Probate Will & Trust Administration

When a loved one passes away, the survivors often experience a whirlwind of emotions, including denial, anger, depression, and grief. During such a challenging time, the legal responsibilities that come with losing someone close may feel overwhelming. However, if you were appointed as the Executor of the estate or the Trustee of a trust, it means your loved one trusted you to manage the probate process or trust administration. Given the complexities of probate and living trust administration—especially while navigating your own grief—it’s essential to work with a probate lawyer in Reno to ensure everything is handled efficiently and without costly mistakes.

At Anderson, Dorn & Rader, Ltd., we specialize in assisting executors and trustees with the responsibilities of probate and trust administration. Our probate lawyers in Reno also provide guidance and support to heirs and beneficiaries throughout the process, ensuring that every aspect is managed with care and professionalism. To find out more about how our firm can assist you, give us a call at (775) 823-9455 today.

What Is Probate?

Probate is the legal process that is usually required after a death to distribute the estate of a decedent. If you were named as the Executor of the estate, or you volunteer to oversee the administration of the estate because the decedent died without a probate will, you must navigate the probate process from start to finish. Although no two estates are exactly the same, there are several common steps you are likely to encounter during the probate process, including:

Identifying, locating, securing, and valuing the assets of the decedent.

Initiating the probate process by submitting the decedent’s Last Will and Testament (if applicable) along with a petition to open probate to the appropriate court.

Identifying and locating the legal heirs if the decedent died intestate (without a Will).

Notifying creditors of the estate that probate is underway and allowing time for those creditors to file claims against the estate.

Reviewing claims filed by creditors and approving or denying each claim.

Paying approved claims with available estate assets.

Arranging for the liquidation of estate assets if necessary to pay debts of the estate.

Defending the estate in the event of disputes.

Calculating and paying any gift and estate taxes due.

Effectuating the legal transfer of remaining assets to the intended beneficiaries and/or heirs of the estate.

The Basics of a Living Trust Administration

You may also find yourself in charge of administering a trust after the death of a loved one if you were appointed to be the Trustee by the Settlor (creator of the trust). Many people elect to use a trust as their primary instrument for the distribution of their estate assets because assets held in a trust bypass the probate process. Consequently, trust assets can be distributed to the intended beneficiaries immediately after the death of the Settlor instead of waiting for the conclusion of the probate process. Parents who have a minor child also frequently add a testamentary trust to their estate plan as a way to protect the minor child’s inheritance because a minor cannot inherit directly from the estate of a parent. The fact that the terms of a trust agreement remain private, unless there is a need for litigation, is yet another reason why a trust may be chosen to distribute an estate.

If you find yourself appointed as the Trustee of a trust, and have never before served as a Trustee, the advice and guidance of an experienced trust administration attorney will be invaluable. As the Trustee, your duties and responsibilities will be complex and time-consuming. Your primary job as Trustee is to manage and protect the trust assets. You will also be responsible for investing and distributing the trust assets using the terms created by the Settlor. In addition, you have a fiduciary duty to the beneficiaries of the trust that requires you to use the utmost care when carrying out your responsibilities as Trustee. Finally, you must understand and abide by all state and federal laws, including tax laws, that apply to the trust. Working with Anderson, Dorn & Rader, Ltd. is the best way to avoid costly errors during the administering of a trust.

Probate & Trust Administration Attorneys

Whether you are an executor, trustee, beneficiary, or heir, the Reno, Nevada attorneys at Anderson, Dorn & Rader, Ltd. are dedicated to helping you navigate the complex probate and living trust administration process.

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Beneficiaries and Heirs

Beneficiaries and heirs play a crucial role in the probate and trust administration process. While these terms are often used interchangeably, they refer to two distinct groups of individuals. An heir is someone who inherits from an estate under the intestate succession laws of the state where the probate process occurs. For instance, if your parent passed away intestate—without a valid Last Will and Testament—only legal heirs would inherit according to state law. On the other hand, a beneficiary is specifically named in a Will or trust by the decedent to receive assets from the estate. For example, if your parent named you as a beneficiary in a trust, you would receive distributions as outlined in the trust terms.

Ideally, probate and trust administration should proceed smoothly, allowing heirs and beneficiaries to receive their inheritance without issues. However, disputes during probate are not uncommon. If you need to contest a Will or believe there are irregularities in the probate process, consulting a probate lawyer in Reno is essential. The experienced probate attorneys at Anderson, Dorn & Rader, Ltd. can help you navigate the legal system and explore your options.

Trust beneficiaries may also require the assistance of a skilled attorney for various reasons. Like contesting a Will, you have the right to contest a trust if you suspect it is invalid for legal reasons. You might also have concerns about a Trustee failing to perform their duties or mismanaging the trust and need help removing the Trustee. Additionally, an attorney can assist with amending, modifying, revoking, or terminating a trust if necessary. The complexities of trust agreements often place beneficiaries at a disadvantage when issues arise, which is why it’s important to consult an experienced trust attorney. Anderson, Dorn & Rader, Ltd. provides trusted legal support to beneficiaries and heirs, ensuring your rights are protected and the process is handled with care.

FAQs

What is probate?

Probate is a legal process that will often come into play when assets are being transferred after someone passes away, which is why a Reno, NV probate lawyer is strongly encouraged. The probate court provides supervision during the estate administration process.

So a last will must go through probate?

If you were to create a last will, you would name an executor to serve as the administrator. This individual or entity would not have the ability to act independently. The will would be admitted to probate, and the court would determine its validity and supervise the proceedings.

It should be noted that assets cannot be distributed to the heirs that are named in the will until the estate has been probated and closed by the court.

How long does probate take?

There are variables with regard to complexities or lack thereof, but generally speaking, the timeframe would typically be between eight months and a year.

The waiting game does not sound very appealing. Are there any other probate drawbacks?

Probate expenses can be considerable. There are court costs, attorney fees, accounting charges, liquidation and appraisal expenses, and other incidentals. These expenditures reduce the amount of the inheritances that will eventually be received by the heirs.

Are all asset transfers subject to probate?

No, there are several different forms of transfers that take place outside of probate. These would include transfers to beneficiaries of individual retirement accounts and payable on death accounts.

Insurance policy proceeds would fit into this category as well, along with property that is held in joint tenancy.

Is there a proactive strategy that you can implement to avoid probate?

Yes, you could utilize a revocable living trust as the centerpiece of your estate plan instead of a last will. Assets in the trust would be distributed to the beneficiaries in accordance with your wishes after your passing, and the probate court would not be involved.

If there is no probate, how does the administration process work?

The terms that you set forth in the trust declaration are legally binding, so that is the inherent protection that is in place for all interested parties.

When it comes to the hands-on tasks, the trustee serves as the administrator. If you establish a revocable living trust, you could act as the trustee while you are alive and well.

In the trust declaration, you would name a successor trustee to assume the trust administration duties after you are gone. You could also empower this person or entity or someone else to administer the trust if you ever reach the point where you can no longer make sound decisions.

What “entity” can serve as a living trust trustee?

There are professionals that provide fiduciary services, and this can be the right choice if you want to be absolutely certain that the trust is properly managed. In addition to the money management and legal expertise, there would be no conflicts of interest, and no longevity concerns.