probate estate planning and administration helps ensure that your wishes for your family and loved ones are honored after you pass away. Effective estate planning can also minimize the time and complexity of the probate process, which can save money in fees.

Probate estate planning and administration includes the legal processes involved in winding up an individual’s financial affairs after death, including filing final income tax returns and paying federal and state taxes. It can involve locating and inventorying assets; notifying creditors; settling claims against the estate; and distributing the assets to beneficiaries or heirs.

The first step in estate administration is petitioning the court to appoint the administrator and admit the will, if any, to probate. This can typically take 2-4 weeks.

Probate Estate Planning and Administration Made Simple in Brisbane

After the petition is filed, the administrator will need to locate and verify all of the decedent’s assets. They must also assess their value, which can be a complicated task. This is where having an experienced attorney can help.

Creditors will need to be notified, which can also take a while. A priority list will be established based on who needs to get paid and in what order. During this process, the administrator will need to work with appraisers and real estate agents when selling any assets.

If no will is in place, the state’s intestate succession laws will dictate where inheritances go based on family relationships. This is a lengthy and costly process. With proper planning, assets can be transferred without the need for a lengthy court-supervised probate process. This can save money, time and frustration for the family and friends of a decedent.