A Westport trust administration lawyer can provide assistance with the trust administration process. This process can take place after a death when someone created a trust and transferred assets into that trust. When the trust administration process takes place, the assets held within the trust can transfer to new owners under the direction of the trust administrator.
While the trust administrator and heirs or beneficiaries should be represented by an experienced attorney during the trust administration process, the process generally goes smoothly and quickly in most situations. The trust administration process tends to have significant benefits over probate, and the ability to transfer assets through this process is one of the top reasons people decide to create trusts.
If you are trying to decide if a trust is right for you, or if you need assistance with the trust administration process, Nirenstein, Horowitz & Associates is here to help. You can give us a call to talk with a Westport trust administration lawyer and get personalized advice. You can also read on to learn more about some of the top reasons why trust administration is better than probate.
Trust Administration Is Less Costly
According to Investopedia, the costs of passing assets through the probate process can be very high. In fact, in a typical estate, the costs of probate can total around three percent to seven percent of the value of the estate. This is a significant amount of money that will not go to heirs or beneficiaries. There is no reason for so much money to be spent just to facilitate the transfer of wealth after a death has occurred. Instead, if you create a trust and transfer assets into it, assets can pass outside of probate and a substantial amount of money can be saved.
Trust Administration Transfers Assets More Quickly
It can take around a year for the probate process to be completed in a typical situation, according to Investopedia. This is a very long period of time, especially if you have assets that need to be carefully managed by new owners or if your loved ones are going to depend upon an inheritance that you provide to maintain their quality of life once you are no longer there and able to support them.
You don’t want your family to struggle financially as they wait for an inheritance after you have passed away. If you have investments that require hands on management, or if you are trying to pass a family business that needs to go to new owners right away, you don’t want all of these assets to have to pass through the lengthy probate process. You should instead strongly consider creating a trust so that assets can pass through the trust administration process much more quickly.
Trust Administration Allows You To Maintain Privacy
When your assets have to pass through the probate process, this is a court process. That means court records are created. There are certain limited circumstances under which a judge will seal records in probate proceedings. However, this is not always the case and there is no guarantee that the court will be willing to seal records.
When your assets pass through the probate process and the records are not sealed, virtually anyone can obtain court records and your private financial and family information can become public. Many people would prefer not to have details about their assets become public knowledge, and many people don’t necessarily want details about who inherits to become court record.
If you create a trust and assets pass through the trust administration, there is no need for court action except in circumstances where problems arise. You and your heirs or beneficiaries can maintain privacy.
Getting Help from a Westport Trust Administration Lawyer
A trust administration lawyer at Nirenstein, Horowitz & Associates can help you to create a trust so you and your loved ones can get all of these benefits associated with the trust administration process. We can also provide assistance to a trust administrator who is in charge of overseeing trust administration or to heirs or beneficiaries who want to ensure that their inheritance is protected during the process.
To find out more about how trusts work and about the trust administration process, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online at any time for personalized help.