Carmel probate lawyers can provide help facilitating the transfer of assets during the probate process. As Investopedia explains, this process can be a lengthy and expensive one. An executor of an estate has many responsibilities during the probate process and heirs or beneficiaries also need to make sure that they are monitoring the process careful and that the executor is living up to his fiduciary duty. Both the executor and those who stand to inherit should have legal help.
Frank & Kraft not only provides assistance during the probate process, but we also help clients to create comprehensive plans to avoid probate and facilitate the transfer of assets through other means such as trust administration.
Passing assets through the trust administration process has many significant advantages compared with the probate process. If you want to find out if avoiding probate is something that you should work towards, you can give us a call today. You can also read on to find out some of the top reasons why trust administration is often better than probate so you can get a clearer picture of whether making a plan to avoid probate is a good option for you.
Trust Administration is More Private Than Probate
When you must pass assets through the probate process, probate proceedings occur in court. As a result of this, court records are produced and the public can access information about the probate proceedings. In some cases, it is possible to ask the court to seal the probate records. Often, this does not occur though and your information ends up being available.
Even if you do get records sealed, the judge still presides over the probate process and the transfer of assets so there are is still a third party involved. If you want to maintain your privacy and keep things in the family, going through the trust administration process and transferring assets via trust could be your best course of action. Unlike probate, the trust administration process can occur entirely outside of court unless problems arise.
Trust Administration Allows for a Faster Transfer of Assets
Investopedia indicates that the probate process typically takes around a one year period of time. When there is a will contest or there is a lot of money and property involved in a very large estate, the process can take even longer. The lengthy probate process places stress on everyone involved. The executor of an estate has a long period of time when he or she is responsible for the management of trust assets, which can be time consuming and challenging. Heirs or beneficiaries are also left waiting for their inheritance and, in some cases, this can be a big problem because the beneficiaries may have been counting on the inheritance to meet financial needs if a family breadwinner passed away.
Trust Administration is Often Less Cost
It can be expensive for assets to transfer through the probate process, with Investopedia estimating costs associated with the probate process totaling around three percent to seven percent of the value of the assets that are part of the estate.
Many people would prefer to avoid the costs associated with probate and using a trust to transfer assets can spare you these costs. However, even if assets transfer outside of the probate process through the tax process, estate tax can sill be charged on the amount transferred to heirs or beneficiaries through the trust if your estate is large enough that you will owe this tax.
Getting Help from Carmel Probate Lawyers
Carmel probate lawyers at Frank & Kraft can provide personalized assistance and advice with the probate process. We can help you to move through the process of probating a will as quickly and cost-effectively as possible if your loved one passed away and his or her assets must transfer through probate. We can also assist with estate planning to avoid probate and with transferring assets through the trust administration process.
To find out more about the ways in which our firm can help you with legal issues related to estate planning, probate, 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 to get the help you need to make smart choices about transferring your wealth. Give us a call today to learn more.
- How Can I Incorporate Charitable Gifting into My Estate Plan? - June 6, 2023
- LGBTQIA+ Pride Month in Indiana - June 1, 2023
- Debunking Estate Planning Myths - May 30, 2023