One of the reasons why some people shy away from the idea of utilizing a trust to arrange for the transfer of their assets eventually is because they don’t fully understand how these instruments work. They choose a last will instead, assuming that this is a simple and direct way to arrange for asset transfers. In reality, the reverse may be true in some instances.
When you use a last will your estate must pass through probate before the heirs to the estate receive their inheritances. This process can be expensive and time-consuming, and the executor may have to involve many different professional entities to perform a variety of different functions.
With a trust like a revocable living trust you can actually streamline things quite a bit and be certain that the resources placed in the trust are handled properly.
When you create the trust for the well-being of a beneficiary you appoint a trustee who will administer the funds in accordance with your wishes. This trustee has a fiduciary responsibility and must act with the utmost integrity.
Many people will utilize a trust company or the trust department of a bank, and these professionals work within organizations that provide oversight as they service their clients. And of course they are experienced and savvy so you know that your trust is being administered professionally
To learn more about trusts and trust administration simply take a moment to pick up the phone to arrange for a consultation with a licensed Hartford estate planning lawyer.
- What Are Advance Directives? - November 22, 2022
- What Is a Totten Trust? - November 8, 2022
- What Can Good Estate Planning Do for You? (Part 1) - October 25, 2022