Trust administration and probate questions can often be complicated, but it doesn’t have to be that way. Our attorney Richard L. Gershberg answers the most frequently asked questions that we have received on these topics so that you are armed with the most valuable, up-to-date information possible. We want to help our clients in Owings Mills, Maryland make the best decisions possible that pertain to their situations.
If you have questions on trust administration and/or probate, read the answers we’ve provided below. If you find that these answers don’t quite match up with what you and your family are experiencing, please feel free to reach our office at (410) 654-3850 or use our contact form to get in touch with us. We feel it is our duty to help those in our communities learn their options and create the best estate plan for what they need.
Gershberg & Associates LLC prides itself on our ability to listen to your situation, offer support and guidance, and create a tailor-made estate plan that addresses your family’s needs and concerns. In addition, we will provide you with a great understanding of how it all works so your family won’t be left guessing in the event of your incapacity or death.
Read below for our trust administration and probate frequently asked questions.
What is Probate?
Does the Probate process take a long time?
Depending on the complexity of the estate and the thoroughness with which accounting has been carried out before death, probate can either be a relatively simple task or a daunting one. Be aware that no matter the situation, probate may be a lengthy process often taking months or possibly years to play out, and one which may take a considerable amount of an executor’s time.
To summarize the process, probate can be broken into six basic steps:
- Validation of the Will
- Appoint executor
- Inventory estate
- Pay claims against the estate
- Pay estate taxes
- Distribute remaining assets
Each of these steps involve legal documentation and validation, and more importantly, proper accounting each step of the way.
What is Probate Court?
Does the Trust Administration process take a long time?
- Inventory assets
- Determine estate tax
- Division of trust assets
- File the Federal and State tax forms
- Distributions to beneficiaries
I thought that a living trust avoids probate and attorney fees. Why do I have to pay more fees?
Can I pick and choose what assets go into the “B” trust?
How do I transfer the car(s) into my name?
What do I do about Social Security?
For current Estate and Gift tax figures, click here.