After the loss of a loved one, his or her estate needs to be administered so that their real estate, bank and investment accounts and personal belongings can be given to the next generation. Estate administration involves gathering the assets of the estate, paying the decedent’s debts, and distributing the remaining assets.
Administration of an estate is influenced by several factors including the value of assets that are in the estate, how they were titled and amount of planning that was done prior to the death of a loved one.
If there was a revocable trust in place there are requirements to administer the trust, these requirements are in the actual trust document itself along with statutory requirements from the Arizona trust code. You may need a Trust Administration.
If there is not a trust or if there are assets that were not titled in the name of the trust a probate may be necessary to collect the assets of the estate. During your Family Administration Session your attorney will identify what process or processes are required to settle the estate.
Contact us today to schedule your free one-hour meeting with an attorney to assess your estate planning needs.
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