What is probate?
Probate is a court process that can deal with transferring the wealth of someone who has died (the decedent, with or without a will) to the heirs or beneficiaries. Probate may also be about deciding whether or not a will is valid. Probate is also about taking care of the financial responsibilities of the one who died, such as debt.
Did you know that probate can be more costly than hiring a professional?
On an estate valued at $1 million probate can cost upwards of $46,000. This fee does not include court costs or final expenses for things like mortgage payments. The probate code, the body of law that governs the topics of trust and Estates, has a statutory fee schedule. This means the fees are established by law. Not only is probate expensive, it can take a long time (1 to 2 years, or more, before the first distributions are made with court approval) and burden family members with a great deal of paperwork and frustration.
Action steps to help you to avoid probate.
Avoiding probate requires planning ahead, getting an effective estate plan written (by a qualified attorney), selecting the right person to manage the administration of your estate, and making sure all of your assets are titled correctly.
An Effective Estate Plan:
Please discuss the following with your estate planning attorney, as we are not offering you legal advice.
Whether you are married or single, if you own property, or if you have children, you may need a trust. Trusts come in many different versions and forms to achieve lots of possible results. One of the reasons you need to work with a qualified attorney is to explore your goals and your desire for control in order to draft an appropriate trust. Having a trust may avoid probate because it includes instructions that make it clear as to who will receive your bounty. However, if you have the trust document, but do not title your assets correctly, your family may still need to go through probate. Ask your attorney for help to be sure that all of your assets are appropriately titled.
The Will
Whether single or married, each individual person needs his or her own will. The will, when drafted in conjunction with the rest of your estate plan, including a trust, is usually referred to as a "pour-over" will.
Power of Attorney for Finance
This document functions only during your lifetime and only if you grant the power immediately, or if you become incapacitated. This document control's assets such as Social Security payments or individual retirement account withdrawals.The power of attorney document is important because it handles the assets that cannot be titled in the name of your trust, and allows your chosen agent to handle things for you.
Advanced Healthcare Directive
This document allows your chosen agent to make medical decisions on your behalf, if you are unable to respond to medical team, or you cannot comprehend the consequences of the procedures being offered to you.
How a Professional Fiduciary can help you if you are involved in a probate case.
Even though your well meaning family member may be skilled at their own profession, if he or she is a beneficiary, there is a natural conflict of interest.
Professional fiduciaries are never the beneficiaries. We are licensed, specifically trained, and insured to do the complicated work of trust and estate administration. We have systems in place, years of experience, and skilled staff who are in compliance with generally accepted accounting principles and good internal controls.
For most family members, your estate will be the very first time that they not only have to handle the business at hand, but also work through their own grief over losing you. You may think that you have a simple estate, but the transactions may be the only simple part. Your family, and their emotions, may complicate things a great deal.
Probate is a court process that can deal with transferring the wealth of someone who has died (the decedent, with or without a will) to the heirs or beneficiaries. Probate may also be about deciding whether or not a will is valid. Probate is also about taking care of the financial responsibilities of the one who died, such as debt.
Did you know that probate can be more costly than hiring a professional?
On an estate valued at $1 million probate can cost upwards of $46,000. This fee does not include court costs or final expenses for things like mortgage payments. The probate code, the body of law that governs the topics of trust and Estates, has a statutory fee schedule. This means the fees are established by law. Not only is probate expensive, it can take a long time (1 to 2 years, or more, before the first distributions are made with court approval) and burden family members with a great deal of paperwork and frustration.
Action steps to help you to avoid probate.
Avoiding probate requires planning ahead, getting an effective estate plan written (by a qualified attorney), selecting the right person to manage the administration of your estate, and making sure all of your assets are titled correctly.
An Effective Estate Plan:
Please discuss the following with your estate planning attorney, as we are not offering you legal advice.
Whether you are married or single, if you own property, or if you have children, you may need a trust. Trusts come in many different versions and forms to achieve lots of possible results. One of the reasons you need to work with a qualified attorney is to explore your goals and your desire for control in order to draft an appropriate trust. Having a trust may avoid probate because it includes instructions that make it clear as to who will receive your bounty. However, if you have the trust document, but do not title your assets correctly, your family may still need to go through probate. Ask your attorney for help to be sure that all of your assets are appropriately titled.
The Will
Whether single or married, each individual person needs his or her own will. The will, when drafted in conjunction with the rest of your estate plan, including a trust, is usually referred to as a "pour-over" will.
Power of Attorney for Finance
This document functions only during your lifetime and only if you grant the power immediately, or if you become incapacitated. This document control's assets such as Social Security payments or individual retirement account withdrawals.The power of attorney document is important because it handles the assets that cannot be titled in the name of your trust, and allows your chosen agent to handle things for you.
Advanced Healthcare Directive
This document allows your chosen agent to make medical decisions on your behalf, if you are unable to respond to medical team, or you cannot comprehend the consequences of the procedures being offered to you.
How a Professional Fiduciary can help you if you are involved in a probate case.
Even though your well meaning family member may be skilled at their own profession, if he or she is a beneficiary, there is a natural conflict of interest.
Professional fiduciaries are never the beneficiaries. We are licensed, specifically trained, and insured to do the complicated work of trust and estate administration. We have systems in place, years of experience, and skilled staff who are in compliance with generally accepted accounting principles and good internal controls.
For most family members, your estate will be the very first time that they not only have to handle the business at hand, but also work through their own grief over losing you. You may think that you have a simple estate, but the transactions may be the only simple part. Your family, and their emotions, may complicate things a great deal.
Court Accountings
Did you know that the Trustee (of virtually all trusts) has a duty to account at least annually?
We can maintain your Trust Accountings (for all kinds of trusts) all year, by tracking all of the trust transactions, and at year end, file your tax return. We provide you, the Trustee, with a formal accounting to provide to the beneficiaries. Utilizing our services, you can reduce your day to day stress, have better communication with the beneficiaries and have the peace of mind knowing that you are administering the trust with grace and order.
Want to spend your time doing something other than paperwork?
Was there an A/B split in your Trust at the death of your spouse, but no accountings or trust tax returns were filed? Do you have family members asking lots of questions?
Do you want to be the Trustee, but you don’t have any accounting expertise?
We have more than 25 years experience in the production of fiduciary accountings and tax returns.
Email us today to discuss how we can help you fulfill your duty to account. Call us to talk about your accounting project, 877-630-8448 or contact us using our Contact Form.
We can maintain your Trust Accountings (for all kinds of trusts) all year, by tracking all of the trust transactions, and at year end, file your tax return. We provide you, the Trustee, with a formal accounting to provide to the beneficiaries. Utilizing our services, you can reduce your day to day stress, have better communication with the beneficiaries and have the peace of mind knowing that you are administering the trust with grace and order.
Want to spend your time doing something other than paperwork?
Was there an A/B split in your Trust at the death of your spouse, but no accountings or trust tax returns were filed? Do you have family members asking lots of questions?
Do you want to be the Trustee, but you don’t have any accounting expertise?
We have more than 25 years experience in the production of fiduciary accountings and tax returns.
Email us today to discuss how we can help you fulfill your duty to account. Call us to talk about your accounting project, 877-630-8448 or contact us using our Contact Form.