Estate Administration

Probate

Officially, probate is a court procedure to determine the validity of a will, or to determine legal heirs if there is no will. A probate proceeding also names a personal representative to perform fiduciary roles in settling a decedent's estate. Whether or not a court proceeding is necessary, unofficially a probate matter in a law office would include such things as:

• Filing necessary documents with the court and swearing in of the personal representative
• Assisting the personal representative to inventory all of the probate and non-probate assets
• Paying final expenses and debts of the decedent
• Filing an estate tax return, if necessary
• Filing the necessary income taxes
• Preparing an accounting
• Distributing the remaining assets to the proper beneficiaries

Our attorney can determine whether or not a probate action in court is necessary. Where it is, the first responsibility may include drafting the documents necessary for a court probate proceeding. Notice to creditors is published, the attorney is aware of all creditors' claims filed, and the numerous timetables to be dealt with in a probate proceeding are met. If an ancillary probate is necessary, we will communicate with the attorney in the other state regarding the property owned by the decedent in that state and make sure that all necessary transfers of title are accomplished.

Inventory

One of the primary responsibilities of a personal representative is to prepare an inventory of the estate assets, both probate and non-probate. Another important responsibility is to determine the value of these assets on the decedent's date of death. A determination can be made by your attorney as to whether or not a United States Estate Tax Return must be filed. Our firm will also assist with:

• Obtaining real estate appraisals
• Valuing stocks and bonds
• Getting date of death balances on all bank accounts
• Ordering statements from life insurance companies, to file with the estate tax return
• Obtaining appraisals on collections, antiques, and similar assets

Valuation And Deductions

Valuing assets for an estate tax return is a time-consuming and tedious process. After all assets have been identified and valued according to IRS and state regulations, proper deductions must be identified so that the taxable estate can be calculated, including such things as:

• Funeral expenses
• Administrative expenses
• Claims against the estate
• Debts and mortgages
• Casualty losses
• Transfers for public, charitable and religious uses
• Bequests to the surviving spouse, the marital deduction

Income Taxes And The Accounting

Our firm can work closely with the decedent's accountant in preparing all income tax returns. That includes preparing all SS-4 forms to obtain federal identification numbers for the estate and all trusts included in the estate, and helping the personal representative gather all the necessary forms and information for the accountant.

An accounting is a summary of income and expenses which shows profits and losses. Although accountings can be waived by the beneficiaries of an estate, it is often required, and quite appropriate, so that a personal representative accounts for all the assets for which he or she has been responsible. This protects both the personal representative and the beneficiaries.

Distributions And Transfers Of Title

Once the estate tax return has been filed, all expenses paid and the accounting prepared, distributions are made to the proper beneficiaries. We can assist the personal representative in transferring the title to these assets, such as preparation of deeds and affidavits of survivorship for real estate, and working with stock transfer agents for the transfer of stock and mutual funds. We can also help by preparing a settlement agreement among the beneficiaries, and assist the personal representative in obtaining receipt and release forms when the distributions are made.