At Parks & Jones, we offer a comprehensive array of estate, probate, and trust administrative services; from pre-administrative consultation, to overseeing the proper distribution of your estate, to the final accounting and closing of the estate. Even if the estate avoids probate, we offer services assisting your fiduciary in making sure your estate is handled just as you had planned.
Probate is a government process to distribute the assets of the deceased, to select a guardian for minor children, and also is the place that governs what happens to you and your money if you are disabled without any other type of plan. Probate is expensive, time consuming, and is a matter of public record. In a probate proceeding, the decedent can lose up to 5% of his or her estate in attorney’s fees, court costs and other expenses. Probate proceedings can take years to finalize and the findings are public record for everyone to see. These are undesirable outcomes, but ones which can be avoided with proper planning. When assets go through probate the estate and your beneficiaries are the ones who suffer; therefore, contact us today to make a plan that best suits your needs and goals.
One of the benefits of owning your assets in a trust is it allows the avoidance of probate on those assets inside the trust giving you more privacy and maintaining a plan for your wealth and assets that is determined by you and your family. This is a desirable outcome and one which can save the estate a significant amount of money, time, and headaches.
After an individual has passed away, even if all their assets were owned in a trust, there are many things which should be handled prior to the complete distribution of assets to the beneficiaries. It is important to consult with an attorney practicing in this area to ensure things are handled appropriately. Without proper administration there could be added tax consequences, liability for the trustee, improper transfers of assets and many other pitfalls which could be easily avoided.
If you are the trustee of a trust for an individual who has passed away, feel free to contact us to schedule a FREE consultation to ensure the trust administration is being handled properly.
Parks & Jones, Attorneys at Law is a full service Estate Planning and Elder Law practice that provides comprehensive planning in the areas of wills, trusts, powers of attorney, probate and trust administration, probate avoidance planning, revocable trusts, Elder Law, long-term care planning, nursing home care, wealth protection, Veterans Benefits, special needs trusts, business law and business succession, charitable planning, and estate tax planning. Parks & Jones, Attorneys at Law serves clients and their families all throughout Springfield, MO and the surrounding areas of Branson and the Ozarks.
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