Estate Administration
For over two decades, Sanders Law Group has worked diligently to assist our clients with their business and personal life planning needs. We always strive to provide solution focused legal assistance in a high quality and economical manner.
ESTATE ADMINISTRATION
Understanding the Process
After a loved one passes away, there are many emotions involved, and handling their estate can be overwhelming. Although there are situations when a probate administration is not necessary, there are still certain legal obligations and steps that need to be taken.
Probate is a court-supervised legal process to settle a deceased person’s estate. This involves identifying and gathering assets, paying debts and taxes, and distributing assets to beneficiaries. The process takes place in the circuit court of the county where the deceased lived, or owned property, if they are a non-resident.
There are two different types of probate administration. A summary administration is for estates with less than $75,000 in assets, or when two or more years have passed since the date of death. A formal administration is necessary for estates with assets exceeding $75,000 in assets.
Even if a loved one established a revocable living trust in order to bypass probate, some assets might have been overlooked and not properly transferred to the trust. Those overlooked assets may become part of a probate administration.
Probate administrations are typically settled within nine to eighteen months. However, if litigation is involved, it can take longer. The costs of the administration depend on the complexity of the estate. For example, a few factors that may increase fees and costs include, but are not limited to, real estate owned by the deceased in different states, objections to the validity of the will, or if the will is not self-proving. Probate expenses may include fees paid for appraisals, legal work and court costs, personal representatives, and surety bonds. Costs vary but often fall between 2% and 7% of the estate’s total value.
Whether it’s a simple question or a complex matter, Sanders Law Group, P.A., is here to ensure the estate settlement process is streamlined and efficient. We understand the challenges faced after losing a loved one, and our goal is to ease the burden of managing and distributing your loved one’s assets. We strive to provide support, alleviate any concerns, and simplify the complexities involved in handling estates.
