No one likes to think about passing. But, have you made a plan for your valuables for when this happens? Naturally, you want them to go to loved ones. Therefore, administering a will or trust is vital to help you avoid court battles and trouble.
Court & Your Valuables
Property that's not part of an executed estate plan is at risk. Typically, it is transferred through a probate proceeding in the court system. The judicial administration of your estate is considered “probate”. This requires several things of you. First, there is the action of identifying and gathering assets. There is also notification and payment to creditors. Tax returns must be filed. There can be liquidating property and retitling property. Also, there is distributing assets to your beneficiaries.
Administering a will or trust doesn't have to be a nightmare. And, at Bolinger Law Firm, we can help you through the entire process.
Can a Will or Trust be Disputed?
It is difficult losing a loved one. And, the emotions of administering a will or a trust can lead to horrible disputes among family members. This amplifies the stress, grief, and sense of confusion throughout the entire process.
A will may be contested by a disgruntled family member, heir or other “interested person”. Therefore, they may allege invalidity, impartial influence, or fraud. Even if the will contains a no-contest clause, an individual may still contest the will. As a result, disputes can lead to months or years of legal and emotional strife.
Litigation involving trusts may also arise for a variety of reasons. This could include beneficiary disputes, trust validity, commingling of funds, imprudent investments, fraud, and more.
Probate proceedings and disputes can be extremely complicated. As a result, if there is no estate plan or non-probate transfer techniques in place, it can lead to trouble. These problems are time-consuming and costly. Worse, is the divisive and heartbreaking effect on the family.
Steps to Administering an Estate
- The identification and gathering of assets, including tangible and intangible assets, like homes, heirlooms, business assets, stocks, and investments.
- Notification and payment to creditors, including all credit cards, loans, mortgages, autos, and business expenses.
- Filing of tax returns.
- Liquidating and/or retitling property.
- Settling personal and business affairs.
- Distributing assets to the beneficiaries in the manner with which the will and/or trust proclaims.
- If a will or trust is contested and the decedent’s estate goes to court, you will need a probate attorney to get the estate legally settled as quickly as possible.
In conclusion, don’t try to handle administering your loved one’s will or trust on your own. And, don't let a contested estate issue take over your life and add to your emotional struggle. Bolinger Law Firm is here to help you efficiently sort through the legalities and relieve the tension of estate arguments. And, we keep each step of the process straightforward.
If you’re in the terribly unfortunate situation of having had a loved one recently die and need legal assistance with probate, contact us today. We offer a free consultation. And, can help get you on the right path. Above all, we are here for you. We can be your trusted voice now and with your own estate plan in the future. 636-386-8322