Managing probate and trust administration of an estate is complex work that requires strict attention to the intricate details of the law, tax code, and adherence to the terms of the last will or trust agreement.
As a personal representative of a probate estate, or a trustee of a trust, or both, you can be held personally liable for any mistakes you make in the performance of your fiduciary duties.
As a personal representative of a probate estate and/or a trustee of a trust, you can be held personally liable for any mistakes you make in the performance of your fiduciary duties.
You were likely selected to serve in this role because the decedent trusted you to handle their final affairs and properly provide for their beneficiaries. In addition, they chose you because you were the most capable and trustworthy person in their life.
Such a selection is an honor and should be treated with great appreciation. However, it is imperative that you recognize the importance of this role and make your execution of the duties required of such an office your top priority.
Having a professional law firm manage this process is not only a wise move that will give you the best chance of staying in compliance with the law; it also makes the tasks you must perform far easier than should you go it alone.
You may be a personal representative of an estate or trustee of a trust and not even know it. Probate is the legal process in which the court determines what will happen with your property after you die. Trusts are agreements that allow someone to manage and use the property for another person's benefit while still retaining ownership and control over it themselves. Both probates and trusts can have beneficiaries who should receive some kind of financial reward when they are successful in their administrative duties, but these fiduciary responsibilities carry personal liability risk as well.
We will prepare a legal document to provide clear instructions on what should happen to all your assets according to your wishes after death. It can prevent family feuds over property and other finances.
Our professional team will ensure that a pour-over will is in place to capture any assets that are not included in your living trust or that weren't transferred initially. It's always better to play it safe and make sure everything is handled accordingly.
We'll guide you in choosing a power of attorney (POA) and explain what legal decisions can be made by the person assigned. It's the best way to protect your finances, property, or medical care.
If something should happen to you and you can no longer make decisions, you'll want to make sure that somebody has your best interest at heart and follows your instructions for any healthcare needs. Our team will create the legal healthcare documents needed to give you peace of mind.
This includes Revocable Living Trust, Irrevocable Trust, Testamentary Trust, and Special Needs Trust.