What Is Trust Administration and How Does It Work? Trust administration is the process of managing and distributing a trust’s assets according to the wishes outlined by the settlor (the person who created the trust). Whether the trust is a living trust or a testamentary trust, trust administration begins after the settlor’s passing and often…
In 2025, the laws surrounding gifts to a non-U.S. citizen spouse are updated to address tax exclusions and the potential estate tax implications. Spouses who are both U.S. citizens can transfer an unlimited amount of assets to one another without incurring any gift tax. This allows for the deferral of taxes until the death of…
When a loved one passes away, navigating probate can feel overwhelming. Understanding who is responsible for handling probate matters is essential to ensuring a smooth process for managing the estate. Named Executors in a Will If the deceased had a will, the person named as the executor is responsible for handling probate matters. The executor…
The opportunity to give large, tax-free gifts to your heirs may soon diminish. With significant gift tax changes coming in 2025, the current federal gift tax exemption is set to be drastically reduced. Ensure your wealth stays in the family by revisiting your estate plan now. Understanding Gift Tax Changes in 2025 The Tax Cuts…
How Heirs Can Stay Informed About Probate Case Progress Navigating the probate process as an heir can be daunting, but staying informed about the status of the case is crucial, especially when it comes to Probate Case Updates. Here’s a guide to help you keep track of developments and ensure your rights are protected: Automatic…
Navigating the Complex Landscape of Probate in Multiple States Dealing with the passing of a loved one is already a challenging experience, and matters become more complex when the deceased holds real property in multiple states. In such cases, the probate process can become intricate, as each state has its own rules and regulations governing…
Key Differences Between Probate and Trust Administration Probate and trust administration are two distinct processes involved in managing an individual’s estate after their passing. Understanding the differences between these two can help individuals make informed decisions when planning their estate. In this article, we’ll delve into the primary distinctions and advantages of trust administration over…
Arguments Against Probate Procedure Probate procedure can be a daunting process for families dealing with the loss of a loved one. Beyond the emotional challenges, the financial and time-related burdens associated with probate can exacerbate the difficulties faced during an already challenging time. 1. Financial Strain: One of the primary arguments against probate revolves around…
Understanding Ancillary Probate Ancillary probate, a vital aspect of managing assets across state borders, comes into play when a will includes properties from multiple jurisdictions. This multi-jurisdictional probate, often necessary due to the diverse locations of assets, requires a unique set of considerations. State-Specific Probate Requirements In any state where the deceased held property, probate…
Navigating the Probate Process: Factors Affecting Duration According to California law, unless a federal estate tax is filed, the personal representative must finish the probate process within a year of being appointed. The personal representative in this situation may have 18 months to finish the probate process. The personal representative is required to submit a…