Trust administration is a process by which assets can be transferred after a death without those assets having to pass through the probate process. The trust administration process can be less costly so heirs or beneficiaries can receive a larger inheritance. It can be more timely, so those who stand to inherit can receive their inheritance much more quickly than they would have if they had to wait for the probate process to be completed. It can also be less stressful and much more private since there is no need to involve the court in the trust administration process unless some type of problem arises, while the court does have to become involved in the probate process whenever probate occurs.
Frank & Kraft can provide invaluable help with the trust administration process. Our Indianapolis tust attorneys can represent the trust administrator who is in charge of overseeing the process of administering the trust and we can help that administrator fulfill his fiduciary duty. We can also provide help to trust beneficiaries who want to make sure that the trust administration process goes smoothly so they can protect their inheritance and so they can receive that inheritance as quickly as possible.
If you are involved in trust administration in any capacity, it is in your best interests to get legal advice to make sure your rights are respected and o make sure that your obligations are all fulfilled during the process. You should call Frank & Kraft today for personalized advice. You can also review the answers to frequently asked questions below in order to find out more about the trust administration process and to find out what you can expect if your loved one has passed away with a trust.
How do you know if a trust is right for you?
It is not just the trust beneficiaries and the trust administrator who need to understand how trusts work and what their benefits are. It is also important for you to understand trusts and the trust administration process if you are making an estate plan or if you are creating a legacy plan and you want to go the extra mile ensure that your loved ones and your assets are protected. Frank & Kraft will discuss your goals for your estate or legacy plan with you in order to help you to determine if a trust is right for you. Some of the factors that will help you to determine if you should create a trust include the extent of your wealth, the risks to your assets, who you are leaving an inheritance to, and the needs of your heirs or beneficiaries.
What are the benefits of a living trust?
There are many significant advantages associated with the creation of a living trust, which is a very common trust type. In addition to providing powerful protection for your assets in case you become incapacitated, a living trust is also very helpful for facilitating the transfer of assets after death.
The probate process can take around a year to complete, which can be a problem for a multitude of reasons. Your heirs or beneficiaries will be without the assets that you left to them, and that they may be counting on, as the probate process unfolds. The assets in your estate will be managed by the executor of an estate during this time, which could also be a problem if you have wealth that must be managed by new owners very quickly in order to protect its value.
If you create a living trust and allow assets in the trust to transfer more quickly, both the risk to your heirs and the risk to your assets can be avoided.
Why is trust administration better than the probate process?
The trust administration process can be better than the probate process for many reasons. Both processes are used to formally transfer the property left behind by the deceased to new owners. However, the probate process can take around a year and the costs can be around three percent of the estate to seven percent of the estate, or more depending upon the situation.
Because the probate process requires going to probate court, the probate process can also be a very public process. It can also be a risky process since an interested party could decide to contest a will and if that contest is successful, it is possible the wishes of the deceased won’t be respected.
While contesting a trust is a possibility, it is much less likely a contest of a trust will be successful. Because the trust administrator oversees the trust administration process outside of court, the process is also much faster and is much more private. If you don’t want to have outsiders involved, then the trust administration process is a good option. Of course, because a trust administrator has a fiduciary duty, there are still protections in place and it is still possible for someone who believes the trust administrator isn’t fulfilling his role to go to court and get help.
Should you get legal help with the trust administration process?
You should make certain that you get legal help with the trust administration process if you are a trustee or if you are a trust beneficiary. Frank & Kraft will guide you through the entirety of the stages and steps involved in trust administration so you can protect your rights, so you can keep an inheritance safe, and so you can ensure that the wishes of the deceased are honored.
To find out more about how our firm can assist you with the trust administration process, join us for a free seminar today. You can also give us a call at 317-684-1100 or contact us online to get the personalized help that you deserve as a trust is administered when your loved one has passed on. An Indianapolis trust attorney at our firm will be there for you every step of the way, so call today for help.