info@praesidium.law

Chandler 480.264.5106 | Tempe 480.491.3216

Estate and Trust Administration

While there are many similarities between Estate and Trust Administration, there are also many subtle differences. Our goal at Praesidium Law is to assist you with following your loved one’s wishes and comply with Arizona law.

Whether helping with the administration of an estate or trust, our team will thoroughly explain the issues in plain English and advise you of your options.

In our experience,  the executor (estate)  or trustee (trust) often does not get to grieve while the estate/trust is being administered because they have no finality to a loved one’s death until the estate/trust is fully administered.

We genuinely want to help you through the process.

NEED HELP WITH ESTATE ADMINISTRATION?

NEED HELP WITH TRUST ADMINISTRATION?

Free Probate Guide

Claim your Free Guide to Administering an Estate in Arizona (Informal Probate)

Estate Administrations

Estate administrations are performed by a personal representative – which is commonly known as an executor. The personal representative has a duty to:

  • Follow the terms of the Will.
  • Comply with Arizona law.
  • Satisfy the obligations of the estate.
  • Protect the beneficiaries’ interests.

A personal representative’s “job” can be generally described as an asset manager.  He or she will gather the estate’s assets, pay the valid creditor claims, and distribute the remainder of the assets to the beneficiaries.

How Long Do Estate Administrations Take?

Estate administrations can usually be completed within six months from start to finish. Sometimes an administration takes longer if the person who died (the “decedent”) owned securities, a home that needs to be sold, or if property is located in another state.

 Our experienced team has helped numerous personal representatives administer a loved one’s estate and are familiar with the various nuances that can arise.  Generally, an estate administration is straightforward, and you can expect that:

  • A personal representative will need to be appointed.
  • An inventory will be prepared and distributed.
  • Notice will be given to creditors and valid creditor claims will be paid.
  • Costs of administration will be paid, including tax liabilities if necessary.
  • An account of the estate will be prepared and distributed.
  • Remaining assets will be distributed to the rightful owners.
  • Then the estate will be closed.
Estate Administration Issues

While estate administration is generally straightforward, often issues may arise that are unique to each estate. Here are some examples of things that can happen and that the team at Praesidium Law is experienced in dealing with:

  • Getting access to safety deposit boxes.
  • Getting another party who has possession of an estate asset to turn it over to you.
  • Removing persons (including family members) from the decedent’s residence.
  • Having the court recognize a photocopy of the decedent’s will when the original is unavailable.
  • Devising assets properly that can’t be physically “split down the middle”.
  • Drafting deeds and maintaining a “good chain of title”.
  • Satisfying title company’s requests.
  • Getting you bonded.
  • Getting a personal representative appointed when the decedent died more than two years ago – this is called a tardy probate.
  • Clearing up title issues to a home – sometimes the decedent lived in a home, but it was never properly titled in his or her name.
  • Defending creditor claims.
  • Assisting the personal representative in suing someone who exploited the decedent before his or her death.
  • Dealing with statutory allowances claimed by family members.
  • Dealing with an ongoing business.
  • Dealing with rare antiquities and estate sales.
  • Dealing with run-down homes not fit for sale.
  • Assisting out-of-state clients with an administration.
  • Finding heirs that cannot be located or do not want to be located…

…and much more.

Trust Administrations

Trust administrations are performed by a trustee. The trustee has a duty to:

  • Follow the terms of the Trust.
  • Comply with Arizona law.
  • Satisfy the obligations of the decedent’s estate.
  • Protect the beneficiaries’ interests.

A personal representative’s “job” can be generally described as an asset manager.  He or she will gather the estate’s assets, pay the valid creditor claims, and distribute the remainder of the assets to the beneficiaries.

A trustee’s “job” can also be generally described as an asset manager. The trustee will gather the trust estate’s assets, pay the valid creditor claims, and distribute the remainder of the assets to the beneficiaries in accordance with the terms of the trust.

How Long Do Trust Administrations Take?

Trust administrations can usually be completed within six months from start to finish if all devisees are to receive outright distributions. Sometimes an administration takes longer if the decedent owned securities, a home that needs to be sold, or if property is located in another state. Trust administrations might be ongoing if a trust creates a subtrust for a person that does not receive his or her distribution outright because that person is a minor, has special needs, or the trustor wanted to protect that person from themselves or creditors.

Our experienced team has helped numerous trustees administer a loved one’s estate and are familiar with the various nuances that can arise.  Generally, a trust administration is straightforward, and you can expect that:

  • A trustee will need to accept office and give notice to the beneficiaries and financial intuitions.
  • Trust documents may need to be shared with beneficiaries according to the terms of the trust and Arizona law.
  • Notice will be given to creditors and valid creditor claims will be paid.
  • Costs of administration will be paid, including tax liabilities if necessary.
  • Subtrusts should be created and funded (if necessary)
  • A final account of the trust will be prepared and distributed.
  • Assets will be distributed to the rightful owners.
  • Then the trust will be closed.
Trust Administration Issues

Similar to estate administration, issues may arise that are not that simple. Here are some examples of things that can happen and that the team at Praesidium Law is experienced in dealing with:

  • Drafting the documents necessary to allow the trustee to administer the trust or subtrusts.
  • Shortening the time to contest the trust instrument from one year to four months.
  • Opening a probate (estate) to transfer assets titled in the decedent’s name into the trust.
  • Getting access to safety deposit boxes.
  • Getting another party who has possession of a trust asset to turn it over to you.
  • Removing persons (including family members) from a home owned by the trust.
  • Distributing trust assets properly.
  • Drafting deeds and maintaining a “good chain of title”.
  • Satisfying title companies requests.
  • Getting you bonded (if needed).
  • Clearing up title issues to a home or other property – sometimes the trustor’s home or other property was never properly titled in his or her name or transferred to the trust.
  • Defending creditor claims.
  • Assisting the trustee in suing someone who exploited the decedent before his or her death.
  • Dealing with statutory allowances claimed by family members.
  • Dealing with an ongoing business.
  • Dealing with rare antiquities and estate sales.
  • Dealing with run-down homes not fit for sale.
  • Assisting out-of-state clients with the administration.
  • Devisees that cannot be located or do not want to be located…
  • …and much more.

Request a Free Consultation with Praesidium Law

To request a free consultation regarding an estate or trust administration, please complete the form below. Please do not send any specific confidential information without speaking with a member of the Praesidium Law team first (see Disclaimer below).

 

Name(Required)
This field is for validation purposes and should be left unchanged.