When a loved one is lost, it is usually a very difficult and emotional time for all. If they left behind an estate, there is a lot to know so that it can be administered correctly to the rightful beneficiaries. Continue reading below to learn more and contact an experienced New York estate planning attorney for guidance in these matters.
What is the Probate Process?
All people should have a will created at some point in their life. This is because, if they die without it, their assets are left without a set plan for where they go and who they belong to. When this happens, their estate will be handled by probate court to pay debts, gather assets, and transfer remaining property to the deceased’s beneficiaries. Those who are chosen to administer the estate must understand this process, as they are the one responsible for taking care of the assets and money to make sure the process moves forward. Once it is all resolved, a petition can be filed with the probate court to request the distribution of all remaining assets.
What is the Trust Administration Process?
When someone passes away without funding a trust with their assets, probate may also be needed. This ensures all debts and taxes are paid, titles to assets are cleared, and other arrangements are settled as well. There are various tasks that an estate planning attorney can do to help estate administrators throughout this process, including:
- Monitor trust terms to ensure all assets are paid out on time
- Marshal assets and obtain appraisals
- Help with the sale of assets
- Help distribute assets to beneficiaries
- Accountings — either formal or informal
- Keep track of contingencies and other provisions
- Provide notifications to government agencies as required by law
- Negotiate with and pay creditors
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.