Trusts can help protect your heirs in many ways. One big benefit is that your heirs or beneficiaries will not have to wait months and months for an inheritance. The probate process is a very time consuming process that can take around a year, or sometimes much longer if any problems arise during probate. A substantial percentage of the value of the estate could actually be lost because of the costs associated with the probate process. The trust administration process is faster and … [Read more...] about How can trusts help protect your heirs?
When a trust has been created and trust assets transfer through trust administration instead of through probate, you can take advantage of all of the benefits of avoiding probate. These benefits include saving money, saving time, keeping financial affairs private, allowing assets to more quickly transfer to heirs so they can be managed by new owners, and allowing assets to transfer outside of the court process. When a death has occurred and family members are left coping with grief, the last … [Read more...] about What are the benefits of avoiding probate?
Assets in a living trust do not pass through probate. Instead, when a settlor creates a living trust, all of the assets that the settlor transferred into that living trust will pass through the trust administration process. The trust administration process can be more private, less costly, and quicker than the probate process. It also does not require court involvement to complete the trust administration process, unless a problem arises. The ability to avoid probate is one of the key benefits … [Read more...] about Do assets in a living trust pass through probate?
The trust administration process takes place when a trust creator made a trust, transferred assets into it, and passed away. While assets are typically transferred through a formal probate process, assets held within a trust do not have to go through probate. Instead, a trust administrator who was chosen by the trust creator will be in charge of administering the trust. The basics of trust administration involve providing notice to interested parties, complying with tax obligations, taking care … [Read more...] about What are the basics of trust administration?