We provide representation in all aspects of probate, trust and estate administration. Clients are guided through the entire probate process for a will or settlement of a trust.
The representation covers all types of trusts and estates including probate, from the simplest to the most sophisticated. Simple estates may only require the marshaling of assets, payment of creditors and distribution of assets to beneficiaries.
Sophisticated estates may require the transfer or sale of businesses and real estate for the benefit of the next generation, tax planning, preparation of tax returns and representation before Internal Revenue Service and other taxing authorities on audits and as otherwise required.
We also institute post-mortem estate planning which will further minimize or even eliminate Income Taxes, Federal Estate Taxes or New York Estate Taxes.
Probate When There is a Will
Many people are confused about how a will is probated. Probate refers to the legal process of administering an estate. The law mandates court supervision before property passes to the heirs and beneficiaries. The probate process consists of the following steps:
- The will is submitted to the appropriate probate court
- The court appoints the executor
- Estate assets are gathered
- Notice is given to all heirs and creditors
- Debts of the estate are paid
- An accounting is filed with the probate court
- Money and assets of the estate are distributed according to the will
As the executor or administrator, you may be faced with various challenges, such as real estate or businesses that must be sold, pending legal claims against the estate, tax issues and unsatisfied beneficiaries who threaten to sue. A knowledgeable NJ or NY probate attorney can help you overcome these obstacles and can provide the skilled legal advice that is needed when probating a will.
Trust Estate Settlement Process
Settlement of a trust estate involves the process necessary to transfer asset ownership from the deceased person’s trust to the parties entitled to receive the assets, according to the provisions of the decedent’s trust. If the decedent’s trust was unfunded, the assets must first be transferred from the decedent’s probate estate to the trust in accordance with the decedent’s will. Following is a summary of the duties and steps common to the administration of most trust estates. Some information may not apply to the particular trust, or you may need further information on the specific aspects of the trust. If, after reading our descriptions, you have questions or need further clarification, please contact us.
Overview of Duties of Trustee and Executor
The basic duties of the executor or trustee, working in concert with other parties, such as the attorney for the trust, accountants, investment advisors, the decedent’s family and other interested parties, are to:
- collect, inventory value and conservatively manage the assets
- keep accurate records, prepare monthly statements and final accountings
- coordinate post death tax and estate planning
- oversee the sale of real estate and personal property
- protect, preserve and invest the assets
- settle claims and pay debts of the decedent and those of his or her estate
- prepare, file and pay the decedent’s final income tax return, estate tax returns and estate income tax returns
- prepare a plan of distribution and then re-title, reregister, and transfer the remaining assets to the proper parties
Will Contests
By law, wills are supposed to go through probate, and that probate is supervised by the Probate Court. However, executors and administrators do not always follow the legal steps in probating a will. When this situation occurs, the beneficiaries are typically the ones who suffer as their inheritances are not distributed the way the decedent wished. Some of the common scenarios associated with an executor or administrator who does not properly probate a will include:
- Distributing property outside of probate
- Starting a probate, but failing to complete it
- Coercing the decedent into writing a will that favored him or her
Trust Litigation
Trustees have a great deal of responsibility, and if they are uncooperative, fail to communicate, or engage in theft, it can leave the beneficiaries in a difficult situation. Sometimes trustees refuse to provide an accounting of the money and property distributed through the trust. They may have made unwise investments with the money from the trust or may have had the trust re-written to favor them. Sometimes, trustees just don’t give beneficiaries the inheritance, which they are entitled and won’t even explain why. Trusts should be handled correctly under the law and when a trustee fails to administer the trust correctly, steps need to be taken by the beneficiaries to hold the trustee accountable.
Hymanson Law can help you with matters related to trust litigation and estate litigation in New Jersey and New York. We can assist you in obtaining your inheritance, removing a trustee, executor or administrator, and force them to reimburse the trust or estate for their mistakes. We fight for family members so that they get their full inheritance from their parents’ or grandparents’ wills or trusts. Attorney Gerald S. Hymanson has over 25 years of experience. Through our extensive knowledge, we have learned when to fight and when to settle.
FORGING LASTING RELATIONSHIPS THROUGH EARNED TRUST AND PROVEN PERFORMANCE
Contact us by phone or e-mail, for an initial consultation. 732-817-9490.