Estate and trust attorneys can provide you with assistance creating a trust so you are able to provide your heirs or beneficiaries with an inheritance is the simplest and most effective way possible. Trusts provide important protection for you and your loved ones during the course of your lifetime and after your death, but it is important that you select the right type of trust and go through the proper formalities of creating a trust so your trust is legally valid and provides the protections that you expect.
Sinclair Prosser Gasior can help. We can work closely with you to ensure that your trust document is enforceable and that you and your family get all of the advantages of creating a trust. There are many reasons you should reach out to an estate and trust attorneys, but one of the key reasons is that your heirs or beneficiaries would generally prefer for assets to transfer through trust administration.
Why Heirs or Beneficiaries Would Prefer Assets Transfer Through 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 can be much less costly: According to Investopedia, the probate process can involve significant costs, with the estimated expense of the process totaling around three percent to seven percent of the value of the estate assets. No one wants to lose all of this money to fees and costs when heirs or beneficiaries would benefit from receiving a larger inheritance. Trust administration saves this money so it can go to loved ones.
- The trust administration process can be much quicker: Your heirs or beneficiaries would typically prefer to receive their inheritance and move on with their lives, rather than coping with lengthy court proceedings and waiting a long time for the money and property they expect to inherit. It may be especially essential for your loved ones to receive an inheritance quickly if they were counting on your income to meet household bills and you’re no longer providing that income since you’ve passed away.
- The trust administration process can be much more private: If you must pass assets through the probate process, this involves going to court. A judge presides over the hearings, which become court record and are typically accessible to the public. This means details about who inherits and how much is inherited could become publicly known. In many cases, people would prefer to keep these details private rather than having them become public record.
- The trust administration process does not involve going to court. Unless some problem occurs during the process of administering a trust, the trust administrator can handle the entire process outside of court. This spares your heirs or beneficiaries from having to deal with stressful and complicated legal proceedings while coping with their grief.
There may also be other reasons why your loved ones would prefer to inherit via a trust rather than having to go to court and go through probate. Talking with an experienced attorney will allow you to make the right choice for you regarding how you provide for your heirs or beneficiaries after you are gone.
Estate and trust attorneys at Sinclair Prosser Gasior will work with you to determine if you should create a trust so you can provide benefits and protections to your heirs or beneficiaries. If you’ve decided that creating a trust is the best choice for your situation, we will work with you to make a legally valid trust document and to fund the trust with the assets that you are hoping to protect. We can also provide help to heirs or beneficiaries and trustees who are going through the trust administration process.
To find out more about how our legal team can help you with all legal issues related to creating a trust join us for a free seminar to learn more about all of the services our firm provides related to trusts and trust administrations.