Probate / Trust Administration
Probate & Trust Administration
When a loved one passes, the emotional and financial stress can be overwhelming. Dunham Law is here to help you navigate this difficult time. Emily and Marcia are very experienced in all aspects of post death finances and transfers. We are sympathetic to how the practical matters that must be taken care of come at a time when folks are not in the best place emotionally to deal with them.
Often, through good Estate Planning, the Probate process (the court process where the Will is officially accepted by the court, the assets are accounted for, sold and divided among the heirs, with reporting to the court along the way) can often be avoided. However, in many situations, the Probate process is required. The Probate process can be a good thing when there are disputes among heirs, unusual assets or debts that must be taken care of.
If you are named a Personal Representative, or have a loved one who has passed away without a Will, we can help you determine if a Probate is necessary. If Probate is necessary, at Dunham Law, Emily and Marcia are well-versed in the Probate process and can assist you through every step, from identifying the assets, to filing the Inventory with the court, preparing the Final Account, filing a tax return if necessary and making the final distributions.
Trust Administration
If your loved one used a Revocable Living Trust as their primary estate planning tool, rather than a Will, the Trust will need to be “administered” or “settled.” A “Trust Administration” does not require the Probate Court to be involved, but there are still steps that the Trustee must take, under Wisconsin’s Trust Statute. Every Trust Administration is different of course, but generally, Trustees must take control of the Trust assets, notify interested parties, including creditors, obtain an Employer Identification Number from the IRS to transact business on behalf of the Trust and file a Trust income tax return if necessary. At Dunham Law, we can assist with the Trust Administration and assure that as Trustee, you are taking all of the steps required by law. We understand that all families are different and strive to offer solutions to our Trustees that are legally sound and will help the family move through the Trust Administration efficiently and peacefully.
Did you know?
Most estates are not subject to inheritance tax? First, there is no “tax” in Probate. Each county charges a small filing fee based on the value of the assets that are subject to Probate, but no tax is charged through Probate. Second, Wisconsin currently has no estate tax. Third, the Federal tax exemption is nearly $14 Million. This means a person must die with over $14 Million before any inheritance tax is owed.
Schedule an Appointment
If you need reliable legal counsel, Dunham Law LLC is ready to advocate for you. Contact us today to schedule a consultation and experience the difference of working with a firm that puts your best interests first.
