A Coordinated Approach for Complex Estate Settlement in Las Vegas
When a loved one passes away, you may discover that their estate is not as simple as you had hoped. It is incredibly common to find that some assets were held in a trust, while others—including cars, bank accounts, or even real estate—were not. This creates a hybrid situation where both probate administration and trust administration are required.
If you are facing this scenario, you are not alone. At Boyer Law Group, we specialize in managing these complex estates. Our experienced Las Vegas estate attorneys provide a seamless, coordinated approach, handling both the court-supervised probate process and the private trust administration simultaneously. This integrated service prevents crucial details from falling through the cracks and ensures a complete and efficient settlement of your loved one’s entire estate.
Why Do Estates Often Require Both Probate and Trust Administration?
A trust is a powerful estate planning tool, but it only controls the assets that were formally transferred into it. Often, for a variety of reasons, some assets remain outside the trust. This is a common challenge, and it’s one we are expert at solving.
Common scenarios that require combined administration include:
- An Unfunded or Partially Funded Trust: The trust was created, but some assets were never officially retitled in the trust’s name.
- Newly Discovered Assets: An asset acquired after creating of the trust, such as a bank account, stock, or real estate, was not titled into the trust.
- Outdated Beneficiary Designations: A retirement account, like a 401K, may have named a beneficiary that died before the decedent, leaving the asset without an effective beneficiary designation.
- Failure to Retitle After Refinance: Real property may have been taken out of trust to refinance the loan, and then was not placed back into the trust.
In many cases, a court order for set aside into the trust is needed. In these situations, you need an attorney who is adept at managing two parallel processes. Our team at Boyer Law Group has the expertise to harmonize the requirements of the Clark County Probate Court with the duties of a successor trustee.
The Benefits of One Attorney for Both Processes
When an estate involves both probate and trust assets, hiring a single law firm to manage both is the most effective strategy. The advantages are significant:
- Seamless Coordination: We ensure that the actions taken in the probate case align perfectly with the administration of the trust, avoiding conflicts and delays.
- Efficiency and Cost Savings: A unified approach prevents duplication of effort and reduces overall administrative and legal costs.
- Clear Communication: You have a single point of contact for all your questions, providing clarity and peace of mind.
- Comprehensive Strategy: We develop a holistic strategy for settling the entire estate, considering all assets, debts, and tax implications together.
Our goal is to make a complex situation as simple as possible for you. We handle the legal intricacies of both systems so you can focus on your family.
Frequently Asked Questions About Combined Administration
The first step is to conduct a thorough inventory of the decedent’s assets to verify the titling and whether there are beneficiary designations. If you find assets that are in the decedent’s name alone (without a beneficiary designation) and also assets titled in the name of a trust, you will likely need combined administration.
They typically happen concurrently. While the probate case is being initiated with the court, the successor trustee can begin their duties of managing the trust assets. Our attorneys will create a timeline and checklist for both processes to ensure all deadlines are met.
Yes, this is very common. Often, the same trusted individual is named to serve in both roles. However, the legal duties for each role are distinct, which is why professional legal guidance is so important to ensure you are acting correctly in each capacity.
Contact Our Las Vegas Estate Administration Attorneys Today
Discovering that a loved one’s estate is more complicated than you thought can be stressful. But it doesn’t have to be a burden. The experienced team at Boyer Law Group is here to provide the coordinated, comprehensive legal support you need.
If you are managing an estate with both probate and trust assets, contact us today for a free consultation. We will explain how we can simplify the process and ensure a complete and successful estate settlement. Call (702) 255-2000 to get started.