We not only create estate plans, but we help clients fulfill their fiduciary duties as Trustees and Personal Representatives (Executors) in administering estate plans after the death of a loved one.
What is Probate?
Probate is the court-supervised process of transferring assets from the deceased to his or her heirs and survivors. Trust Administration is a similar process, except that it is through the Revocable Living Trust and is done without court supervision.
- Inventory the assets and help with determining “cost basis” and “fair market value”.
- Safeguard the assets from creditors, heirs, etc. and make sure they remain insured during the process.
- Distribute the “tangible personal property”.
- Make sure all taxing authorities have been paid and are satisfied, both state and federal taxes.
- Settling the decedent’s creditor claims including paying all medical bills and other bills.
- Provide a final accounting to all beneficiaries.
- Make sure our clients, the fiduciaries, are adequately compensated for their time incurred and liability assumed.
- Obtain “releases of liability” from all beneficiaries before final distribution.
- Assist the client as well as the CPA for the estate in filing final income tax returns.