After losing a loved one, it can be difficult to know what to do or who to call. At Mullen Law Firm, we are here to provide compassionate advice and responsive counsel. Whether we are representing you as trustee, personal representative, or beneficiary, we are here to assist you through a smooth and timely administration.
What is Probate?
Probate is the legal process of transferring assets from a deceased person to their heirs and beneficiaries. A probate takes place when an individual passes away with real estate in their individual name and/or if they own assets without a beneficiary that totals more than $75,000. The process can take between 6 months – 2 years to complete.
The process of administrating a trust is similar to probate, except that the administration is private. This means that administration of a trust keeps the government out of the process. However, the overall process is similar; trust assets must be collected and documented, beneficiaries are to be notified, expenses are paid and then the trust assets are managed and distributed pursuant to the provisions of the trust. But because the courts are not involved, the administration of a trust can be much less costly and time consuming.