Part 2 in a 2-Part Series
Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. Last week, we started a two-week series about probates and trusts. Click here to read part one. Today, we conclude the series. In addition to preparing a will and helping you decide whether you might need one or more trusts, an estate planning attorney can assist with the following tasks:
- Select executor and trustee.
- Minimize estate taxes.
- Transfer accounts and property to a trust or naming a trust as a beneficiary.
- Choose the right beneficiaries and structure their inheritances to meet their needs.
- Choose agents under financial and medical powers of attorney.
- Create medical directives.
Effective estate planning can minimize the time and complexity of the probate process and give your loved ones faster access to your money and property. An estate plan may not be able to eliminate probate entirely; however, without an estate plan, your money and property will be distributed according to state law—which may not align with your wishes.
The state may also have to get involved with choosing guardians for your children, authorizing others to act on your behalf, and deciding other important matters. The state’s decisions may be very different than what you would have chosen. In addition, a lengthy probate process can cause delays, increased expenses, and a loss of privacy. Having an up-to-date estate plan makes your wishes known and makes things easier for your loved ones.
What Does a Probate and Trust Administration Attorney Do?
A probate and trust administration attorney assists your loved ones with the estate or trust administration process after you pass away. They help your loved ones through the legal processes that your death sets in motion.
Probate Attorney
A probate attorney can work on behalf of the representative (i.e., the executor or personal representative) who you name in your will, or the person appointed by the court if you die without a will, to settle your financial affairs and carry out your final wishes. A probate attorney can also represent your beneficiaries in the probate process.
Some common duties that a probate attorney performs for clients include the following:
- Collect life insurance proceeds.
- Give legal advice regarding the client’s responsibilities and rights.
- Identify and create an inventory of what you owned at the time of your death.
- Locate your will.
- Manage the probate estate’s finances.
- Oversee appraisals for your property.
- Make sure the executor pays any estate and income taxes owed and any of your outstanding debts that must be paid.
- Prepare and file necessary court documents.
- Retitle accounts and property, as necessary.
- Transfer accounts and property to appropriate beneficiaries.
Trust Administration Attorney
A trust administration attorney guides a trustee through the administration of a trust. Trusts are not subject to the probate court process, allowing the trust’s accounts and property to be distributed quickly and privately. However, the trustee may need assistance fulfilling their legal obligations. Trust administration attorneys may provide services to beneficiaries as well.
About Skvarna Law Firm in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
