A Cincinnati trust administration lawyer can provide you with help creating a trust. There are many substantial benefits associated with trust creation. One of those big benefits is that assets can transfer outside of the probate process.
When assets transfer outside of probate, your potential heirs or beneficiaries will be able to receive their inheritance much more quickly — which has significant advantages. Zimmer Law Firm can provide you with insight into why making a trust facilitates the timely transfer of assets. We can also explain why this is a big pro for you and your heirs or beneficiaries. Finally, we can help you to make a legally valid trust document so you can actually get the benefits that you expect from trust creation.
To find out more about the ways in which our firm can help you with trust creation and other legal issues associated with transferring your wealth to new owners, give us a call today.
Why Trust Administration Facilitates the Timely Transfer of Assets
When you create a trust, the assets that are held within that trust can transfer through the trust administration process instead of through the probate process. The probate process takes around a year to complete in many cases, according to Investopedia. However, the trust administration process can be completed much more quickly. In fact, the entire process can often be finished in a matter of weeks, not many months.
Trust administration is a faster process of transferring wealth for a number of reasons, including the fact that the entire process is able to take place outside of court unless a problem arises. This saves substantial time because there is no need to wait for court hearings to take place.
Zimmer Law Firm can provide more insight into why trust administration will allow your assets to transfer more quickly so you can determine if facilitating the timely transfer of assets by trust creation is the best course of action.
Why Your Heirs Or Beneficiaries Benefit from the Timely Transfer of Wealth
Creating a trust so your loved ones can inherit in a more timely manner has some benefits for both you and the people you love.
For you, the big advantage is that less of the hard-earned wealth that you worked so hard to acquire will be lost due to the costs of probate. Because trust administration is so much faster and cheaper, you will avoid the big costs that probate can necessitate, which Investopedia estimates come in at around three percent to seven percent of the value of the estate. Your money that you’ve built up over your life can go to your heirs or beneficiaries, instead of towards paying fess for probate.
Heirs or beneficiaries also benefit from receiving a larger inheritance from you, rather than having a big portion of the inheritance go to court costs and fees. They also benefit because when they can receive their inheritance sooner, they can immediately begin managing the money and putting it to work for them. If you were previously providing them with financial support before you passed away, the ability to quickly access an inheritance could be essential to stay afloat once your income is no longer being provided.
Being able to inherit more quickly can also help your heirs or beneficiaries move on with their lives. No one wants to cope with going to repeated court hearings and facing the complexities of the probate process when they are also coping with the grief of losing a loved one. By facilitating the timely transfer of wealth, you ensure your family members are able to begin moving forward after your death without continually coping with court proceedings.
Getting Help from a Cincinnati Trust Administration Lawyer
A Cincinnati trust administration lawyer at Zimmer Law Firm can assist you with deciding if you should create a trust to facilitate the timely transfer of assets or to reap other benefits, such as saving money that might otherwise go to fees during probate proceedings. We can also provide advice on other estate planning tools you may wish to use to best protect yourself and your loved ones.
To find out more about the many ways in which our firm can help you, give us a call at 513-721-1513. You can also join us for a free seminar to learn more about the services we offer.