Bringing Clarity To Probate And Trust Administration Matters
Nothing can completely prepare you for the loss of a loved one. In addition to the grief you’ll experience, you may also have to contend with legal matters involving your loved one’s estate.
Let me assist you in this difficult transition period. At The Law Office of Mary Beth Kelly, LLC, I understand that matters involving probate and trust administration go beyond legal requirements. I’ll take a comprehensive and personalized approach to helping you with your case, taking the legal burden off your shoulders.
What Is The Probate Process?
Probate is the court-supervised process of identifying and collecting the assets of a decedent, paying the decedent’s debts and distributing the balance to the decedent’s beneficiaries. Assets are distributed to beneficiaries in accordance with the instructions written in the decedent’s will. Even if there are no assets subject to probate, the original will and a death certificate need to be filed with the probate court in the county where the decedent died.
Which Assets Go Through Probate?
Not all assets require probate. Probate administration only applies to probate assets. Probate assets are the assets that were owned solely by the decedent at the time of death. If the asset had a joint tenant with a survivorship interest or a designated beneficiary, then the asset would not be subject to probate administration.
Some examples of assets that are not subject to probate are:
- A life insurance policy with a spouse designated as beneficiary
- A bank account that pays on death to a child
- Real property owned jointly with right of survivorship
- Property owned in the name of a trust
If your estate planning is by a will, your beneficiaries will be required to go through probate administration. If your estate planning is by a trust, your assets will be titled to the trust. Without ownership of your assets at the time of death, your beneficiaries will avoid probate.
Your Legal Adviser For Trust Administration
Administering a loved one’s trust after their passing requires careful oversight and adherence to legal requirements. As your legal counsel, I can guide you through this complex process.
I can provide the following trust administration services:
- Notifying all beneficiaries and trustees of the trust’s existence
- Collecting and managing all assets under the trust
- Reviewing valid creditor claims
- Preparing and filing tax returns
- Accounting and recordkeeping
- Terminating the trust after the distribution of the assets
I understand that it can be intimidating to grieve for a loved one and administer their trust. I can handle all the technical legal matters and clarify any complicated issues every step of the way.
Frequently Asked Questions About Probate And Trust Administration
Probate and trust administration is a complex process. At The Law Office of Mary Beth Kelly, LLC, I can help answer any questions you have about the probate and trust administration process. Here are some questions clients have asked me:
How long does the probate process take in Florida?
The length of the probate process can greatly depend on the complexity of an estate. Small, simple estates may be settled within months, but the typical estate may take upwards of a year to settle if there are no delays.
However, an estate with a vast amount of assets, such as real estate and investments could take over a year to settle. Complications can arise during the probate process that can delay the settlement of an estate, such as disputes or missing documents.
Is it true that probate is a matter of open public record?
In many cases, yes. If someone wanted to view any documents pertaining to the probate of an estate, they could find a lot of information. As a result, probate and any financial matters related to an estate may not allow for privacy.
The distribution of an estate could be kept private with the use of a trust. It can help to talk to an attorney to learn about what may be public or private during the probate or trust administration process.
Who pays the administration costs, such as attorney’s fees, accounting fees, etc.?
The administration costs for attorney’s fees, accounting fees and other financial obligations typically come out of the estate’s assets. These fees may be taken out of the estate before assets are distributed to beneficiaries.
Can I distribute assets before the probate process is complete in Florida?
Distributing assets from the estate before setting debts and other financial obligations can lead to legal complications. If a trust is set up, assets can be distributed from the trust before the probate process is complete.
What happens if there are disputes among beneficiaries during probate?
A beneficiary may contest the probate, potentially delaying the process. The legal matter may need to be resolved before settling the estate.
Face Probate And Trust Administration Issues With My Legal Support
Call The Law Office of Mary Beth Kelly, LLC, in Lake Mary at 407-536-6901 or send an email to discuss probate and trust administration today.