When a loved one passes on, the emotional aspect of the loss is very often compounded by its financial implications. A death can be complicated even further if your loved one did not create an estate plan in his or her lifetime. If you find yourself mixed up in the estate administration process, it is generally best to seek help. Our firm has been helping clients through the estate administration process for years, and we are ready to put our blend of compassion and experienced to work for you. Please read on and reach out to our firm to learn more about what we can do to help:
What happens during probate administration?
Estates are handled by the probate court when an individual passes away without drafting a will or a trust in their lifetime. The purpose of the probate process is to gather all the decedent’s assets, pay off his or her debts, and transfer all the remaining property either to beneficiaries or heirs.
The probate administration process can be complex and challenging to navigate at times, which is why if you are the one who was appointed by the court as the probate administrator, you will have a lot to learn, and will most likely need the legal assistance that an experienced attorney can provide. As the estate administrator, you are in charge of all the assets and money handled and received. After all the decent’s affairs are resolved, you will file a petition with the probate court to distribute the remaining assets and finally close out the estate.
What happens during the trust administration process?
When an individual passes away and his or her assets were either purposefully or unintentionally transferred to a trust, probate or estate administration is generally needed. During trust administration, you will ensure all debts have been paid and that the title to assets is cleared. It is generally best to seek legal assistance to help you navigate through the trust administration process. Our attorneys can help with the sale of assets, negotiate with, and pay off creditors, monitor the terms of your trust, ensuring assets are paid as necessary, help distribute assets to beneficiaries, marshal assets, obtain appraisals, and more. If you have any additional questions about the trust administration process, please do not hesitate to reach out to our experienced firm. We are here to help.
Contact our experienced New Jersey firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.