Probate and Trust Administration

When a loved one passes away, the survivors are often responsible for guiding his or her estate through the administration process, with the assistance of an experienced trust and probate attorney. This is accomplished either through a formal, court-managed probate proceeding, or through a less formal trust administration, and includes the following important steps:

Gather and protect the estate assets;
Identify and pay creditors;
Identify heirs and beneficiaries and distribute estate property; and
Prepare an accounting and close the estate.

How Long Does It Take? How Much Does It Cost?

Probate: The length of probate can vary significantly depending on the unique issues present in the estate, such as the value of the assets, what types of assets are included, and whether the decedent had a will. Disputes with creditors or others can cause additional delay. Most probates can be settled within nine to 18 months provided there are no complications.

Costs and expenses related to probate also vary depending on the estate. Most often total costs will range between roughly three to seven percent of the total estate value. This includes personal representative fees, attorney fees, accounting fees, court filing fees, appraisal costs, and surety bonds.

Trust Administration: The easiest and fastest way to settle an estate is through the use of a fully funded revocable living trust. The trustee must still go through most of the necessary steps from probate, but because the courts are not involved and the judge is not in charge, the process can typically be completed privately and in a much shorter time.