Quality Help from a Probate & Trust Attorney
Our firm understands that losing a loved one can be one of the most difficult things your family may ever have to face. Trying to navigate your role as Executor of the Will or Trustee of a Trust at the same time can be even more difficult and stressful. The probate attorney at Thomson Kraus Law Firm makes this process easier, by offering sensitive and detailed guidance to fulfill your duties and responsibilities if you find yourself in charge of probating an estate and/or administering a trust.
The estate you leave behind when you die may include real property, personal property, and/or intangible property. Your estate assets must be secured, inventoried, and ultimately transferred to the intended beneficiaries or legal heirs. The legal process by which this is accomplished is referred to as "probate."
When a decedent leaves behind a Last Will and Testament, the heirs at law must be notified and then consent to the appointment of the person named in the Will to act in the capacity of Executor. The executor is responsible for paying outstanding debts and collecting the assets owed to the decedent.
Probate can be confusing and time-consuming, making mistakes likely. If you find yourself responsible for probating an estate, having an experienced probate attorney on your side decreases the possibility of making those mistakes.
A Trust is often used to distribute some (or all) of an estate. A primary benefit to using a Trust is that Trust assets are not required to go through probate if the assets were retitled to a Trust during the decedent's lifetime. When a Trust is created, the creator of the Trust, known as the Settlor appoints a Trustee to administer the Trust assets without the oversight of the Surrogate's Court upon the death of the Grantor.
As the Trustee of a Trust, you will have a variety of duties and responsibilities, such as managing and investing Trust assets, maintaining Trust records, and ensuring that all taxes owed by the Trust are paid. You are also required to follow the terms of the Trust and maintain an accounting of the assets collected and the debts paid.
Working with an experienced Trust administration attorney is the best way to make sure you successfully carry out your responsibilities during the Trust administration process.
Our attorney at Thomson Kraus Law Firm can help you in your role as the Executor of a Will during probate or as the Trustee of a Trust during Trust administration. Contact our office today by calling 503-882-7958 or filling out our online form.
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