It is difficult to imagine a scenario in which the transfer of assets flows better through probate than through the trust administration process. Unfortunately, the trust administration process can only be used when the deceased individual created a trust and properly funded transferred their assets into it.
During the planning process, Parman & Easterday can inform you as to why the trust administration process is preferable to probate. We work to understand your situation so you can determine if your estate planning needs and wants call for either a will (resulting in probate) or a trust (avoids probate).
If it makes sense to create a trust, we will help you select the right trust administrator, ensuring the trust administration process flows smoothly. Our legal team also provides guidance to trust administrators after you pass way. To find out more about the many ways in which our Oklahoma legal team can assist you and your family both before and during the trust administration process, give us a call today.
Why Is Trust Administration Better Than Probate?
The trust administration process can result in a much better experience than the probate process for the following reasons:
- Cost: According to Investopedia, the costs associated with the probate process typically range from three to seven percent of the value of the deceased individual’s estate. Meanwhile, transferring assets through the trust administration process often results in substantial savings over the probate process.
- Time: The probate process is often long and drawn out, frequently lasting ten to eighteen months. During that time, your assets are usually frozen and your loved ones may be prevented from receiving their inheritance until the probate is completed. If your goal is for your loved ones to avoid probate and the hassle, delay and cost it creates, you should design a trust so your loved ones can benefit from the more efficient and cost-friendly trust administration process.
- Privacy: All probate records are a matter of public record, which means the whole world will know what you own, who you owe, and who receives your assets. With a trust, everything is private. There is no court oversight and your family and financial affairs can remain on a need-to-know basis.
These are some of the key advantages of transferring assets through trust administration, rather than through the probate process. Depending on your specific needs, there may be other significant benefits associated with the transfer of assets through trust administration.
How Can You Pass Assets Through Trust Administration?
While there are many significant advantages to transferring assets through the trust administration process, there are limits on the trust’s ability to transfer assets. Specifically, only assets held and managed by the trust can be transferred through the trust administration process. Other assets will need to go through probate, unless alternative plans were made (such as payable-on-death assets or joint tenancy).
In order for you to prevent your loved ones from dealing with the frustration and costs of probate, you should work with an Oklahoma City trust lawyer to create a comprehensive trust-based estate plan that includes transferring your assets into the trust.
Getting Help From An Oklahoma City Trust Administration Lawyer
An Oklahoma City trust administration lawyer can assist with the creation of a trust and ensuring the trust is properly funded so your assets efficiently transfer through the trust administration process. We can also help your trust administrator fulfill their obligations, ensure the trust assets are protected, and your wishes respected.
To find out more about how the trust administration process works and how we can help you through it, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online to get the personalized help you need to ensure the trust administration process goes smoothly. Call today so we can begin working with you on all of your legal needs surrounding trusts in Oklahoma.