An Indianapolis trust administration lawyer can help you through the process of transferring assets after a loved one has died with a trust. Frank & Kraft can represent a trust administrator who has been entrusted with the responsibility of managing trust assets or can represent heirs or beneficiaries whose inheritance is at stake. Our legal team can also provide representation in situations where assets must transfer during the probate process.
Both the trust administration process and the probate process are different methods of transferring wealth when someone has passed away. There are pros and cons of each of these different methods that anyone who is planning for the future should consider.
If you want to make sure that your family is as protected as possible and that your assets are as safe as possible, you’ll need to understand how trust administration works, how the probate process works, and which approach is the best method of transferring your wealth. You should give us a call today to talk with an Indianapolis trust administration lawyer if you do not already have an estate plan in place so you can get the advice you need to make informed choices about passing your wealth on to the next generation.
Benefits of Trust Administration vs. the Probate Process
The trust administration process has many significant advantages over the probate process. One of the big benefits of the Indianapolis trust administration process is that the process can take place in a much more timely manner than the probate process process does. Investopedia has reported that the probate process could take around a year for most estates, and it can take even longer in circumstances where your estate is a complicated one. If you don’t want your loved ones to have to wait a very long time to inherit — or if your assets could be at risk if there is a long delay before the transfer to new owners — you may not want to pass your estate through this lengthy probate process. The trust administration process is much faster so new owners can take possession and begin managing assets in a much more timely manner.
The trust administration process can also be a more private process. There is no need for anyone to go to court during the trust administration process except in circumstances where a problem has arisen. By contrast, the probate process takes place in a court and so information about your estate — and your wealth — become court record. You may not want your private information to be aired in a public forum like this.
If you have made a trust and your assets are transferring during the trust administration process, there is also a reduced chance that your wishes won’t be respected. During the probate process, there is a chance someone could successfully contest a will and if this contest is successful, the instructions you left in your will would no longer control what happens to your assets. If your assets transfer through the trust administration process, it is possible someone could contest a trust too. However, because you’re involved with the trust during the course of your lifetime, it’s much less likely that an attempt to contest the trust would be a successful one. This means you’re much more likely to actually control your legacy if you create a trust.
The downside of the trust administration process is that it is an option only if you have actually created a trust in your lifetime. It costs money and there can be complications associated with creating and managing a trust. Still Frank & Kraft can make the process of trust creation easy so you can get the benefits of Indianapolis trust administration with the minimum of cost and hassle.
Getting Help from Trust Administration Lawyers
If you want help making an estate plan that allows you to incorporate trusts or if you need assistance with the process of making a legally valid last will and testament so the probate process goes smoothly, Frank & Kraft is here to help you. Our legal team can also represent heirs or beneficiaries, the executor of an estate, the trust administrator, or other interested parties during the probate process or during the Indianapolis trust administration process.
To find out more about how our firm can assist you, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online if you are ready to get personalized advice on your plans for the future or on the process that must take place to transfer the assets of your loved one who has passed on.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.