At the Floyd Law Firm, we stand ready to assist you with the challenges and demands of the probate process. We have years of experience in helping to guide clients through the court process, and we will do whatever we can to assist you.
The death of a parent, spouse, grandparent, or other loved one is a most difficult period for family and friends. It is a time of sadness, grief, and loss, and unfortunately it is also a time when the estate of the deceased person must be assembled, valued, and distributed according to the person’s Will or state law.
Estate administration, or probate, is the process in which a personal representative is appointed by the Probate Court to identify and value the deceased person’s property, pay the debts, and distribute the property to beneficiaries. The probate process involves numerous court forms, filings, and accountings that are often complicated and stressful to complete. Probate also requires the personal representative to meet court deadlines, give required legal notifications, and convey homes and other real property to the heirs and beneficiaries. If your loved one owned his or her assets through a well drafted and properly funded living trust, it may be that no court-managed administration is necessary. The length of time needed to complete the probate of an estate depends on the size and complexity of the estate, the local rules, and the schedule of the probate court.
The duration and the costs involved with probate depends on several factors. The majority of estates may be settled through probate and administration within months to a little over a year, unless there is some litigation involved. The complexity of the estate, the value of assets, the capability to locate heirs and relatives, whether a Will exists or not, and the location of the property that is owned by the estate all affect the speed and difficulty of the process. Expenses that probate can incur include appraisal costs, executors’ fees, accounting fees, surety bonds, attorney’s fees, and court fees. Disputes with any creditors or contested Wills may add time and expense.
The assigned Executor must fulfill his or her fiduciary duties with integrity on behalf of the estate as they could be held liable for negligence for not properly managing the estate assets in their care. Executors are reimbursed for their legitimate out-of-pocket expenses incurred during the process of managing and distributing the assets of the estate. They are advised to seek out an accountant and retain an attorney for assistance with their responsibilities.
We offer tailored probate and estate administration services to help with each step of the way. We work with tax experts and other professionals as needed to ensure that we are able to best serve your specific situation.
At The Floyd Law Firm PC, we are focused on each individual client’s needs no matter how complex or straightforward. With more than 100 years of combined experience, our firm has been helping people work through difficult estate administration duties calmly and methodically.