Estate Administration - Probate And Trust
Comprehensive Estate Planning, Administration, Dispute And Litigation Services
Practice Areas:
The Wool Landon Approach to Probate and Trust Administration
Asset transfers after death typically occur in four ways: through a validly created Last Will and Testament (“Will”), a revocable trust, the laws of intestacy, or by operation of law. Each method encompasses distinct protocols and legal necessities.
Transfers by Operation of Law:
- These include beneficiary designations for retirement and insurance proceeds, pay on death (POD) and transfer on death (TOD) designations, and survivorship provisions on accounts and deeds.
- While useful, reliance solely on these mechanisms can lead to complications; we recommend consulting a lawyer to integrate these tools effectively into a comprehensive estate plan.
Laws of Intestacy:
- When an individual dies without a Will, state law dictates the distribution and administration of the decedent’s probate estate, encompassing all assets not transferred by operation of law or a trust.
Wills:
- A Will becomes active upon the death of the testator, guiding the distribution of assets. It’s essential to assess whether a Will alone suffices or if supplementing it with a revocable trust is prudent.
Revocable Trusts:
These trusts are living entities, adapting and functioning throughout the owner’s lifetime and transferring assets seamlessly upon death, thus avoiding probate and ensuring privacy.Wool Landon’s Efficient Approach to Probate
Whether we crafted your estate plan or not, we offer a comprehensive and supportive process for probate or trust administration. Our experienced and compassionate team carefully guides executors in navigating complex legal terrains with confidence.Trust Administration with Wool Landon
Initiating trust administration promptly after death can prevent unnecessary expenses and complexities. Wool Landon assists in the seamless transition of assets, payment of the decedent’s debts, and filing of tax returns. Irrevocable trusts, each with unique administrative requirements, also fall within our expertise.Frequently Asked Questions
The cost varies based on the estate's size and complexity. Wool Landon offers fair and reasonable attorney's fees and costs.
Early engagement with an attorney simplifies the administration process. Avoiding delay, especially for a surviving spouse managing a joint trust, mitigates complexities and costs.
Such authority ceases upon the principal’s death. Contact the named personal representative or trustee for subsequent steps.
A fiduciary is entrusted with legal or ethical obligations towards others. In estate administration, it refers to trustees, executors, and agents under powers of attorney.