contact Us Now for Assistance With This Important Matter
Please call (818) 344-8200 or use our online contact form to schedule a free consultation.