TRUST ADMINISTRATION: "Summary" Estate Administration

Sometimes, circumstances are such that a decedent did not have a Revocable Living Trust, but a full Probate proceeding may not be required.

Instead, certain documents may be prepared and/or a much more expedited court proceeding can be initiated. An example of such "summary administration" is for small estates - generally those in which the decedent died with total gross assets of less than $150,000 (other than accounts that were titled jointly with someone else or that had a designated beneficiary) and owned no real estate.

Another example is a situation in which all or substantially all of the assets were owned as community property with a spouse who survived the decedent. In cases where summary administration is available and appropriate, loved ones can usually benefit from legal services rendered relatively quickly and with a modest investment of attorneys' fees and applicable costs.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

ESTATE LEGAL SERVICES: Need to find an estate planning attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Revocable Living Trust, Wills, Durable Power of Attorney, Advance Health Care Directive, Special Needs Trusts, and Irrevocable Trusts & Advanced Estate Planning, including Irrevocable Life Insurance Trust (ILIT), Qualified Personal Residence Trust (QPRT), Defective Grantor Trust (IDGT), Grantor Retained Annuity Trust (GRAT), "Crummey Trust", and various types of Charitable Trusts.