Trust administration is an alternative process by which assets can be transferred after a person dies. While assets typically have to transfer through the probate process in Surrogate’s Court in New York, this does not have to happen if you have made an estate plan to allow assets to transfer outside of this process. While there are different approaches to transferring wealth outside of probate, creating a trust can be one of the best approaches because the assets that you put into the trust can transfer through the trust administration process.
Mark S. Eghrari & Associates, PLLC can help you to decide if you should create a trust and, if so, can help you through the trust creation process so you can ensure your trust is legally valid and accomplishes your goals. We can also provide assistance to those whose loved ones have passed away after creating a trust. We can guide you through the trust administration process to facilitate the timely and effective transfer of trust assets to new owners.
If you think that you may wish to create a trust to spare your loved ones the difficulties of probate, you should give us a call today. You can also read on to learn about some of the top reasons why your heirs or beneficiaries would likely prefer to have their inheritance transfer through the trust administration process than through probate. This can help you decide if trust creation is right for you.
The Trust Administration Process is More Private
Your heirs or beneficiaries may not want everyone to know that they have received an inheritance. They also may not want people to know what specific inheritance they received. It can sometimes be embarrassing or uncomfortable for people to know how assets were divided up among family members or how much wealth was passed on because of a death. Unfortunately, because the probate process takes place in court, the proceedings typically become court record and can be publicly available except in the limited number of cases where records are sealed.
The trust administration process, on the other hand, takes place outside of court and is a private process facilitated by the trust administrator so there are no worries about privacy concerns being triggered by the proceedings.
The Trust Administration Process Can Be Less Expensive
The costs of probate can be very high. Investopedia estimates probate costs at around three percent to seven percent of the value of an estate. This is a lot of money, and it can even be more expensive if there are problems such as the will being contested or assets not being findable until an expert is hired. Your loved ones likely want to inherit as much as possible rather than having money spent on probate costs. Since the trust administration process is much less expensive in most cases, your heirs or beneficiaries will likely appreciate if you take steps to ensure that assets can transfer in this less expensive way.
The Trust Administration Process Can Be Faster
The process of going through probate is time consuming and stressful. Investopedia estimates the probate process takes around a year. Your loved ones may have to go to court hearings during this time and they will be left waiting for an inheritance. The trust administration process allows for assets to transfer more quickly so your family can receive their inheritance, grieve your death, and begin to move forward with their life.
Getting Help from a Trust Administration Lawyer
A trust administration lawyer at Mark S. Eghrari & Associates, PLLC can guide you through the entirety of the trust creation process, from helping you to decide if a trust is right for you to choosing the right kind of trust to making a legally valid trust document and transferring assets to your trust. If you have decided that you want to provide your heirs or beneficiaries will all of the benefits that come with transferring assets through trust administration instead of probate, you can give us a call. We can also help if you are going through the trust administration process now after your loved one has passed.
To find out more about all of the ways in which we can help you with legal issues related to trusts and to trust administration, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time for personalized help.