After a death, there are formal legal steps which must be taken to make it possible to transfer the deceased person’s assets and to wind up all of the legal issues the death has caused. A trust administrator or an executor is going to be in charge of the processes of winding up the affairs of the estate. Heirs and beneficiaries also need to be aware of what is going on with the probate and trust administration process to make certain that their interests are protected.
Frank & Kraft can help. These legal processes are complicated and can be hard to cope with in the midst of your grief. With assistance from our legal team, you don’t have to worry about whether probate or trust administration will go smoothly because we will provide personalized advice and assistance throughout the process. Give us a call at at (317) 684-1100 to find out more about the assistance we can offer your family and to get answers to questions including:
- What is involved in probate and trust administration?
- Who should get help with the process of probate or trust administration?
- How can an Indianapolis probate or trust administration lawyer help you?
What is Involved in Probate and Trust Administration?
The probate process and trust administration process both involve taking certain legal steps in order to deal with all of the legal issues created by a death. When a person dies, his or her property doesn’t just transfer automatically to new owners, except in limited cases such as with jointly owned property. Instead, there are steps which must be taken – which could include paying taxes, having the property valued, and changing titles or deeds. The probate and trust administration processes are the most common ways to take the necessary steps to transfer property.
Probate and trust administration both achieve the same goal: getting property to its new owner after a death. The processes, however, differ substantially.
- Probate is overseen by an executor chosen by the deceased and named in the will, or a personal representative named by the court if there is no executor. Trust administration is overseen by a trustee chosen and named in the trust document.
- Probate happens in court. Trust administration happens outside of court, unless there is a problem with the way the trustee does his job and the heirs file suit.
- Probate occurs if the deceased has a last will and testament or, in some cases, if the deceased died intestate (without a will). Trust administration occurs only to transfer property owned by the trust.
These are just a few of the things you need to know about trust administration and probate. During both processes, the trustee or executor has a legal duty to act in the deceased person’s best interests. They should get help from an Indianapolis probate and trust administration attorney to fulfill their roles. Heirs and beneficiaries should also be represented so they can make certain that their inheritance is kept safe during the process.
Who Should Get help with the Probate & Trust Administration Process?
It is important for executors and trustees to know what official steps need to be taken in order for their roles to be fulfilled. Executors and trustees not only have to deal with things like filing court paperwork, filing tax returns, paying estate taxes, and dealing with notifying heirs and creditors, but they also have an obligation to make sure property is managed appropriately. This can be complicated, and having legal help can make the process easier.
Heirs who stand to inherit also need to make sure that the property which will become theirs is being managed appropriately and that they are able to inherit in a timely manner. An attorney can help. Finally, anyone who wishes to contest a will should get professional legal advice so they can understand the process and make the strongest arguments possible.
How can an Indianapolis Probate or Trust Administration Lawyer Help?
Frank & Kraft is here to provide the advice and assistance you need during the entire probate and trust administration process. We aim to make it as easy as possible for executors, personal representatives, or trustees to fulfill their obligations to the deceased and to the property’s new owners. We also fight hard in cases when a will needs to be contested to ensure the deceased is able to leave a desired legacy. Give us a call at at (317) 684-1100 or contact us online to find out more about how our Indianapolis probate and trust administration lawyers can help you.