Two common processes for transferring property after a death are trust administration and probate. While some money and property can transfer outside of either process, either trust administration or probate or both is usually necessary after most deaths. Both processes can be complicated, so trustees, executors, and heirs should have appropriate legal help provided by an experienced trusts and probate lawyer.
Cochrangersh Law Offices, P.S.C. provides representation during the trust administration process and during the probate process in Louisville. Our experienced attorneys know how difficult it is to lose a loved one or a friend and immediately be thrust into a complex legal world. We work hard to make sure that both the trust administration process and the probate process go smoothly and that heirs and beneficiaries are protected. To get personalized advice on how we can help with the process of winding up an estate after death, give us a call. Our Louisville probate lawyers can also provide you with important information on key issues including:
- What is involved with trust administration in Kentucky?
- What is involved in probate in Kentucky?
- How can a Louisville probate or trust administration lawyer help?
What is Involved With Trust Administration in Kentucky?
Trust administration becomes necessary when a person who has created a trust passes away. The trust document should name a trustee, and this trustee is in charge of the trust administration process. Unlike with probate, there is no court oversight or court process which must take place. The trustee, however, still owes a fiduciary duty to the beneficiaries of the trust. If the trustees fails in his obligations or breaches his duty, beneficiaries may file a claim against him.
The specific duties of the trustee will vary depending upon the type of trust and the instructions provided by the trust creator. In general, however, the process is designed to facilitate the transfer of trust assets to new owners who were named as beneficiaries. The trustee will manage the assets during the transition process and will take care of the legal steps necessary to re-title assets and otherwise make the transfer of ownership possible. The trustee can also take care of issues like providing appropriate notice of the death and filing tax returns on behalf of the trust when required.
What is Involved in Probate in Kentucky?
The probate process occurs to transfer assets not transferred by trust or by other mechanisms after a death. The probate process takes place in a probate court in the county where the deceased owned property. This process involves determining if there is a valid will, providing an opportunity for a will contest, notifying creditors of their right to make claims on the estate, and facilitating the transfer of assets to new owners.
The executor who the deceased named in his or her will is going to be the person in charge of overseeing the probate process. The executor’s job is to provide appropriate notice to heirs, family members, creditors, and other interested parties. The executor will defend the will if it is challenged, and will also facilitate the process of getting assets in the estate valued if such a valuation is necessary. If estate taxes have to be paid, the executor will also manage this process as well.
Like trustees, executors have fiduciary duties. They must ensure they manage the deceased’s property after death and that they protect the property for the beneficiaries.
How Can a Louisville Probate or Trust Administration Lawyer Help?
A Louisville probate or trust administration lawyer can provide legal assistance to trustees and executors. We can help you to understand what a fiduciary duty means as far as your obligations to the deceased and to beneficiaries. We can also assist you in understanding all of the legal steps which must be taken and can take some of those steps on your behalf so you can move through the probate or trust administration process as quickly and effectively as possible.
We also provide legal assistance to heirs, and to family members or other interested parties, during the probate and trust administration process. If you believe a will is not valid or if you are concerned that a trustee or an executor is not fulfilling his responsibilities or is mismanaging the affairs of the estate, we can help.
Cochrangersh Law Offices, P.S.C. has provided assistance to many clients throughout Louisville and surrounding areas after a death. Give us a call today to learn more about how we can help with both the trust administration process and the probate process.
If estate planning is designing a playbook, trust administration and probate occurs when the playbook is put into action. The process begins with an event that triggers a provision in your estate plan, such as incapacity or death. The plan becomes executory, meaning that the individuals you designated in your plan documents must step into action to fulfil your instructions.
Estate and trust administration can be complex and the people you have designated must have competent and experienced counsel to guide you through the process. They must make important decisions, often quickly. They may also need to inventory and value your property, prepare tax returns, or sign other important documents on your behalf. Ultimately they must divide and distribute your property to those individuals or charities you identified in your will or trust agreement under the terms and conditions you identified.
Trust administration and probate carry a lot of responsibilities. Cochrangersh Law Offices can help guide you and your loved ones through the process as sensitively, efficiently, and thoroughly as possible. To find out more, please call us at (502) 423-7023 or Click Here to request a consultation.