Probate Administration
Estate and Trust Administration often follows the death of a loved one, and understandably this job can quickly become overwhelming for grieving family members. In estate and trust administration, it is my job to prepare the required reporting documents and guide the executor, administrator, trustee, or guardian in their fiduciary responsibilities.
Estate Administration (Probate). Estate (Probate) Administration is public. For this reason, responsible estate planners take care to ensure that their client's assets are titled in a manner that will avoid probate. Assets that will avoid probate are: joint assets (so long as the joint owner survives the decedent), and assets with beneficiary designations that do not name the estate as the beneficiary. Assets with beneficiary designations often include retirement assets, life insurance policies, pay-on-death bank accounts, transfer-on-death brokerage accounts, and real estate for which a transfer-on-death beneficiary affidavit was filed with the appropriate county recorder. These assets pass to the designated beneficiary by operation of law, without the public involvement of the probate court, after properly filing a death certificate.
Estate Administration begins upon appointment of the executor or administrator for the estate of a deceased individual. If a valid Will was executed by the decedent, the administration is for a testate decedent, and an executor is generally appointed in accordance with the decedent's Will. If a decedent died without a Will, the administration is for an intestate decedent, and the Probate Court will appoint an appropriate administrator for the estate. The main distinction between an executor and administrator involves the powers that may be exercised without applying to the court for specific authority, with the executor generally having greater independent authority.
The main phases of estate or probate administration are (1) collecting and inventorying the assets, (2) administering the assets, and (3) distributing the assets. These phases each come with fiduciary court reporting requirements, and my firm can help make this process smooth and efficient. If the decedent previously titled a majority of their assets in a manner that avoids probate, administration is often made far easier. With proper planning, only a few assets titled in the decedent's sole name will need to be reported and administered through the probate court process (often automobiles, personal items, and final paychecks).
Trust Administration. Trust Administration is also public if the trust was written into a decedent's Will. These trusts are called "testamentary trusts" and are generally not a favored method for estate planning considering the often onerous court reporting involved. If a trust was written into an independent document, it is called an inter vivos trust. Inter vivos trusts can be revocable trusts that become irrevocable upon the creator's death, or they can be irrevocable upon creation. Regardless, my firm assists trustees and agents of trustees with their beneficiary reporting requirements, court reporting requirements (if any), and analysis of their fiduciary duties under increasingly complex laws including the Ohio or Kentucky Trust Code, and state and federal tax codes and regulations. My firm represents trust companies, banks, and individual trustees as well as agents for trustees.
Tax Preparation. Regardless of whether the death of a loved one is followed by an estate and/or trust administration, there will often be several tax reporting requirements involved for which many typical accountants are inexperienced. Preparation of estate and trust income tax returns, federal estate tax returns, and Kentucky inheritance tax returns are all well within my firm's practice.
Guardianship Administration. Guardianship Administration has been simplified by many County Probate Courts. However, when a guardianship is needed for a minor or an adult with health limitations, an experienced attorney is still often needed to guide you through the initial process of establishing administration of the guardianship estate. My firm will assist in the process by preparing the required court forms and guiding you in your fiduciary duties to report to the court and balance protection of your ward's assets while also distributing funds for their benefit.