The Indianapolis trust administration process is a process by which assets can transfer after the death of their owner. In most situations, it is possible to entirely avoid the probate process if you create a comprehensive estate plan that includes a trust and that allows assets to transfer through trust administration. This is a major benefit for many reasons, including the fact that avoiding probate can save money and time. Avoiding probate can also allow you to avoid going to court, in most circumstances.
If you are hoping to spare your loved ones the stress and expensive of court proceedings, you should strongly consider working with Frank & Kraft to help you create a comprehensive estate plan that will allow your assets to transfer outside of probate. For many clients, this will include using a trust so assets can transfer through trust administration.
Frank & Kraft can also provide you with help if you are involved in the trust administration process. While this process usually takes place without court action, you could end up in court if problems arise. With help from an experienced attorney, you can try to ensure that this does not occur and your lawyer can guide you through the trust administration steps to reduce the likelihood that issues will develop. Give us a call today to find out more about how Frank & Kraft can help you with the process.
Do You Have to Go to Court During the Indianapolis Trust Administration Process?
The trust administration process is designed to be a process that takes place outside of court, unlike probate. The designated trust administrator who was chosen by the trust creator should oversee this process. This includes making a full accounting of assets and liabilities, managing the assets in the trust, providing appropriate notice to potential heirs or beneficiaries and others with an interest in the trust, and facilitating the transfer of assets.
None of these steps will require involvement of the courts in the vast majority of circumstances. However, if problems arise during the process, then court action may be necessary. For example, the trust administrator has a fiduciary duty, which means that the trust administrator has a legal obligation to act in the best interests of the estate. If the trust administrator fails to fulfill this obligation and starts acting to enrich himself or herself, this can result in court action for breach of fiduciary duty.
Likewise, if someone wishes to contest a trust and argue that it is not an accurate and valid reflection of the wishes of the deceased so the trust administration process should not take place, this is also a dispute that can end up in court. It is much harder for someone to contest a trust successful than it is for someone to contest a will successfully due to the ongoing involvement of the trust creator with the trust during the course of his lifetime— but it can happen under certain circumstances.
These are just a few of many examples of circumstances where it might be possible for the trust administration process to result in court action. Frank & Kraft can help you to go to court to protect your inheritance if necessary, or can represent you during the trust administration process to try to minimize the chances of problems occurring.
Getting Help from an Indianapolis Trust Administration Lawyer
An Indianapolis trust administration lawyer at Frank & Kraft will provide personalized one-on-one advice during your estate planning process so you can determine if you should create a trust or use other tools to avoid the probate process. We can help you to ensure you transfer assets in a quick and cost-effective way so your loved ones can best be provided for.
We can also guide you through the trust administration process, whether you are the trust administrator or you are one of the beneficiaries who stands to inherit. We will help you to maximize the chances that the process will go smoothly so you do not need to go to court as a result of problems that could arise. This will allow you to reap the biggest benefit of trust creation and ensure that the wishes of the deceased are respected.
To find out more about all of the different ways that Frank & Kraft can help you with probate, trust administration, and more, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time for help.
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.