If you create a living trust, the assets that you title in the trust name can pass through the trust administration process. Assets that pass through the trust administration process do not have to be distributed to heirs or beneficiaries through the probate process. They can pass outside of probate.
There are many significant advantages to allowing heirs or beneficiaries to inherit assets held within a living trust. Parman & Easterday can provide personalized assistance in understanding those advantages and in determining if you should take advantage of them by creating a living trust. One of the key benefits is that assets can transfer to your heirs or beneficiaries in a much more timely manner.
If you are making your plans for the future, you should strongly consider trust creation so your heirs or beneficiaries can benefit from your thoughtfulness in helping them to avoid the probate process and inherit quickly. Give us a call today to find out about the ways in which we can assist you. You can also read on to find out why it is so beneficial to facilitate the timely transfer of assets for heirs or beneficiaries after a death.
Trust Administration Makes it Possible to Inherit More Quickly
In most cases, if you do not make alternative plans to avoid it, assets have to pass through the probate process after a death. This means that when you die, your heirs or beneficiaries will need to go through probate proceedings to receive the money or the property you have left to them. And, this process can be very time consuming, and expensive.
The specific amount of time that it takes to go through probate will vary depending upon circumstances and the nature of assets you own. Things such as the complexity of the estate can impact how long probate takes. If someone contests a will or if assets cannot be found, then probate will take longer. In general, however, Investopedia estimates the typical probate process takes around one year to be completed.
One year is a long time to wait for the affairs of the estate to be wound up. It is a long time to leave an executor of an estate in charge of managing assets, especially if those assets need careful hands-on management from new owners. It is also a long time for heirs or beneficiaries to have to be in limbo.
For many heirs or beneficiaries, it is impossible to fully move on with life after a loved one’s death while the probate process is still ongoing. A delay in having an inheritance transferred can also result in other more serious problems. If you were providing income to your loved ones and have passed on, they no longer have that income, at least before court intervention. They may need an inheritance to help them continue to maintain their standard of living after your death. A year-long delay could create financial problems and diminish their quality of life. This can be especially difficult to cope with when they are also coping with grief.
Because the delay that comes with the probate process can be so damaging, it is very beneficial to find a way to facilitate the faster transfer of wealth. Setting up a trust is one way to do that. Don’t fall into the trap of thinking you need significant assets to benefit from a trust. When you make a trust and fund it, the assets in the trust don’t have to go through probate. They can go through trust administration to be quickly transferred to new owners.
Trust administration takes place outside of court unless a problem arises. Assets can be transferred in weeks, instead of months or years. This allows heirs or beneficiaries to receive the wealth you left to them and begin moving forward instead of waiting for a lengthy probate process to conclude.
Getting Help From a Trust Administration Lawyer
A trust administration lawyer at Parman & Easterday can help you to make an estate plan that allows your loved ones to benefit from the trust administration process. We can also provide representation to those who are going through probate or trust administration.
To find out more about how our firm can assist you in all situations related to trusts, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online to get personalized help.