Estate Administration and Probate
When a loved one passes away,it is a great comfort to know your family’s affairs are in the trusted hands of the counselors at Strazzeri Mancini LLP
In that sad event, regardless of the value or the complexities of the estate, a process is required to accomplish an understandable, timely, and orderly progression:
Your trustee or personal representative, usually a family member, contacts us for assistance with the administration of the estate. During the call our Client Relations Coordinator:
- Gains a basic understanding of the estate, situation, and concerns; and
- Explains our succession process and time line, including the Gathering The Estate appointment.
Gathering of the Estate
We host a meeting with our prospective client, the Trustee/Personal Representative, and often their other advisors, to review the process ahead and to gather all of the preliminary information about the:
- Estate documents;
- Financial data; and
- Family dynamics and concerns.
We send out a Confidential Estate Information Questionnaire regarding the decedent’s estate to help gather the information.
We have an internal meeting, where our team reviews the preliminary information to determine the complexity of the estate’s administration, and whether or not our services will be especially valuable.
Based on what we have learned through “The Gathering” and “The Evaluation” we continue the conversation to gain a more thorough understanding of the estate and the family’s dynamics, needs, and desires. We outline:
- The fine points of the estate plan and concerns;
- A detailed explanation of the tasks that are required;
- An explanation of our process to accomplish an orderly administration of the estate; and
- Timelines and costs.
Upon agreement, the Trustee/Personal Representative signs the initial administration documents and is presented with the Trustee’s Binder which includes:
- A recap letter summarizing our meetings so far;
- A Table of Contents and Timeline for each step ahead;
- Sections to contain similar information for each step in the process;
- Trustee’s Duties, Responsibilities, Time Sheets, and Expense Logs.
Creating Trustee’s Authority
The Trustee/Personal Representative signs documents and correspondence needed to acquire the legal authority to act on behalf of the estate in order to direct and interact with financial institutions, other advisors, governmental agencies, creditors, beneficiaries, and family members on behalf of the estate.
Analyzing & Testing
With updated information at this internal meeting, the collaborative advisors review and discuss the multiple options and then create a preliminary plan for the allocation, distribution, or division of the estate’s assets. The plan must balance the:
- Family’s desires;
- Law and Tax advantages;
- Dictates of the estate’s documentation; and
- Trustee’s/Personal Representative’s fiduciary objectives.
Presenting the Preliminary Plan
The Collaborative Team presents each aspect and reasoning behind the Preliminary Plan to the Trustee/Personal Representative for approval and direction.
Building The Plan Implementation
Each Collaborative Advisor prepares the appropriate paper work and documentation for implementation. At this internal meeting the advisors review and resolve outstanding issues and concerns as well as each other’s documentation in order to prepare for the implementation meeting.
We review and confirm all aspects of the plan with the Trustee/Personal Representative who signs documentation from each advisor in order to begin the implementation. The implementation is reviewed and the Confirmation Meeting is scheduled.
At our final meeting, we review and address the:
- Implementation details;
- Exception Reports;
- Trustee Binder for each Trust created; and
- Remaining questions.
Find out more about our FamilyCare Estate™ Group:
- Family Wills, Trusts, and Powers of Attorney…
- Beneficiary Protected, Retirement Beneficiary, and Special Needs Trusts
- Estate Administration and Probate
- Estate Litigation
- Elder Law and Long Term Care Alternatives
Strazzeri Mancini LLP helps:
- Business Owners; and
- The Advisors they work with
- Assets Protection;
- Litigation; and
- Complex Domestic and International tax issues