Probate & Trust Attorney in Greenfield, IN
Quality Help from a Probate & Trust Attorney in Greenfield, IN
Our firm recognizes that the loss of a loved one can be among the most challenging experiences your family may encounter. Simultaneously managing your responsibilities as Executor of the Will or Trustee can add to the difficulty and stress. The probate attorney at Martin Law Firm simplifies this process by providing compassionate and thorough guidance to help you fulfill your duties and responsibilities if you are tasked with probating an estate and/or administering a trust.
What Is the Probate Process?
The estate that you leave behind upon your death may consist of real property, personal property, and/or intangible property. It is essential that your estate assets are secured, inventoried, and ultimately transferred to the designated beneficiaries or legal heirs. The legal procedure through which this is achieved is known as “probate.”
In cases where a decedent has left a Last Will and Testament, it is necessary to notify the heirs at law, who must then agree to the appointment of the individual named in the Will to serve as Executor. If the heirs at law do not raise any objections and the Court determines that the Will is valid, a court order will issue Letters of Testamentary that validate their legal authority. Should the decedent own multiple properties across different states, multiple ancillary probate processes will be necessary.
The Executor holds the responsibility of settling outstanding debts and collecting any assets owed to the decedent. They are bound by a fiduciary duty to safeguard the beneficiaries’ inheritance during the period required to settle the estate.
In instances where the decedent has died intestate (without a Will), the court will appoint an individual to manage the estate’s administration. The heirs at law of the decedent must consent to the appointment of this administrator. Unlike the probate process, Letters of Administration will be issued, granting the appointed Administrator the legal authority to represent the estate and distribute the remaining assets to the heirs at law in accordance with intestate statutory law.
The probate process can often be perplexing and lengthy, increasing the likelihood of errors. If you find yourself tasked with probating an estate, enlisting the assistance of an experienced probate attorney can significantly reduce the chances of making such mistakes.
What Is Trust Administration?
A Trust is often used to distribute some (or all) of an estate. A primary benefit to using a Trust is that Trust assets are not required to go through probate if the assets were retitled to a Trust during the decedent’s lifetime. When a Trust is created, the creator of the Trust, known as the Settlor appoints a Trustee to administer the Trust assets without the oversight of the Surrogate’s Court upon the death of the Grantor. It also eliminates the need for ancillary probate if the decedent owned property in multiple states.
As the Trustee of a Trust, you will have a variety of duties and responsibilities, such as managing and investing Trust assets, maintaining Trust records, and ensuring that all taxes owed by the Trust are paid. You are also required to follow the terms of the Trust and maintain an accounting of the assets collected and the debts paid. Working with an experienced Trust administration attorney is the best way to make sure you successfully carry out your responsibilities during the Trust administration process.
Contact Us
Our attorney at Martin Law Firm, can help you in your role as the Executor of a Will during probate or as the Trustee of a Trust during Trust administration. Contact our office today by calling 317-462-2222 or filling out our online form.