When a person with a trust passes on, the trust administration process follows closely behind.
When compared to probate, trust administration is less stressful and less time consuming. Not to mention the fact that it lessens the likelihood of a disagreement between family members.
Adding to the above, trust administration does not take place in a courtroom setting. The only time a judge gets involved is if there is an issue with the trust, such as a family member arguing that it’s not valid.
Unlike probate, the trust administration unfolds as the trustee follows the instructions outlined in the trust document. This is the person responsible for facilitating the transfer of assets to the new owner(s).
It doesn’t matter if you’re in the process of creating a trust or have been named a trustee, it’s likely that you’ll have some questions. Here are some basic questions to get your mind moving in the right direction:
- What does the trust administration process entail?
- How long does trust administration take?
- Is it necessary to hire an attorney during the trust administration process?
- What are some of the most common mistakes committed during trust administration?
There are many reasons to create a trust, with most people going down this path because they want their loved ones to avoid the probate process upon their passing.
Probate is time consuming, expensive, and has the potential to cause a divide among family members. On top of this, it’s not private, meaning that anyone can review the terms and conditions of your will.
If you’re interested in creating a trust or are facing the trust administration process right now, don’t hesitate to contact our law firm for professional guidance and advice. Upon contacting us, you’ll feel better about your ability to make all the right decisions. And of course, we’ll be by your side every step of the way.