Estate and Trust Administration
It’s a less-than-pleasant thought: but when someone passes away, their estate—or everything that makes up their net worth—must be settled.
When the individual has a comprehensive estate plan in place with legal documents such as asset protection or irrevocable trusts, then the estate administration is usually fairly straightforward. If the person has no plan or is only relying only on their last will and testament, then the estate must go through probate court.
In either case, Baron Law LLC can help the process go smoothly.
Learn more about the benefits of comprehensive estate and trust planning.
Estate administration is a lot to think about, especially if you have never dealt with legal paperwork. Our trust and estate administration law firm has helped hundreds of Ohio families work through the details during a difficult time.
What is Estate Administration?
Estate administration is the process of managing and distributing the estate of a deceased person. This includes locating assets, paying debts, and distributing the remaining assets.
Trust administration refers to carrying out the terms of a trust (usually by a trustee), including distributing any trust assets and filling a fiduciary income tax return.
An estate administration attorney can help you properly administer the estate of a loved one or plan your own estate for peace of mind down the road.
Visit the Baron Law LLC blog to learn more about estate administrators.
What is Probate?
If a person passes away with just a will, their estate is required to go through probate, or the process by which state, country, or city (depending on your location) courts administer that person’s estate along with the named executor.
Here are some reasons to avoid probate:
- The court determines what your assets are, as well as their value at the date of death.
- Probate costs an estimated 5 – 10% of the estate’s total value. If your estate is valued at $500,000 you can expect an average cost of between $25,000 – $50,000.
- The minimum required length of time for probate is six months to administer the estate—bur realistically, the average is closer to 14 – 18 months.
- Probate court is public record, meaning your assets (and debts) will be public information.
Probate is a time-consuming and expensive process, which is why we always recommend a trust over a last will and testament—and hiring a probate lawyer to help you get the details right.
How Can I Avoid Probate Court?
Taking steps to avoid probate during the estate planning process can save your loved ones time, energy, and expense after your passing.
Here are some ways to avoid or mitigate the effects of probate:
- Establish a trust: The most straightforward way to avoid probate, a trust outlines a plan for your assets and names a third-party trustee to manage the process.
- Name a beneficiary on your accounts: Most accounts such as life insurance policies and investment portfolios allow you to designate a beneficiary and can have the assets transferred to that person directly without probate.
- Consider co-ownership: Owning property jointly with a spouse or loved one allows them to retain ownership when you pass away.
The best strategies for avoiding probate depend on your personal situation and may also depend on the laws in your state—Ohio trust law is different from that of other states.
The Role of an Estate Administration Attorney
Whether you’re a surviving spouse that needs assistance ironing out a few details or an individual looking to shore up your family’s future, we can draft and administer an estate plan that makes sense.
An estate and trust administration attorney can:
- Help you figure the details of a well-established estate
- Assist in identifying and valuing an estate’s assets
- Help take care of an individual’s outstanding debts
- Be your representative in probate court
Ohio Probate and Estate Attorney That Cares
It’s common to feel confused or overwhelmed by the estate and trust administration process. Baron Law LLC has over 60 years of combined experience in elder law and will be your personal representative in your estate administration.
Whether it’s executing a straightforward trust or taking you through probate, we know that this process is about more than the dollars and cents. Administration is a family affair, and we work with families to make sure a loved one’s estate is managed in the way they wanted.
Don’t just take it from us—visit our testimonials page to hear from past and current clients in the Cleveland area.
If you’re planning for your own future or settling the estate of a loved one, don’t hesitate to reach out for help. To schedule an initial consultation, fill out our contact form or call us at (216) 573-3723.
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