Oklahoma City trust attorneys can assist you in creating a trust so your assets can transfer through trust administration process instead of through probate. It’s important to make a trust while you are still young and healthy before it becomes too late to use this powerful estate planning tool to protect your assets and provide for your heirs or beneficiaries. You should work with an experienced attorney at Parman & Easterday to create a legally valid trust that will provide the benefits you seek.
There are many reasons why you should consider creating a trust and Parman & Easterday can provide personalized advice on why trust creation is the best choice for you. Read on to learn about some key reasons why your heirs or beneficiaries would benefit from the creation of a trust.
Trust Administration Allows Assets to Transfer Quickly
One of the biggest benefits associated with a trust and transfer of assets through trust administration is that assets can transfer to new owners much more quickly than if the assets must pass through probate.
As Investopedia explains, it takes about a year for assets to transfer through probate, which can be a long time for people to wait to receive an inheritance and move on with their lives. This delay can be a big problem if heirs or beneficiaries are dependent on their inheritance to provide income once the deceased is no longer bringing money into the household.
The lengthy delay in transferring assets via probate is also a problem if assets need to be carefully managed by new owners and losses could occur if an executor of an estate is left managing the assets and making decisions for months, rather than the new owners taking over in a timely manner.
Trust Administration is a More Cost-Effective Way to Transfer Assets
Another reason why heirs or beneficiaries prefer assets to transfer via trust administration instead of via probate is that trust administration is typically much less costly than probate.
Investopedia estimated it costs between three and seven percent of the value of the estate for a probate to be completed. That’s a lot of money to be lost due to having to probate the will. Trust administration is much more cost effective, as well as faster, so heirs or beneficiaries inherit more of the money the deceased left behind.
Trust Administration Allows Assets to Transfer Privately
Because probate process occurs in court, information about assets and heirs or beneficiaries must be presented to the judge. This means a court record is created. These personal family and financial details are open to the public unless there is a justification for the records to be sealed.
This means the judge and other interested parties who review the court proceeding will know the key details about what assets pass to new owners, the value of the assets, and who inherited the money and property the deceased left behind.
Often these are details that heirs or beneficiaries would prefer not be made public and even details that heirs or beneficiaries would prefer a judge not hear. If you want to keep family and financial affairs private, going through probate court is not the answer. Trust administration, on the other hand, allows assets to transfer outside of probate and there is no need for court action unless there is a problem. This means the entire process can be kept private and known only to the trust administrator and other parties involved in the trust administration process.
Getting Help from a Trust Administration Lawyer
These are just some of the reasons why heirs or beneficiaries prefer trust administration over probate. Parman & Easterday can provide insight into other benefits of trust administration specific to your situation.
To find out more about the assistance a trust administration lawyer at our firm can provide, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online at any time.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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