Providing Legal Counsel For Probate And Trust Administration
Assets of trusts and estates are distributed under the directions set forth in the last will of the decedent or under a trust by or for the beneficiary. If there is no will or trust, the Court will distribute assets of the estate pursuant to Virginia’s intestacy laws. Generally, under Virginia’s intestacy laws, each beneficiary is entitled to an equal share of the decedent’s estate. Chong Park has been assisting clients with the management of estates in probate or trusts for over two decades. As an experienced estate and trust litigator, Mr. Park has a deep well of knowledge in this field and understands the legal issues that can arise in most cases.
Probate Administration Is Essential In Nearly Every Estate
Probate is the process by which a decedent’s (the person who has passed away) estate is administered. It involves the process of appointing a personal representative of the decedent’s estate, whether or not there is a valid will. The personal representative is responsible for accounting for all of the decedent’s assets, paying valid claims and debts against the estate, and distributing the assets to the beneficiaries. The probate process is generally monitored and reviewed by the Probate Office of the circuit court. There are accounting and other reporting requirements imposed by the law on personal representatives.
Trusteeship Is An Important Legal Responsibility
With trusts, the person in charge of administering the trust, or trustee, is usually appointed by the person who created the trust, or grantor. Like personal representatives of a decedent’s estate, a trustee has legal duties to comply with the terms and directions of the trust for the beneficiaries. The trustee may or may not be a beneficiary. Beneficiaries of a trust are the individuals who receive an allocation from the trust. Trusts are often set up to preserve funds to support trustees during their lifetime or for a particular purpose during their lifetime. Upon the lifetime beneficiary’s death, the residual (remainder), if any, is directed to be distributed to other beneficiaries.
Mr. Park Can Help You With Your Case
Being placed in the role of executor or trustee is a big responsibility, and it can place you in a position where you are not fully prepared to be. You may need help understanding your role and your responsibilities to your beneficiaries. At the Law Office of Chong C. Park, Esq., PLLC, you can get that help. Call Mr. Park at 571-247-3219 or email him to get his help in managing your role.
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