Probate, Estate and Trust Administration in Sharon, MA
The Estate Planning Team at Estate and Elder Law Advisory PLLC • Sharon, MA Estate Planning and Elder Law Firm
At Estate & Elder Law Advisory, PLLC, we help clients navigate the complexities of probate, estate and trust administration with a blend of expertise, professionalism, and personalized care. Our firm is dedicated to assisting individuals and families in effectively managing and transitioning estate assets with confidence and ease.
How Does Probate Work?
Probate is the legal process through which a deceased person’s estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off. It can vary in complexity, depending on the presence of a will and the size and complexity of the estate.
What should I know about the Massachusetts probate process?
Informal Probate
An administrative proceeding suitable for estates where the will is uncontested, and all heirs are known and agreeable. This process is faster, often resolved without a court hearing.
Formal Probate
Requires court hearings and is necessary when there are disputes over the will, its execution, or the distribution of assets. It's also required if the will is not clear or if a minor or incapacitated person is an heir.
Late and Limited Formal Probate
Used for estates not initially processed within three years of death, primarily to confirm asset ownership.
Voluntary Administration
A simplified process for small estates with assets valued at $25,000 or less, excluding the value of a car, and no real estate.
Trust Administration in Massachusetts
How Do Trusts Work in Estate Planning?
Trusts are powerful tools for estate planning, offering a streamlined way to transfer assets to beneficiaries outside of the probate process. They can provide privacy, reduce estate taxes, and ensure a smooth transition of your legacy according to your wishes.
How Does Trust Administration Work?
- Notification of Beneficiaries: The process begins with informing all beneficiaries about the trust's existence and the decedent's passing.
- Management and Distribution: Trust administration involves an appointed trustee managing the trust's assets according to the terms set by the grantor and ultimately distributing them to the beneficiaries.
Common Types Of Trusts
- Revocable Living Trusts: Can be amended or revoked by the grantor during their lifetime.
- Irrevocable Trusts: Cannot be altered once established, offering benefits like asset protection and tax advantages.
- Special Needs Trusts: Designed to benefit disabled individuals without affecting their eligibility for government assistance.
- Charitable Trusts: Enable grantors to support charitable organizations while receiving tax benefits.
- Life Insurance Trusts: Helps exclude life insurance from the taxable estate, potentially reducing estate taxes.
Why Choose Estate & Elder Law Advisory for Estate and Trust Administration Guidance?
At Estate & Elder Law Advisory, PLLC, our team of experienced attorneys and staff are dedicated to guiding you through every step of the probate and trust administration process. Whether you’re dealing with a straightforward estate or the complex management of various trusts, we tailor our services to meet your unique needs and goals, ensuring a seamless transition of your assets while minimizing taxes and other expenses.
Our Commitment to Our Clients
- Professionalism: Upholding the highest standards of legal service.
- Experience: A seasoned team skilled in the nuances of probate and trust administration.
- Personalization: Solutions that reflect your individual situation and objectives.
- Comprehensiveness: A full spectrum of estate and elder law services under one roof.
Due to the complexities involved in probate for the personal representative and trustee in trust administration, it’s essential work in concert with Artika Angel, an experienced probate attorney to guide the representative or beneficiaries during this process … and avoid all of the hidden landmines. Book a call with our office for guidance if a loved one has recently passed.
Secure Your Family’s Legacy with Us
Start your estate planning journey with a team that combines legal knowledge with genuine care. At Estate & Elder Law Advisory, PLLC, your future is in capable hands. Book a call with Attorney Artika Angel today and take the first step towards securing your legacy.
