When a loved one has passed away, we help to guide you through the process of managing and completing an estate or a trust.
Probate Process
Probate is a court-supervised process to administer an estate. An Executor or an Administrator is appointed by the Court to complete the required tasks. The probate process includes the following:
Filing a petition with the relevant county court, admitting the Will and appointing an Executor or Administrator to manage the estate;
Providing notice to heirs, beneficiaries, and creditors of the estate, as well as to the public;
Drafting an inventory of the estate assets;
Preparing returns for estate, inheritance, and income taxes;
Paying debts to valid creditors;
Liquidating or transferring estate assets; and
Distributing assets and proceeds to estate beneficiaries.
Non-Probate Assets
Certain assets will transfer by beneficiary designation or contract, including life insurance, retirement accounts, and jointly held assets. Furthermore, assets in a trust will avoid probate. Furthermore, certain estates with less than $50,000 in assets can be transferred through a small estate affidavit and without court involvement. We assist in the coordination and proper administration of probate and non-probate assets.
Trust Administration
For individuals who have developed an estate plan with a revocable trust, the administration takes place without court supervision. However, many of the steps in probate will also be taken for a trust administration, including providing notice to heirs, beneficiaries, and creditors; communicating relevant information about the trust to beneficiaries; managing assets and liabilities; and distributing proceeds to beneficiaries.
Fiduciary Litigation
Estates and trusts may involve litigation, if the decedent lacked capacity to execute estate planning documents, if a third party exercised undue influence over the decedent, or if there is alleged mismanagement by an Executor, Administrator, Trustee, or other fiduciary. In the case of fiduciary litigation, we can advise you of your options and work with co-counsel to resolve disputes.
Contact Kate Kohorst (kate@kohorstlaw.com) or Daniel Fischer (daniel@kohorstlaw.com) for your probate and trust administration questions.
Helpful Probate and Trust Administration Resources:
Iowa State Bar Association Guide to Probate
Iowa State University Extension Guide to Estate Settlement