Probate & Trusts
We are probate attorneys who specialize in estate planning and trust administration to ensure your wishes are honored and beneficiaries aren’t burdened.
Probate & Trust Administration
Protecting Your Future and Your Loved Ones
Proper estate planning and trust administration are essential to ensuring that your assets are protected and your wishes are honored. AttorneyRose Elder Law has extensive experience and compassionate approach, provides expert guidance to individuals and families navigating these complex legal processes, helping them secure their future and avoid potential pitfalls.
Understanding Probate & Trust Administration
What is Probate?
Probate is the legal process that occurs when someone passes away, ensuring their assets are distributed according to their wishes or state law if there’s no will. With the rising number of individuals facing incapacitation due to conditions like stroke, Alzheimer’s, and accidents, probate also plays a critical role in managing an estate when someone can no longer make decisions. Attorney Michael J. Rose emphasizes the importance of having the right legal documents in place to protect your family, prevent elder abuse, and ensure your estate is handled as you intended.
Common Probate Terms
- Personal Representative (same as Executor) – The person appointed by the court to administer the estate.
- Small Estate Affidavit – An affidavit can be filed if the fair market value of the estate is
$275,000 or less. Of that amount, no more than $200,000 can be attributable to real property and no more than $75,000 can be attributable to personal property. - Beneficiary – A person who inherits property from the decedent’s estate either by will or by statute.
- Testate – An estate is testate when someone dies having signed a Last Will and Testament.
- Intestate – An estate is intestate when someone dies without a Last Will and Testament.
The Role of Trust Administration
Trust administration is the process of managing and distributing the assets within a trust after the trust creator, or grantor, passes away. Unlike a will, a revocable living trust allows assets to be held in the name of the trust, which helps avoid probate.
When the grantor dies, the appointed successor trustee steps in to administer the trust according to its terms. This includes:
- managing assets,
- paying any debts or taxes, and
- distributing the remaining assets to the beneficiaries.
The attorneys at Rose Elder Law, LLC are skilled in guiding trustees through this process, ensuring that the estate is handled efficiently and in accordance with the grantor’s wishes.
The Importance of Early Estate Planning: Trust Administration and Probate
Plan for the Unexpected – Secure Peace of Mind
As we age, the likelihood of facing incapacitating conditions such as dementia or other health issues increases. Effective estate planning, including both trust administration and probate considerations, is essential for safeguarding your autonomy and dignity. By establishing a comprehensive plan, you ensure that your wishes are clearly documented and that your assets are managed and distributed according to your preferences, whether through a trust to avoid probate or through probate proceedings if necessary.
Frequently Asked Questions about Probate
How long does probate take in Oregon?
Probate in Oregon typically takes six months to a year, depending on the complexity of the estate. Factors such as the size of the estate, the clarity of the will, and any disputes among beneficiaries can extend the process. In some cases, it may take longer if there are complications, like challenges to the will or difficulty locating assets.
Can a trust really avoid probate?
Yes, a properly structured trust, such as a revocable living trust, can avoid probate. Since the assets are held in the name of the trust rather than in the individual’s name, they do not go through the probate process. Upon the grantor’s death, the successor trustee can manage and distribute the assets according to the trust’s terms without court intervention.
What are the responsibilities of a Personal Representative or Trustee?
A Personal Representative (or Executor) is responsible for managing the estate during probate, which includes gathering assets, paying debts and taxes, and distributing the remaining assets to beneficiaries according to the will. A Trustee, on the other hand, manages the assets held in a trust, ensuring they are distributed in accordance with the trust’s provisions. Both roles require a high level of fiduciary duty, meaning they must act in the best interest of the estate or trust and its beneficiaries.
What happens if someone contests a will or trust?
If someone contests a will or trust, it can lead to a legal dispute that may delay the administration process. The contesting party must prove that the document is invalid, which could be due to issues like undue influence, lack of mental capacity, or improper execution. The court will review the evidence and make a determination. If the will or trust is upheld, the process continues as planned; if it’s found to be invalid, the estate may be distributed according to a previous will, or if none exists, under state intestacy laws. Legal challenges can extend the probate or trust administration process and may require mediation or litigation to resolve.
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