According to the Population Reference Bureau Bulletin, the American population aged 65 years and older is projected to rise from 52 million in 2018 to 95 million by 2060. This increase trends a growing need for retirees, elders, and families to look ahead at the estate planning and asset distribution process. Explore the probate and trust administration options at Rooth & Rooth Elder Law Attorneys for help in planning for the future of your estate’s assets.
Probate vs. Trust Administration
When a loved one passes away, both probate and trust administrations aim to distribute their assets to the intended beneficiaries. Although similar, the most significant difference between these two estate planning procedures is that probate is subject to court oversight, whereas a trust is managed outside the courtroom. Since there is no court involvement in trust administration, this process may incur far lower expenses than probate, which requires paying court filing fees and executor fees, among other taxes.
What is probate?
An often complex legal court process that authenticates a will, and often appoints a personal representative, sometimes referred to as an executor, to distribute the estate assets of the deceased. Common assets requiring the probate process include bank accounts, real estate, personal property, and stocks. To expedite the transfer of assets to beneficiaries, the probate process can often be avoided by creating a revocable living trust.
What is trust admin?
Utilized in living trust agreements and Florida law, trust administration involves the process of managing assets following the death of a trust’s creator. A trustee is appointed to protect assets, settle debts, and distribute inheritances. Because living trusts are created when the owner is still alive, appointed trustees must follow the decedent’s instructions as specified in the agreement and remain impartial to all beneficiaries.
The Role of a Probate and Trust Administration Attorney
Veteransin estate law, probate, and trust administration attorneys work with executors and beneficiaries to manage the affairs of the decedent. Aside from overseeing the probate and trust administration process, these knowledgeable guides ensure compliance with relevant laws and draft legal documents, updating them to accommodate life changes or significant events when necessary. No matter if you need help with probate or trust administration, attorneys help transfer assets more seamlessly and eliminate time spent in probate court.
When there is a will
If a person dies with a will already in place, a probate lawyer can be employed to advise all parties, whether the executor of the estate or a beneficiary, on a range of legal matters pertaining to the will. In addition, probate lawyers also manage any challenges made against the will, although most pass through the probate process without contestation.
When there is not a will
If a person dies without writing and signing a will, or without a valid will, a probate lawyer can help assist the administrator of the estate and manage the assets to be distributed in accordance with Florida intestacy laws. Probate and trust administration attorneys help avoid unnecessary delays and costs in the distribution of the deceased’s assets even when there is no will.
Hiring a Probate and Trust Admin Attorney
When selecting an attorney to guide you through your estate plan, you’ll want to look for more than just legal expertise. Since you’ll be consulting on financial, legal, and even personal matters, it’s important to find a lawyer you feel comfortable with. Asking family or trusted friends for recommendations and researching attorneys in your area can be a wise first step in familiarizing yourself with all of your options. At the initial meeting, you should be sure to inquire about your selected lawyer’s experience, how long the asset distribution process typically takes, and any expenses you may expect.
FAQ
What is the difference between a probate and estate planning lawyer?
While estate planning attorneys help make a plan for dividing up an estate and its asset before a person dies, probate lawyers oversee the administration of a will after a person has passed away.
What type of lawyer handles inheritances?
Probate and estate administration attorneys assist beneficiaries of a decedent’s estate transfer assets to the rightful heirs.
Are you required by law to hire probate and trust administration attorneys?
Though you are not required by law to hire a probate and trust administration attorney, it is recommended to consult with a legal expert to avoid mistakes and delays in the probate process. Lacking the legal knowledge to handle the probate or trust administration may cause weeks, but more often months, of delays before the beneficiaries received their inheritances.
Consult With a Probate and Trust Administration Attorney
At Rooth & Rooth Elder Law Attorneys, our team of probate and trust administration attorneys helps Florida families navigate the complexities of estate planning. Whether you intend to go through the probate or trust administration process, we offer dedicated legal guidance that will help facilitate and support your long-term plans. Contact us today to learn more about our personalized probate and trust administration services.
