Wills and trusts administration is an interesting aspect of estate planning law, and one that has a really important impact on the beneficiaries of an estate. Generally speaking, a lawyer in Milford who does wills and trusts administration will offer a variety of services.
Administration with a Will
When the deceased has left behind a will, he or she will have named an executor. This person holds a lot of responsibility for making sure that assets are distributed correctly, but there are a lot of other tasks that go along with the job. However, having a will does not avoid the possibility of probate. A wills and trusts lawyer can help guide the executor though the legal process that comes along with this position.
Administration without a Will
When no will has been left behind, administration of an estate can become much more difficult and time consuming. The courts will likely have to name the executor and will want to verify decisions made by this person. Because the executor was not necessarily planning on taking on the role, he or she will likely have lots of time-sensitive questions that need to be answered by a wills and trusts administration lawyer.
Trust Administration
When assets have been placed into a trust, they can be a little easier to distribute. However, the trust will likely have plenty of guidelines to follow when it comes to how to use the estate. Again, working with a wills and trusts administration lawyer is a good call for a trustee or beneficiary who will have certain obligations and rights when it comes to the trust.
Taxes
A considerable amount of the effort that goes into administering wills and trusts is focused on how to pay the taxes associated with it. Tax law is tricky under the best of circumstances, but when grief and a slew of other legalities are thrown in, it can become overwhelming for those involved.
There are a lot of questions that arise during the administration of a will or trust, and since the answers to those questions can vary from state to state, it’s important to work with an attorney who is licensed to practice in Connecticut. This professional will be able to educate the executor and beneficiaries on what the administration process looks like, how long it’s likely to take, and what some of the most common concerns or pitfalls might be.
The wills and trusts administration lawyer will also be able to help when it comes to determining who must pay taxes and how much those will be. Other common questions include:
- Is the executor compensated for the job?
- Will the will be contested?
- What are the rights and responsibilities of involved parties?
The administration of a will or a trust is something that most people don’t deal with regularly…if at all. There may be a lot of surprises involved for someone who doesn’t know what to expect during the process. Working with a qualified Milford wills and trusts administration lawyer is the best way to smooth the road to see it through to the end.
For more information or help getting started, please feel free to call our office at (203) 877-7511 to schedule a complimentary planning session with the mention of this article.
