What should you know about probate and trust administration here in Cincinnati, OH? Glad you asked! I will keep the answer to the question both helpful and as brief as possible.
Probate and trust administration generally refers to the services provided by attorneys like myself who work in the practice area of estate planning.
Probate and trust administration services are generally needed when an individual passes away, and their assets must be distributed to the heirs. I will address three situations where the services would be beneficial.
First, the individual died “intestate,” when an individual did not have a will. The second is when the individual did have a will but not a trust. The third is when the individual has both a will and a trust.
Here in Cincinnati, probate and trust administration services can benefit the heirs of an individual who died intestate (without a will).
Things can become very complex quickly as the estate of an individual who dies intestate may have to go through probate, meaning the State of Ohio will step in to make decisions about who gets what of the deceased’s assets. Generally speaking, assets usually go to the surviving spouse if the individual was married, and all the children of the decedent were born of that marriage. If the children are not issue of the marriage then some of the assets would go to the surviving spouse and some to the children. If they were not married, they typically go to the kids, if any, or if none to next of kin, perhaps a sibling.
Sometimes the probate process is relatively simple, and the services of an attorney may not be needed. However, in other cases, albeit most, if there are multiple heirs and significant assets, an estate planning and probate attorney’s help can be invaluable. Navigating the probate process is not easy; there are deadlines to be met, documents to be filed, and more. A novice could quickly find themselves in a stressful situation with the court if everything isn’t complete, accurate, and on time.
So probate administration services provided by an experienced estate planning attorney can benefit the heirs. It is good to know that the estate usually covers the legal fees.
About 50% of adults in the U.S. don’t have a will – leaving their heirs to navigate the probate process, with or without an estate planning attorney’s help. We’ll now turn our attention to the 50% who do. What happens when an individual who does have a will passes away? Again, glad you asked!
Those who have taken the time to create a will have made a loving choice for their heirs.
While probate may still be needed, generally speaking, the decisions are already made, and the court’s role is simply to confirm the will is acceptable. While it is considerably less stressful for the heirs, having an estate planning and probate attorney provide probate administration services is still a good idea to ensure all goes smoothly.
Now let’s talk about trust administration.
Trust administration does not just occur when an individual dies but during their lifetime as well.
Once a living revocable trust has been created, it should be updated regularly, especially if an individual experiences significant life changes such as divorce, marriage, the death of a spouse, etc. Good to know that a trust can be extremely valuable in the event the individual becomes incapacitated, perhaps from a car accident. I won’t go into details about the elements of a trust; however, having a trust, including all the standard components, is something I highly recommend to my clients when their estate warrant.
A trust can prove useful during an individual’s lifetime and helps their heirs avoid probate later.
Probate and trust administration services in Cincinnati, Ohio, are offered by estate planning attorneys like myself. Whatever your situation, with or without a will, with or without a trust, I’d be happy to meet with you about your particular situation to ensure you are protecting your hard-earned assets and your loved ones. Feel free to schedule a consultation with me directly from my website www.davidlefton.com or call me at 513-399-7526.