The time of a loved one's passing is very difficult. The disposition of an estate, whether by probate or trust administration, can be a highly emotional time requiring patience and compassionate handling. Survivors need to be timely advised of deadlines for initiating probate, compiling and appraising an estate inventory, notifying creditors and filing required tax returns.
In the event that there was no estate planning, there can be uncertainty about the continued use of assets, care for dependents and the ability to pay bills in the interim of the estate disposition. This is typically a time of family discord and the possibility of litigation erupting between heirs or beneficiaries.
We are available to petition the probate court for distribution of the decedent's estate, either testate or intestate, depending on whether the decedent had a will. Probate fees are in accord with the customary fee schedule. Conversely, where there is a trust to be administered, the work required and the fees are considerably reduced in most cases.
In either case, the final tax returns and, if required, a timely estate tax return, must be filed. Inheritance of retirement accounts, such as a traditional IRA, creates opportunities such Roth conversion and also requires careful planning as to the choice of beneficiary "measuring life," timing of distribution and possible disclaimer to maximize benefits. You should promptly consult with counsel.
Further, it is not uncommon to find that various financial institutions have their own compliance demands with distribution and settlement of accounts.
Over the years, we have established a network of professionals and contacts with various institutions and brokerages which expedites the process of administration.
Contact us about your probate or trust administration needs.