Trust attorneys at Nirenstein, Horowitz & Associates will help you to create a living trust so your assets that are held in the trust can pass through trust administration instead of having to be passed on to heirs or beneficiaries using the probate process. There are many benefits to creating a living trust, but one of the biggest benefits is that your heirs or beneficiaries will likely be much happier if they are able to receive their inheritance through the trust administration process.
Nirenstein, Horowitz & Associates can work with you to assess the benefits of trust administration for your particular situation and to create a legally valid trust that provides the benefits you and your heirs or beneficiaries are counting on. To find out more about how our firm can help you with the trust creation process or with the process of administering a trust after a trust creator has died, give us a call. You can also read on to find out about some of the top reasons why heirs would prefer trust administration to probate.
Trust Administration is a More Private Process
When assets go through the probate process, the probate process takes place in court before a judge and the proceedings become court record. Unless the court agrees to sell the records, they can be open to the public. All of this means that the probate process is a very public one and any interested parties can find out about who assets are being transferred to and how much wealth is being passed. Heirs or beneficiaries may prefer to not have this information all become public and instead to ensure that their inheritance is a private matter that does not become court record.
Trust Administration Allows Heirs Or Beneficiaries to Inherit More Quickly
The probate process takes around a year to complete, according to Investopedia. Most people who are receiving an inheritance do not want to wait that long to receive the assets they will be getting. Not only does this mean that heirs or beneficiaries could be left for a long time without an inheritance they may have been counting on to replace financial support you were providing during your lifetime, but it also means that it will be a long time until they can fully begin to move on with their lives and put your death behind them.
Trust Administration Saves Money
The probate process is costly, with the price totaling around three percent to seven percent of the estate value according to Investopedia. This is a lot of money that is lost due to fees and costs instead of passing to heirs or beneficiaries. If you can pass assets through the trust administration process, it is much cheaper so this money is not lost and instead given to the heirs or beneficiaries who can use it.
Trust Administration Allows Heirs Or Beneficiaries To Avoid Court Proceedings
The probate process has to take place in court, which can be very stressful. Heirs or beneficiaries may not want to have to worry about legal proceedings when they are grieving. The trust administration process, on the other hand, does not require going to court unless a problem arises. This is a much easier process for loved ones to cope with after a death.
Getting Help from Trust Attorneys
Trust attorneys at Nirenstein, Horowitz & Associates will guide you through the trust creation process and help you to take all of the necessary steps to ensure that the trust you create is legally valid so your heirs or beneficiaries can benefit from having their assets pass through trust administration instead of probate. Our legal team also provides representation to those heirs or beneficiaries who are going through the probate process as well as to the trust administrator who is in charge of overseeing the process.
To find out more about all of the services that we provide in connection with trusts, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to get personalized help with your specific situation.