Estate and Trust Administration

Bridging the Turbulence of Uncertainty
Through Effective Decisions

by: Mary Jo Corsetti

“Care follows increasing wealth.”
                      -- Horace

This phrase contains an apt ambiguity. The prospect of an increase in wealth due to an inheritance is often accompanied by an increase in care: worry. Such a prospect also necessitates an increase in care: vigilance.

Imagine that you learn that you are the beneficiary of an estate or a trust. Even more compelling, imagine that you have been named as the executor or trustee. What is involved? What do you do first? What are your obligations to the other beneficiaries of the estate or trust? To the government? To the courts?

The administration of estates and trusts requires vigilance. Documents must be reviewed and interpreted. Assets must be gathered. Records must be kept of all receipts and disbursements. Death and income tax returns must be drafted and filed.

Samples of the decisions that must be made include:

  • Whether to probate the Will in question
  • If there is a revocable trust, whether it will be filed with the Register of Wills
  • Whether to advertise the estate
  • Are there questions of law with respect to the operative documents or the administration that require adjudication by the court
  • If there is real estate in another state, whether an ancillary administration is necessary
  • What is the source of cash to pay death and income taxes
  • When to make distributions to beneficiaries
  • Whether to file a formal accounting of the administration or resolve the estate on a receipt and release basis
  • Who are the proper persons and/or entities to receive distributions of cash or property from the estate or trust

It is unreasonable to think that a person is able to tackle all of these decisions alone. In this situation, a trusted counselor is a necessity.

“You should go to a pear tree for pears, not to an elm.”

                --Publius Syrus

The attorneys of Williams Coulson possess a repertoire of knowledge in the areas of estates, real estate, taxation, business planning, and retirement planning. This selection of practice areas sets Williams Coulson apart from general practice firms. At Williams Coulson, creative applications of the law are used in conjunction with, and sometimes in lieu of, traditional methods of practice.

Traditional probate firms may use a boilerplate method to handle each and every estate administration. For instance, every will might be probated, every estate advertised, and every administration taken to a full court accounting. However, at Williams Coulson, estates are not administered in assembly line fashion. Rather, each estate receives the treatment that is appropriate considering the assets, documents, and individuals involved. Not all wills must be probated, not all estates advertised, and not every administration warrants the time and expense involved in a full court accounting.

You will be accountable to yourself and others regarding the money spent on legal fees for the administration. The estate or trust for which you are responsible deserves individual attention and an individual strategy.

For further inquiries please contact us or view the Firm Directory.


Return to Top