Estate Administration Services in Wauwatosa, Pewaukee, and Milwaukee
Having an estate plan in place to protect you and your loved ones in the future is one of the most important decisions you can make. When the time does come to administer the estate, having an experienced estate planning attorney is an advantage. A Milwaukee-area estate planning attorney can help set up everything properly ahead of time, making the process easier when it comes time to administer the estate.
Probate Administration Services
The estate often goes to probate when someone passes away, depending on its setup. This essentially means that the court supervises the process to ensure that debts are paid and that all assets are transferred in accordance with the estate.
The assets that are included in the probate process include everything that was owned by the individual, other than items that:
- Are jointly owned by another individual
- As title or held by a trust
- Pass automatically upon death outside of probate
The court will appoint an executor of the will if there is one. If there is no will, then someone else is appointed – typically a close family member if there is one. Many of the tasks of executing the will then fall upon the estate’s executor.
Due to the process and fees involved with probate, many individuals choose to do an estate plan that allows for probate to be bypassed.
Trust Administration Services
When a trust is set up as part of an estate plan, the estate administration can proceed without going through probate. The directive of the trust itself will allow for the deceased’s assets to be passed on to the designated beneficiaries.
Because trusts and wills are different and cover slightly different assets and scenarios, it is often recommended to have a will and trust set up as part of a complete estate plan.
And although trusts often make the process significantly more manageable than a simple will, complexities often arise that make it necessary to have an estate planning attorney involved in the process to assist. The trustee may often seek the services of an attorney as they are going through the process.
Collins Law Firm handles estate planning for Wauwatosa, Pewaukee, and the greater Milwaukee area. Call the firm today at 414-207-6292 to get started.