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Why Probate & Estate Administration Is an Essential Aspect of Your Estate Plan

August 17, 2020Filed Under: Asset Protection, Elder Law, Estate Planning

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Old Woman Pondering Life Decisions

Probate is the legal process that decides how a person’s assets will be distributed and their debts paid after his or her death.   If your loved one owned his or her assets through a well-drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased’s assets. The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the local rules and schedule of the probate court. Probate and estate administration can be overwhelming, especially if the estate includes large amounts of assets, one or more businesses, or property in multiple locations.

Each probate and estate administration case varies depending on the circumstances, but certain steps remain constant. I can help you through this process:

  • Filing of a petition with the proper probate court
  • Notice to heirs under the Will or to statutory heirs (if no Will exists)
  • Petition to appoint Executor (in the case of a Will) or Administrator for the estate
  • Inventory and appraisal of estate assets by Executor/Administrator
  • Payment of estate debt to rightful creditors
  • Sales of estate assets
  • Payment of estate taxes, if applicable
  • Final distribution of assets to heirs

 

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Filed Under: Asset Protection, Elder Law, Estate Planning Tagged With: asset allocation, asset protection, Estate planning, family planning, financial planning

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Olivia K. Smith, Attorney at Law
Cornetet, Meyer, Rush & Stapleton Co., L.P.A.
123 Boggs Lane,
Cincinnati, Ohio 45246
Tel: (513) 771-2444
Fax: (877) 483-2119
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Olivia K. Smith, Attorney at Law
Cornetet, Meyer, Rush & Stapleton
123 Boggs Lane
Cincinnati, OH 45246
Phone: 513-771-2444
Fax: 877-483-2119
oksmith@cmrs-law.com

Family Law Attorney Olivia K. Smith, LLC represent clients in Cincinnati, Anderson Township, Batavia, Loveland, Mason, Milford and other communities in Hamilton County, Clermont County, Butler County and Warren County.

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information to me until such time as an attorney-client relationship has been established.

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