• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Why Your Heirs Would Prefer to Inherit via a Living Trust

Why Your Heirs Would Prefer to Inherit via a Living Trust

June 19, 2018Living Trusts

living trust lawyers

Living trust lawyers at Frank & Kraft can assist you with determining if a revocable living trust is an estate planning tool that you should use. Many people can benefit from a living trust and you should each out to a compassionate and knowledgeable member of our legal team to find out if trust creation is the right choice for you. 

While there are a lot of different reasons why you might want to create a living trust, one key reason is that this trust can make life easier for your heirs or beneficiaries after you have passed away. You can give us a call to get personalized advice on whether the creation of a trust could help your loved ones after you are gone. You can also read on to find out a few key reasons why your heirs or beneficiaries might prefer to inherit assets held in a living trust after you pass on.

Why Would Your Heirs Prefer to Inherit Property in a Living Trust?

When you have created a revocable living trust, your heirs or beneficiaries can inherit through the trust administration process instead of inheriting through the probate process. The assets that are held in the trust can be passed through trust administration while other assets will typically pass through probate unless you made other arrangements such as creating pay-on-death accounts.

Your heirs or beneficiaries would typically be better off inheriting through the trust administration process for many reasons, including the following:

  • Enhanced privacy: If your assets have to transfer through the probate process, then information about the inheritance you provide to loved ones can become court record. Court records are generally public records, so others could find out details about who receives an inheritance and what amount of money and property is transferred.
  • Lower costs: The probate process typically costs around three percent to six percent of the value of the estate, according to Investopedia. This is a lot of money that your loved ones would not inherit if all of this money has to be paid to costs and fees. The trust administration process is less expensive, so your loved ones can keep much more of your hard-earned wealth.
  • A faster inheritance: It can take as long as 12 months for a typical probate proceeding to be completed, according to Investopedia. This is a long time for loved ones to wait for an inheritance and to be dealing with the aftermath of a death. When assets instead pass through the trust administration process, the transfer of wealth is much quicker. The whole process could be over in a matter of weeks. Your loved ones can get the money and property you leave to them much more quickly and can begin the process of moving on with their life after losing you.

You should be aware that a living trust doesn’t provide complete protection for the inheritance that you want to leave to loved ones. If you will owe estate tax because you have a large estate and are leaving money to someone other than your spouse, the living trust will not prevent the trust assets from being part of the taxable estate even though the assets do pass outside of the probate process. To get help determining the best tools you can use to provide the maximum protection for your wealth so you can leave the largest possible inheritance, you should work with an attorney to create a customized asset protection plan.

Getting Help from Living Trust Lawyers

Living trust lawyers at Frank & Kraft can provide personalized advice on trust creation, on creating an estate plan that best provides for your loved ones, and on taking steps to secure your legacy and ensure your family is cared for after you are gone. To find out more about the ways in which our firm can help with all of your estate planning issues, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online today.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

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.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Is a Senior Life Settlement Right for Me? - February 2, 2023
  • Understanding the Annual Exclusion - January 31, 2023
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023

Other Articles You May Find Useful

How Can a Living Trust Help Me?
Indianapolis trust administration attorney
What Does It Mean If a Trustee Is Accused of Self-Dealing?
Indianapolis estate planning attorney
Using a Living Trust to Avoid Leaving a Lump Sum Inheritance
the Carmel living trust attorneys at Frank & Kraft explain the various ways in which a living trust might terminate.
When Does a Living Trust Terminate?
Indianapolis living trust attorney
What Is a Revocable Living Trust?
living trust
What Does a Living Trust Do for You?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us