estate

Trust Administration: Benefits Over Probate for Asset Transfers

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image of the word Living Trust circled with a red pencil; Trust Administration: Benefits Over Probate for Asset Transfers

Trust administration benefits include privacy while your family is grieving, more control for you, and fewer costs.  After someone in your family passes away, your assets will get transferred to your heirs through a formal legal process.  Most often, the probate process begins, and the state dictates who receives your assets. 

The probate process is started by the executor or estate administrator, who files the paperwork with the court.  The probate of the estate is opened and the process unfolds in court.  If you have a will, your assets are distributed in accordance with that document.  If you didn’t have an estate plan, then the state of Texas can say how your assets are distributed.  Not having an estate plan in place is called “intestacy.” The state has the final say if you pass away without a will or a trust.

The probate process may not be the ideal approach for transferring your wealth. Trust administration is an alternative option available to those who have put their assets into a trust. This process offers many advantages over probate, including the benefits described below.

Trust Administration Benefits: It Takes Less Time

The probate process can often take over a year, which can prolong the stress and uncertainty for your family. This extended timeframe can be particularly challenging when they are already coping with loss. Trust administration offers a much quicker alternative, often completing the process within weeks instead of months. This faster approach lets your family move forward with greater ease. It also helps them focus on healing and remembering you without prolonged legal procedures.

You and Your Heirs Can Maintain More Privacy

Probate proceedings have another huge downside. The process is part of the public record and that makes it possible for anyone to view your probate proceedings. Anyone who is interested in your affairs can pry into your estate and learn about the inheritances you leave behind.

Many people aren’t comfortable with the world knowing their private details and how you left your estate. Your heirs may also not want everyone to know the details of their inheritances. If you want to avoid probate, you should create a trust and transfer your assets in that manner. This keeps your private business private and maintains a peaceful transition for your family.

You’ll Have More Control Over the Process

One of the benefits of trust administration is that creating a trust gives you more control over the process. You can dictate which of your heirs receive which property and assets. You also can reduce the chances of your instructions being successfully contested. That’s because you typically have a lot of involvement with your living trust during your lifetime. You will typically be the primary trustee until you become incapacitated or pass away. Afterward, the backup trustee takes over.

Because you actively manage your trust and assets during your lifetime, it becomes harder to contest the trust’s validity. This involvement ensures your wishes are clearly reflected and respected. This reduces the chances of a court deciding that they shouldn’t enforce the instructions that you left behind.

You’ll Save on Costs

Another big benefit of trust administration is the cost savings. The trust administration process is often cheaper than probate. There aren’t court fees, and the quicker process reduces legal fees.

You work hard for your assets and want to leave as much as possible to your loved ones. Saving on administrative costs and legal fees helps maximize the inheritance you offer your family and friends.

Creating a living trust allows your assets to transfer via trust administration instead of probate. It’s best to get personalized advice from an estate planning attorney. They can help determine if a trust is right for you and assist in creating a valid and enforceable trust.

Contact Our Office Today

If you are interested in seeing if creating a trust is right for you, or if your loved one has passed away and you are involved in the trust administration process now, McGee Law Firm is here to help. Give us a call at (817) 899-3286 to schedule a free consultation. 

Brandon McGee
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