If you have established an estate plan, we can ensure that the instructions of your will or trust are followed on your behalf. Your estate is managed and distributed through a court-managed process called probate or estate administrations after you or a loved one passes away. Our firm is experienced with the estate administration process and is here to work hard with your loved ones to navigate the estate administration process as efficiently as possible.
PROBATE PROCESS
Probate is a court-supervised process in order to distribute assets to beneficiaries after your or loved one’s death. Any assets owned in your individual name or made payable to your estate will go through probate.
Griboff Law can assist with the following areas in the probate process:
- Petitioning the court to appoint a personal representative
- Obtaining appraisals of your home and assets
- Connecting them with real estate agents and accountants
- Filing an inventory and accounting
- Distributing assets to who you want
REVOCABLE TRUST PROCESS
A revocable trust, also known as a living trust, can help to simplify the transition of your estate. This type of trust can be an option for avoiding the probate process.
If you create a revocable living trust, your assets should be distributed according to the trust, which avoids guardianship (during your life) and probate (at your passing); however, families may need assistance with trust administration.
When a revocable trust is established, a trustee is named responsible for managing the assets in the trust for the benefits of the grantor during his or her lifetime. This type of trust allows the grantor to make changes to the trust after it is set up and even permits the grantor to completely eliminate the trust. Alternatively, an irrevocable trust cannot be altered once it is created, which offers less flexibility.
Probate can be expensive, time-consuming, and public. Some clients want to keep their family and financial affairs private after their death. Griboff Law’s experience in estate administration can assist with the process of trust planning and avoiding probate.
Griboff Law is here to help you and your loved ones understand Elder Law, Estate Planning, and Medicaid Planning. We welcome you to contact us to learn more about how we can help meet your estate administration needs.