Probate and Trust Administration

Probate Administration-

 After the passing of a loved one an estate administration proceeding will need to filed in the last county that the decedent resided.  The nature and value of the estate will determine what type of administration is needed.  It could be a summary administration, formal administration or even a small estate.  If the decedent passed away with a will, the probate administration will proceed testate. If the decedent passed away without a will, the probate administration will proceed intestate. 

If a formal administration is legally required, the personal representative will need to retain an attorney.  Typically, a will designates the personal representative. Whereas intestate statutes provide the order of preference for serving as personal representative. In a summary administration, while an attorney is not required, it certainly is helpful and should assist in the process going much more smoothly.  

Once the administration is opened the process begins, parts of the it include but are not limited to the following:

1. Notifying beneficiaries;
2. Notifying creditors and publishing legal notices;
3. Obtaining letters of administration in a formal administration;
4. Opening estate accounts including depositories;
5. Operating decedent’s businesses;
6. Selling real estate and other property;
7. Marshalling assets;
8. Preparing accountings;
9. Exempting property from creditors;
10. Homestead proceedings;
11. Working in conjunction with any trustees;
12. Establishing any testamentary trusts;
13. Working with CPA’s as the same pertains to taxes;
14. Inventorying property and obtaining appraisals;
15. Providing guidance to personal representative, and communications to beneficiaries;
16. Filing one of the many required probate documents with the court;
17. Distributing property;
18. Preserving all estate assets, and;
19. Discharging the personal representative from liability and closing the estate

The process noted above does seem daunting and overwhelming but we at Bishop Law PA have the proven expertise to guide you through every step of the way seamlessly. 

Trust administration

Trust administration involves carrying out the Settlor’s wishes after death.  The trust typically provides for less court oversight, and the trustee can act more freely (as long as they are maintaining their fiduciary duties).  Trust administration can include:

1. Interpretation of trust documents;
2. Marshalling assets;
3. Re-titling property;
4. Distributions;
5. Obtaining a homestead order from the probate court if appropriate;
6. Paying creditors;
7. Winding down businesses where trust is a shareholder;
8. Working with CPA to ensure taxes are addressed;
9. Locating trust property, and;
10. Providing statutory notices to beneficiaries and interested parties to limit trust exposure and liability