Probate and Trust Administration
Probate
Probate is the court-supervised process of marshaling and distributing assets of a decedent to certain designated heirs or beneficiaries. Probate is completed either: (1) through the administration of a Will, or (2) if a person died without a Will, their Estate will be administered pursuant to the California Statutory Laws of Intestacy. Probate procedures are sometimes required in California to administer a person’s estate if the person died without a living trust, or if their trust was not properly funded with their assets.
Probate and estate administration can appear overwhelming, especially while dealing with the loss of a loved one. As probate specialists, we routinely handle all required filings in order to assist you with probate administration from start to finish.
In addition to forming charities, we assist our clients with:
- Filing the Petition: The process typically begins with the filing of a petition in the probate court. This petition may request the court to admit the decedent’s will to probate (if one exists) and appoint an executor or administrator.
- Notification of Heirs and Creditors: Once the petition is filed, heirs, beneficiaries, and creditors must be notified of the proceedings. This allows them to contest the will or make claims against the estate.
- Inventory and Appraisal: The executor or administrator is responsible for creating an inventory of the decedent’s assets and obtaining appraisals if necessary. This information helps determine the total value of the estate.
- Payment of Debts and Taxes: Before distributing assets to beneficiaries, the estate’s debts and taxes must be paid. This includes funeral expenses, outstanding bills, and any applicable estate taxes.
- Distribution of Assets: After debts and taxes are settled, the remaining assets are distributed to the beneficiaries according to the terms of the will or California intestacy laws if there is no will.
- Final Accounting: The executor or administrator provides a final accounting to the court detailing all transactions related to the estate. Once approved, the probate process is complete, and the estate can be closed.
Attorneys play a crucial role in guiding clients through the probate process in California through the following services:
- Providing legal advice and guidance to executors, administrators, heirs, and beneficiaries throughout the probate process
- Ensuring compliance with California probate laws and court procedures
- Preparing and filing the necessary legal documents required for probate proceedings, including petitions, notices, inventories, and accountings
- Representing clients in probate court hearings, including initial petition filings, hearings on objections or disputes, and final accountings.
- In cases where disputes arise among heirs or beneficiaries, attorneys may facilitate mediation or negotiation to resolve conflicts outside of court.
Navigating the probate court process in California can be complex, but with the assistance of a knowledgeable attorney, the process can proceed smoothly and efficiently. Whether you’re an executor, administrator, heir, or beneficiary, having legal representation ensures your rights and interests are protected throughout the probate proceedings. If you require further assistance or legal advice regarding probate in California, don’t hesitate to contact us.
Trust Administration
Trust administration is the process of managing and distributing assets held in a trust after the trust creator (grantor) passes away or becomes incapacitated. Unlike probate, trust administration typically occurs outside of court and is governed by the terms of the trust document and California trust law.
Key Steps in Trust Administration:
- Notification and Gathering of Documents: The trustee, typically appointed by the grantor, notifies beneficiaries and gathers important documents, including the trust agreement, deeds, financial statements, and other relevant records.
- Asset Inventory and Valuation: The trustee identifies and inventories all assets held in the trust, including real estate, investments, bank accounts, and personal property. Assets may need to be appraised to determine their fair market value.
- Debts and Taxes: The trustee is responsible for paying any outstanding debts of the trust and filing necessary tax returns, including income tax returns for the trust and estate tax returns if applicable.
- Distribution to Beneficiaries: Once debts and taxes are settled, the trustee distributes assets to beneficiaries according to the terms of the trust document. This may involve transferring property titles, liquidating investments, or making cash distributions.
- Record-Keeping and Accounting: Throughout the trust administration process, the trustee maintains accurate records of all transactions and provides periodic accountings to beneficiaries, detailing the trust’s income, expenses, and distributions.
- Final Distribution and Closure: Once all assets have been distributed and all administrative tasks are complete, the trustee files a final accounting with the beneficiaries and closes the trust.
Attorneys assist trustees and beneficiaries through the trust administration process by:
- Providing legal advice and guidance to executors, administrators, heirs, and beneficiaries throughout the probate process
- Ensuring compliance with California probate laws and court procedures
- Preparing and filing the necessary legal documents required for probate proceedings, including petitions, notices, inventories, and accountings
- Pepresenting clients in probate court hearings, including initial petition filings, hearings on objections or disputes, and final accountings.
- In cases where disputes arise among heirs or beneficiaries, attorneys may facilitate mediation or negotiation to resolve conflicts outside of court.
Trust administration in California requires careful attention to detail and adherence to legal requirements outlined in the trust document and state law. With the guidance of a knowledgeable attorney, trustees and beneficiaries can navigate the process efficiently and ensure the trust is administered in accordance with the grantor’s intentions. If you require assistance with trust administration or have questions about your rights as a beneficiary, don’t hesitate to contact us for personalized legal guidance.
For a free consultation regarding estate planning matters and asset protection concerns, contact us today. From our office in Los Angeles, we serve clients throughout Southern California.
Related Blog Posts
More Practice Areas
Estate Planning
Non-profit Organizations
Business and Corporate Law
