Complex Trusts
Our probate attorneys help survivors when a loved one passes away. His or her estate most often goes through a court-managed process called probate where the assets of the deceased are managed and distributed. Probate also serves as a forum to resolve disputes, a place where final claims of creditors can be satisfied. The length of time needed to probate depends on the size and complexity of the estate. Under Alabama law, probate court always requires at least six months.
Our probate attorneys guide people through the probate process. Each estate is unique, but usually involves the following steps:
If assets were owned through a well-drafted, properly funded living trust, it is likely that no probate court-managed administration is necessary. The successor trustee of the trust distributes the deceased’s assets. If no trust or will exists, the probate court decides who gets what, typically relatives of the deceased get the property of the estate.
Our probate attorneys can help you during probate when title is transferred from the name of the deceased to the names of the beneficiaries. Certain assets are non-probate assets and do not go through probate. These include:
Our probate attorneys will help you get through the probate process. The cost and duration of probate varies depending on the value and complexity of the estate, the existence of a will and the location of real property owned by the estate. Will contests and disputes with alleged creditors over the debts of the estate can add to the cost of probate and delay the proceedings. Common expenses of an estate include fees for the executor, probate attorney, accountant and probate court as well as appraisal costs and surety bonds. Such costs typically add five to nine percent of the total estate value. Most estates settled through probate in Alabama take at least six months if no litigation is involved.
Executors are reimbursed for out-of-pocket expenses incurred in the process of management and distribution of the estate. You may also be entitled to statutory fees, which vary depending upon the location of the probate and the size of the estate. An executor is expected to fulfill his or her fiduciary duties on behalf of the estate with a high degree of integrity and can be held liable for mismanagement. The executor should retain a probate attorney and accountant to advise and assist.
As your probate attorneys, John Holliman and Melanie Bradford Holliman listen carefully to your wishes and goals. They understand how stressed and anxious people become because of grieving for the deceased, while handling the details of settling the loved one’s estate. We take the time to analyze your particular situation and offer solutions that are tailored to your unique situation. Call us today at 205-663-0281 to schedule a consultation. We treat you like family.
