Five Benefits of Trust Administration
The Cincinnati trust administration process can take place after a death to facilitate the transfer of assets belonging to the deceased person, or decedent as he or she is also called. The trust administration process can be an alternative to transferring assets during the probate process. However, transferring assets via trust administration is possible only if the decedent had created a trust during the course of his lifetime as part of his estate plan.
There are many benefits of trust administration compared with the probate process, and you’ll need to consider all of these advantages when you make your estate plan and determine how to facilitate the transfer of your wealth to heirs or beneficiaries.
Zimmer Law Firm can help you to understand why trust administration may be a better way to transfer wealth and can assist with the process of creating a trust. We can also help trustees, heirs or beneficiaries, and others going through the trust administration process.
To find out more about how our compassionate and knowledgeable legal team can help you, give us a call today to talk with Cincinnati trust administration attorneys. You can also read on to find out about five key benefits of the trust administration process.
Benefit: Trust Administration Can Be Faster Than Probate
The probate process can take a very long time. Investopedia estimates that it takes around a full year for the probate process to be completed and for assets to transfer on to new owners. This is far too long for many heirs or beneficiaries who are counting on their inheritance to provide for them. It also places the executor of an estate in charge of assets for a very long time, which can be a big problem if the assets need to be managed carefully by new owners. The trust administration process is much faster, so this long delay in the transfer of ownership can be avoided.
Benefit: Trust Administration Can be Less Costly Than Probate
Probate can also be really expensive. Investopedia estimates the costs of the probate process at around three percent to seven percent of the value of the estate. This is a lot of money to lose to administrative costs. You don’t want an inheritance to be significantly reduced and creating a trust to transfer assets outside of probate can help to reduce expenses so heirs or beneficiaries can inherit more.
Benefit: Trust Administration Can Keep Your Family Out of Court
The probate process must take place in court. Going to court after a death can be stressful, especially for the executor of an estate who is responsible for filling out all of the court paperwork and overseeing the technical steps involved in probating an estate. Since the trust administration process takes place out of court unless there is a problem, all of this stress can be avoided.
Benefit: Trust Administration is More Private
When an estate goes through the probate process, it becomes court record — which means your will and other financial information can become public. You may not want your family’s private affairs to become known to everyone. The trust administration process allows you to keep details about your estate, and about the transfer of wealth, private so no one from outside your family knows your personal situation.
Benefit: There’s a Reduced Chance of Your Wishes Being Contested in Trust Administration
When you transfer assets via a last will and testament, there’s always a chance someone could contest the will. If this happens, you could lose the chance to leave a legacy if the will contest results in the will not being probated. While contesting a trust is possible, it’s much harder because of the fact the trust creator is involved with the trust during his lifetime. This makes the chances of your wishes being respected greater.
Getting Help from Cincinnati Trust Administration Lawyers
Cincinnati trust administration lawyers can provide the personalized help you need in going through the process of administering a trust. We represent heirs or beneficiaries who stand to inherit from the trust, as well as the trustee who has the responsibility of overseeing the process and managing assets while the trust is administered.
Zimmer Law Firm can also provide help in making an estate plan to allow your family to take advantage of the benefits of trust administration after death. To find out more about how our legal team can assist you, join us for a free seminar. You can also give us a call at 513.721.1513 for personalized advice.