Probate & Trust Administration

Probate

What Is Probate?

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When someone passes away, the property and assets they own at their death become part of their estate (there are exceptions to this, of course...see below).   That estate will then usually need to go through some kind of court proceeding in order to pass to the rightful heirs/beneficiaries.  That court proceeding is known as probate, and the specific court it goes through is the probate court.  Each state has its own probate code with different laws and procedures for administering estates. 

 

          To read more about the probate process in Nevada, click here. 

 

          For the probate process in Utah, click here.

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Exceptions to the probate requirement

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Some assets pass automatically upon death, either because the law says so or because something was done prior to death to cause the automatic transfer.  For example, a properly-funded trust allows assets to pass to beneficiaries without going through probate (and even allows you flexibility in deciding when and how those distributions will be made), as will pay-on-death designations on a bank account and joint tenancy ownership of a house.

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If an estate is small enough, it can often be transferred with a small estate affidavit and would not need to go through probate. 

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Although avoiding probate is generally a good thing, certain methods for doing so carry unnecessary risks.  The examples above are not an exhaustive list, and care should be taken when determining which methods to use and which ones to avoid.  Consulting with a knowledgeable trusts and estates attorney is always a good idea, especially if you are hoping to avoid probate. 

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Trust Administration

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As mentioned above, one way to avoid probate is with a trust.  Some trusts are meant to hold assets and be managed by the trustee for an extended period of time—even potentially hundreds of years if that is allowed in the trust's jurisdiction.  But even the simplest revocable trusts need some level of management and administration between the death of the grantor(s)/settlor(s) and the actual distribution of the trust's assets.  This is known as the trust administration.

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          To read more about trusts, click here.