Trust and Probate Administration Services in Wauwatosa and Milwaukee
When the time comes to administer an estate, there are several scenarios that exist, depending on what you have set up. There is trust administration when a trust was set up as part of the estate plan. In this scenario, probate can be avoided.
Probate often does come into play when a will has been set up. At this point, the court will need to get involved to determine the division of assets and ensure that all outstanding debts are paid.
Trust Administration
While a properly set up trust will help avoid the probate process, there are still duties that need to be administered. These include:
- Notification of beneficiaries
- Obtaining all legal documentation
- Payment of debts and taxes
- Selling any property
- Keeping a record of income and expenditures
- Distributing income and remaining assets
The process can take from 3 to 12 months on average. During the process, a trust administration attorney in Wauwatosa can assist to make sure the trustee is able to administer all of the tasks and that everything is properly distributed.
Probate Administration
Probate is the legal proceedings that take place when someone passes away that has a will. Depending on the terms of the will, the court may appoint an executor and oversee the process.
The probate process can include:
- Appointment of an executor
- Payment to creditors
- Filing of tax returns
- Filing of inventory and accounting reports with the court
- Distribution of remaining assets
The probate process can take anywhere from 4 to 18 months. An experienced probate administration attorney can help during all stages of the process.
Collins Law Firm handles trust and probate administration for Wauwatosa, Pewaukee, and the greater Milwaukee area. Call the firm today at 414-207-6292 to get started.