“Why Do Heirs Prefer Trusts?” by Attorney Victor A. Lembo (Audio)
Many individuals desire to have an efficient administration of their possessions and assets when they pass away. We all know there may be complexities in handling an estate after death, but most families want privacy and peace. Creating a trust will help provide your heirs or beneficiaries their inheritance in an effective manner. Trusts provide important protection for you and your loved ones during the course of your lifetime and after death. However, it is important that you select the right type of trust and go through the proper formalities so it is legally valid and provides the protections that you expect. Sinclair Prosser Gasior can develop a plan that fits your needs and help plan for your beneficiaries to receive assets through the trust administration.
Heirs or beneficiaries can typically benefit from receiving their assets through the trust administration process, rather than the probate process, for some of the following reasons:
- The trust administration process may be quicker: Your heirs or beneficiaries would typically prefer to receive their inheritance and move forward with their lives, rather than coping with lengthy court proceedings and waiting a long time for the money and property they expect to inherit.
- The trust administration process can be much more private: If you must pass assets through the probate process, this involves filing court documents and specific deadlines. There are various levels of review at the Court, and a matter may need to proceed to a hearing, where a judge or panel of judges presides. The matter becomes court record, and are typically accessible to the public. In many cases, people would prefer to keep these details private.
- The trustee may have discretion. Based on the personal situation of the beneficiaries during the estate administration, the trustees may have flexibility to handle and disburse the decedent’s assets.
- The trust administration process does not involve going to court: Unless some problem occurs during the process of administering a trust, the trustee can handle the entire process outside of court. This spares your family from having to deal with stressful and complicated legal proceedings while coping with their grief. Also, this may help with costs, probate fees, or other expenses.
There may also be other reasons why your loved ones would prefer to inherit through a trust rather than going through probate. Sinclair Prosser Gasior will work with you to determine if a trust is right for you, in order to provide benefits and protections to heirs or beneficiaries, and assist with the estate administration to carry out your wishes.
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