After a person passes away, their estate enters the probate, or estate administration process, whereby assets are identified, organized, managed, and distributed. Depending on the documents the decedent included in their estate planning, administering the estate could get around the probate court, or make it easier to fulfill the decedent’s wishes.

The more complex a person’s holdings are, the longer probate may take. Although, it is easier when the decedent has created a will and applicable trusts to help manage it. A Lake St. Louis estate administration lawyer could help with all these aspects, from consultation to drafting documents and assisting with managing an estate. Call one of our skilled estate planning attorneys to learn more about how to initiate the process.

What is Involved in Estate Administration?

There exists a basic routine to administer an estate, although the details will be unique to each one. A lawyer can:

• Oversee sale of any appropriate assets
• Assist with paying the estate’s creditors
• Oversee payment of estate and income taxes
• File the petition with the court to open a probate case
• Ensure assets are properly distributed to beneficiaries
• Send notice of probate to beneficiaries named in a will or to statutory heirs if the decedent dies intestate
• Supervise the inventory and appraisal conducted by the personal representative or administrator
• Petition the probate court to appoint a personal representative or administrator, either named by the decedent in a will or trust or by the court

People usually ask close family or friends to serve as administrators for wills and trusts, many of whom have never participated in probate before. A Lake St. Louis estate administration attorney could help provide good protection if a beneficiary contests a will.

How Much Time and Money are Invested in Estate Administration?

Generally, probate is wrapped up in nine to 18 months. Fees run about two to seven percent and include payments for personal representatives, the court, attorney’s, appraiser’s, and accountant’s fees, and surety bonds.

Contesting a Will

When someone contests a will, it means they object to it. This could happen for a number of reasons:

• The will was changed and they fell out of favor
• Children of the decedent are willed disproportionate shares
• They suspect the administrator is self-dealing
• They question whether the grantor was mentally diminished at the time the will was signed

To contest a will, a person must have standing — an interest in the proceedings — such as a relative of the deceased who assumed they would inherit. An attorney in Lake St. Louis could guide a family through the estate administration process when a will is contested.

Is All Property Administered from the Decedent’s Estate?

Probate transfers the title of assets owned by the decedent before death to their beneficiaries. However, not all assets are subject to probate. With a marital home owned in joint tenancy by both spouses, the surviving spouse automatically assumes ownership outside of probate.

Other property transferred outside of estate administration includes retirement accounts with designated beneficiaries, property held in trusts, life insurance policy payouts with designated beneficiaries, and bank accounts with pay on death designations. A Lake St. Louis attorney specializing in estate administration could help a person understand how probate works in their situation.

Reach Out to a Lake St. Louis Estate Administration Attorney

Although it is admirable to wind up a friend or loved one’s estate as the last favor to them, you should not navigate this process alone. A Lake St. Louis estate administration lawyer could alleviate some of the stress you may feel and protect you from those who might contest the will.

We could help coordinate between the probate court, beneficiaries, accountants, and appraisers, and ensure a decedent’s wishes are fulfilled with little commotion. Call one of our skilled attorneys today to learn more.