Probate and Trust Administration in Boca Raton

Understanding How Probate Works

When a loved one suddenly passes away there can be immense amounts of grief.  Then to make matters even more difficult there are accounts that need to be settled and assets to distribute among loved ones.

Probate is the legal process of dealing with the money, property, and assets of someones who has passed away. Ideally, as part of an estate plan and executor should be assigned to execute the decedents wishes.

An executor is put in place to help a grieving family not have to handle this complicated process on their own.  The executors main responsibility is to protect the assets of the decedent and think about the interests of the beneficiaries.

As difficult as it can be to cope with the loss of a loved one, the complicated legal processes of administering the Estate can make the burden even greater. At The Siegel Law Group, P.A., we offer experienced, compassionate assistance with Probate and Trust Administration in Boca Raton, both to help carry out your loved one’s wishes and to guard the interests of those left behind.

Legal Guidance Through the Probate Process

During Probate, courts identify and verify a deceased individual’s assets. If the decedent had a Will, the property is distributed per that Will upon validation by a judge. Without a valid Will, the judge must determine how to distribute the property under relevant Florida law. This process can be long, arduous and costly.

Additionally, if you have been appointed as the Personal Representative to administer the Estate, you could be personally liable for failure to do so properly. For nearly 20 years, South Florida Probate Attorney Barry D. Siegel has provided skilled representation and guidance for families and Personal Representatives who are navigating the complex Probate process.

Probate Administration

When a loved one passes away, they leave behind property and assets that either need to be sold or distributed. This process is called administration of a probate estate. The families personal representative, also known as an executor is the one responsible to handle this process.

The Siegel Law Group P.A can help you with your administration of a probate estate duties, including:

1. Paying debts owed by the estate
2. Paying Taxes owed by estate
3. Identifying and notifying beneficiaries about the probate estate
4. Asset and property appraisal
5. Distributing assets to beneficiaries

Trust Administration

Many people place assets into a Trust as a way to bypass Probate and avoid costly estate taxes. Although a Trust can be administered privately outside the courtroom, the Trustee must still accurately distribute the funds, according to the terms of the Trust. Our Attorneys can work closely with the Trustee, providing necessary guidance to ensure the Trust’s terms are correctly fulfilled.

Different Types of Trusts

Trusts can be broken down into two categories:

1.Revocable Trusts

2.Irrevocable Trusts

Revocable trusts give grantors more freedom to them by allowing them to be canceled or altered at the grantors discretion.

While irrevocable trusts require the consent of the beneficiaries to make any changes to them. In the State of Florida there are some common trusts used inside estate plans.

Living Trust – also known as a revocable living trust tells executors how the assets in the trust should be managed while the grantor is alive and distributed after the grantor has passed away.

Testamentary Will Trust – This trust is created via a living will and only becomes active after the death of the grantor. High net worth individuals would use this to place assets into a trust to protect the beneficiaries inheritances from high estate taxes.

Other Types Of Trusts – There are other trusts that an estate planning attorney uses to create a customized plan but they aren’t as common. They include:

1. Special Needs Planning Trust
2. Veterans Asset Protection Trust
3. Domestic Asset Protection Trust
4. Charitable Trusts
5. Grantor Trusts

When you talk to a probate and trust administration attorney they can guide you through the trust administration process and carefully explain each type of trust and why one would be better for you over another one.