Probate Administration and Trust Administration Can Be Complicated
People often think that estate planning is a simple matter of drawing up a will or trust to state your final wishes, and that’s the end of the story. In reality, you should also consider the estate administration process that will unfold after your passing
The choices that you make during the planning stages will have a significant impact on the people you leave behind. As someone who does not work in the field, you would have no way of knowing about the intricacies of trust administration and probate, and this is understandable.
We can explain all of the nuances so you can make fully informed decisions. Our firm provides probate and trust administration guidance in Staten Island. You can give us a call at 332-456-0500 to schedule a consultation.
Probate Considerations
If you use a will to state your final wishes, the document will be admitted to probate after your passing. This is a court-supervised proceeding, and in the state of New York where we practice, the Surrogate’s Court handles probate matters.
There is nothing inherently negative about the process and it serves a purpose when a will is used. This court also provides supervision with someone dies without any estate planning documents at all.
However, it is time-consuming – it will typically take close to a year or more to run its course. Probate expenses consume a portion of the estate before it is distributed, and probate records are public. Interested parties can access the records to pry into your final affairs.
Legal counsel can be invaluable during the probate process, and if you would rather avoid it altogether, you can consider the utilization of a trust.
Trust Administration
Several different types of trusts are used in the field of estate planning, and they can address targeted objectives. The one that is most commonly utilized is the revocable living trust, and it can be an effective alternative to a simple will.
First and foremost, the assets that are held by a living trust will be distributed to the beneficiaries when the time comes outside of probate. As a result, the drawbacks that we touched upon would be completely avoided.
When you have a living trust, you serve as the trustee while you are alive and well. After you are gone, a successor that you name will manage the trust. Assets will be distributed according to your wishes, and the probate process will never enter the picture.
Trustee Duties
The choice of a trustee to succeed you is important because they will be responsible for:
- Obtaining a death certificate
- Notifying the Social Security Administration and the Department of Health
- Identifying and informing the beneficiaries
- Inventorying and securing the assets
- Handling tax responsibilities
- Obtaining appraisals and liquidating property
- Payment of final debts
- Distribution of assets to beneficiaries
In light of these responsibilities and some others, you should select someone who has the time and business acumen to get the job done. Plus, you could set up a trust to provide distributions over an extended period, so longevity is another factor.
More important info about Probate and Trust Administration:
Administration of a Simple Will Isn’t That Simple
Debunking Myths About Living Trusts
Streamline Trust and Probate Administration with Our Trusted and Experienced Guidance
Navigating trust and probate administration can be complex, but you don’t have to do it alone. At The Summit Estate Planning Group, serving Staten Island, we specialize in providing knowledgeable guidance to streamline the process. Let our experienced law firm help you navigate the complexities of trust and probate administration with peace of mind and confidence. Contact us today to schedule a consultation and ensure your loved ones’ legacies are protected.
You can set the wheels in motion right now by sending us a message to request a consultation appointment, and once again, we can be reached by phone at 332-456-0500.