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.
How to Avoid the Big Bad Wolf of Probate Court
Find out why probate should be avoided and learn your options for protecting your family and assets from the probate process.
Top Reasons Why You Should Avoid Probate
Whether it was a gathering for a joyous wedding or the passing of a loved one, we’ve all heard about Probate Court at some point or another. We are going to dive into what probate is and why you want to avoid it when it comes to your estate, if you have no plan. First, […]
Six-Month Creditor Claim Period
Payment of the decedent’s debts is one of the basic responsibilities of an estate fiduciary. Ohio law specifically provides that the fiduciary of an estate shall proceed with diligence to pay the debts of the decedent. The critical questions remain, however, of who to pay and when to pay them. Unless a fiduciary is confident […]
How Can I Amend An Existing Will?
Cleveland, Ohio, estate planning lawyer, Daniel A. Baron, Ohio, offers the following information on what documents are necessary for you to provide your attorney when sitting down to establish your comprehensive estate plan. One of the primary goals of drafting a will is to encapsulate the entirety of a life’s material assets and leave instructions […]
Dying Without A Will – A Mess for Your Family To Clean-up
Baron Law LLC, Cleveland, Ohio, offers information for you to reflect upon while you are setting out looking for an estate planning attorney to help protect as much of your assets as you can. For more comprehensive information contact Baron Law Cleveland to draft your comprehensive estate plan to endeavor to keep more of your […]
Executor’s Duties – When Should Debts Be Paid?
Cleveland, Ohio, estate planning law firm, Baron Law LLC, Cleveland, Ohio, offers the following information on what your duties are as an executor of an estates and when you need to pay all debts of the estate. Contact Baron Law Cleveland to answer all your questions on what your duties are and to help guide your through […]
I’ve Been Named As The Executor In A Will, Now What?
Cleveland, Ohio, estate planning law firm, Baron Law LLC, Cleveland, Ohio, offers the following information on what your duties are as an executor of an estate. Contact Baron Law Cleveland to answer all your questions on what your duties are and to help guide your through the upcoming events which are about to occur and how to […]
Procedures To Shorten Or Avoid Probate Of An Estate
Cleveland, Ohio, estate planning lawyer, Daniel A. Baron, Ohio, offers the following information on what types of probate procedures shorten or avoid the need to probate and estate when speaking with your attorney when you are establishing your comprehensive estate plan. When an individual dies, their “probate assets,” such as property not dispensed via beneficiary designations, transfer on […]
What Is An Estate Plan, Part I – Death Documents?
Baron Law LLC, of Cleveland, Ohio, offers the following information on different components of an Estate Plan. To see what plan is best suited for your needs, contact Baron Law, LLC, Cleveland, Ohio. By failing to prepare, you are preparing to fail.” Benjamin Franklin Estate planning is a concept that many people know about, but […]
Ohio’s Right to Disposition – Who Has Final Say?
Cleveland, Ohio, Estate Planning lawyer, Daniel A. Baron, of Cleveland, Ohio, offers the following information on the issue of your Rights to Disposition after you pass. Imagine if you will, your Uncle Harry has passed away and although he had specific wishes on what to do with his remains, there are others in a packed […]
Do I need a Trust?
Exploring whether you need a trust may be answered below visiting this questionnaire: DoIneedaTrust.com. In addition, you may find the following information written by Cleveland, Ohio estate planning lawyer Daniel A. Baron useful. Even if your name isn’t Bill Gates or Warren Buffet, it does not necessarily mean that the need for you to establish […]
What Is A Credit Shelter Trust?
Cleveland, Ohio estate planning lawyer, Daniel A. Baron, of Cleveland, Ohio, offers the following information on what a Credit Shelter Trust is and should it be part of your comprehensive estate planning. If you are married and an investor, for example, consider establishing a Credit Shelter Trust. This can also be referred to as an […]
Why Do I Need A Guardianship?
Cleveland, Ohio, Estate Planning and elder law attorney, Daniel A. Baron, offers the following information on creating a Children’s Testamentary Trust for your loved ones. Is it the best option for you when creating your estate plan? Most people understand and realize that they should name a Legal Guardian for their minor children. However, many […]
AN AB Trust – What are the benefits for your estate?
Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on an AB Trust and the benefits realized from including this as part of your Tax and Estate Planning: For Tax and Estate Planning purposes, as a married couple, maximize the use of your Federal Estate Tax Exemptions through the utilization of an AB Trust. […]
The Marital Deduction – What are the benefits?
Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on The Marital Deduction as well as other Tax Planning Advice and what to make part of your Estate Planning. What are the benefits? The most important deduction a married couple has is the The Marital Deduction. The amount of assets which can be passed […]
QDOT – What is it and should I have one?
Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on a Qualified Domestic Trust and the benefits realized from including this as part of your Tax and Estate Planning: The specific goal of a Qualified Domestic Trust (or QDOT) is to defer Federal Estate Tax on assets which are transferred from a […]
Is Probate Necessary?
As an estate planning attorney, many people ask me if probate is really necessary. The short answer is no, and I often advise my Cleveland, Ohio estate planning clients to avoid probate if at all possible. But what is probate? And, why should it be avoided? Here’s a quick synopsis to answer these questions. What […]
Click here to add your own text