Administering the probate estate of a loved one can be not only a legal challenge, but also an emotional task. Wilcox Attorneys, PA, located in in Fayetteville, AR, is ready to help estate representatives carry out their responsibilities as accurately and efficiently as possible. Our trust administration and probate services in Fayetteville and throughout Arkansas include quickly completing the administration of the probate estate, as well as helping to properly administer trust assets.
Trust Administration involves several duties, including filing and paying estate taxes in accordance with federal and state tax laws, notifying all creditors, paying off debts, and providing an accurate accounting to beneficiaries. The principal duty of the trustee is to manage the administration of the trust to ensure the assets are distributed according to the terms of that trust.
Trust Administration Duties
The duties of the trustee will always depend on the instructions and the complexity of the terms of the trust. There are some very general tasks that nearly every trust requires, including filing and payment of annual taxes, making sure the trust maintains a reliable source of income, making sensible investments, and keeping an accurate accounting of all income and payments.
Trust Administration Assistance
We recognize that not everyone is confident or proficient in handling financial affairs, and some individuals may find the concepts of trust administration difficult to grasp. Even those with some proficiency, still find administering a trust somewhat difficult. Trust Administration is a year round responsibility, therefore, obtaining the assistance of an estate planning attorney is a good idea.
What is Probate?
When a person dies, their assets, property, taxes and debts must all be accounted for and distributed through a legal process known as probate. This process usually includes proving the validity of the will, if there is one; creating an inventory of the deceased person’s property; having that property appraised; paying valid debts and applicable taxes; and distributing any remaining property according to the will, or the laws of intestate succession in your state.
Most people who are chosen to serve as an executor of a loved one’s estate are not really sure where to begin. Managing an estate through the probate process requires an understanding of what can, at times, be a complicated legal procedure. However, help is available from a Fayetteville Arkansas estate planning attorney, who can assist you in understanding your responsibilities and explaining the steps you need to take.
Getting Started with Fayetteville Arkansas Trust Administration & Probate
Our firm’s guiding principle is to provide families with quality Fayetteville Arkansas trust administration and probate services tailored to each client’s specific needs and goals. Therefore, we offer free, no obligation consultations for any family in Fayetteville and throughout Arkansas who has experienced the loss of a loved one.