As the Executor or Personal Representative, as we call in in Maryland of an estate or trustee of a trust, it’s natural to have concerns about making all the right decisions at the right time.
While trust administration and probate sound confusing, the right approach allows you to move through either process in a timely and efficient manner.
What is Probate?
Probate is the legal process that occurs following a person’s death who left behind a last will and testament.
During the probate process, the person’s assets are identified, valued, and then passed down to beneficiaries.
However, there are other responsibilities of the Executor or Personal Representative, as we call in in Maryland, such as making sure that creditors first have the ability to file a claim against the estate.
In the event of a will contest, the probate process unfolds in a much slower manner, as the situation must be litigated before the property is distributed.
For many people, a trust is their preferred method of distributing assets to loved ones upon their death.
There are many benefits of a trust, including privacy protection and the ability to avoid probate.
As a trustee, your responsibilities include but are not limited to:
- Reviewing the terms and conditions of the trust
- Managing trust assets
- Communicating with beneficiaries
- Distributing trust assets
- Resolving conflicts
- Keeping records of all transactions associated with the trust
As an Executor or Personal Representative, as we call in in Maryland or trustee, it’s critical to understand that you don’t have the power to do whatever you want. You must follow the laws outlined by your state, while also obeying the terms of the trust. If you neglect to do so, it could result in you being held personally liable.
There’s nothing simple about probate and trust administration, so don’t hesitate to turn to a legal professional for assistance. At our law firm, we can guide you every step of the way. Not only will this protect you, but it’ll ensure that you fulfill the deceased individual’s final wishes.