Probate & Trust Administration

With the death of a loved one comes the task of administering their estate.  What may seem like a daunting undertaking may be alleviated with the help and guidance of the attorneys at DeMeo DeMeo & West.

Probate:  If an individual dies leaving a will or no will or trust, the estate administration is supervised by a court through a process known as Probate.  Estates having certain assets with a value of less than $150,000 may avoid the probate process through what is known as a Summary Administration.

Trust Administration: A trustee administers a trust much like an executor, except that a court is not involved.  This more cost-effective means of estate administration is possible if the decedent had a trust and his or her assets were owned by the trust.

Whether the estate goes through a Probate or is administered through a trust, certain steps are necessary to wrap up the decedent’s affairs before distribution to the beneficiaries is made.  The executor (probate) or trustee (trust administration)is required to, among other things, collect the estate assets; obtain appraisals of assets; contact the beneficiaries; determine what taxes are due, if any; issue an accounting to the beneficiaries (in most cases); and ultimately distribute the remaining assets of the estate.

The attorneys at DeMeo DeMeo & West are here to assist you through the process.  Let our experience and expertise guide you through this difficult time.

(General) Steps to Completing the Administration of an Estate:

• Collection and Inventory of Estate Assets
• Formal Appraisals of Estate Assets
• Determination of Estate Tax and other taxes due
• Collection and payment of Creditors (debts)
• Beneficiary Communications
• Sales of Estate Property
• Distribution of Estate Assets