Probate is the process of settling an individual’s estate in court after they die. Probate becomes necessary if the individual died either with a will only or died without a will. Establishing estate planning, such as a trust can avoid the probate process. An executor or proponent of the decedent’s will is responsible for qualifying with the court and submitting an estate accounting detailing estate transactions to the probate court for the administration of the estate. An Executor’s responsibility includes but is not limited to notifying heirs, providing an inventory of estate assets and accounting(s) of the estate income and expenditures to the probate court, liquidation of estate assets, payment of outstanding debts, state and federal taxes, and the remaining estate assets can be divided among any heirs. Probate concludes when all taxes and debts are paid and all assets have been distributed.
Probate courts also oversee cases to determine the validity of a will, if that validity has been questioned. When a will has not been written by an attorney, it may become open to legal challenge, and may even be rendered invalid.
If someone has left you money, property or other assets, or has named you as executor of his/her will, contact the M.H. Lawrence, P.C. to guide you through the probate process.
Trust and Estate Accounting
M.H. Lawrence, P.C. brings a wealth of experience, creativity and insight to trust and estate accounting. Our firm assists individuals and businesses protect their wealth with well-honed, creative strategies to safeguard and transfer resources. Our firm assists Trustees and Executors with their fiduciary responsibilities to provide the beneficiaries detailed information about the trust and estate assets and ensure assets are distributed correctly.
You’ve worked diligently to build up your assets and establish your estate. Now is the time to work with a M.H. Lawrence, P.C. to safeguard your assets, before it’s too late. All too often, at an individual’s death their hard-earned estate is decimated by federal and state taxes; complex tax and property laws often tangle up family assets and leave little behind for future generations.
Mary Lawrence will work with you through all phases of the administration of trust and estate issues, as well as tax planning, preparation and filing, trust and estate accounting, and distributions.