Probate and Trust Administration
Probate is the process of transferring assets from the name of someone who has died to that person's beneficiaries or distributees with the assistance of the probate court. Probate is necessary to protect the rights to the probate estate of the deceased person's heirs, beneficiaries, and creditors.
Probate is required when someone's estate plan consists of only a Will or no plan at all, and they die with assets titled solely in their name, with no nonprobate transfer designations.
Trust administration is the process of transferring assets from a trust created and funded by a person (the Grantor) while living, with the assistance of one or more trustees named to serve in the trust document by the Grantor. Trust administration can be completed without probate court assistance.
The trust administration process begins with an event that triggers a provision in an individual's estate plan, such as incapacity or death.
Navigating probate administration and/or trust administration can be confusing and tedious. Call Schmidt, Kirby & Sullivan, P.C. to speak to one of our knowledgeable estate planning attorneys about probate or trust administration.