A Burlington trust administration attorney can work with you if you are involved in the trust administration process. We represent the trust administrator as well as heirs or beneficiaries who expect to inherit money or property that is held in trust. Our legal team can also provide assistance with the trust creation process and can help you to determine if creating a trust is the best course of action for your particular situation.
Many people create a trust specifically because they would prefer their assets to transfer through the trust administration process, rather than through the probate process. This is a valid reason to make a trust because there are some significant benefits of trust administration compared with probate.
If you want to find out whether creating a trust to avoid probate is a wise course of action for you, give us a call. You can also reach out to our firm if you need help with the trust administration process. We can provide personalized one-on-one advice about your role in trust administration, about how to protect trust assets, and about how to make sure the wishes of the deceased are honored.
Benefits of Burlington Trust Administration Over Probate
There are many significant advantages of trust administration over probate that you should consider if you are thinking about trust creation. Some of the benefits of trust administration compared with the probate process include:
- More privacy: In circumstances where assets transfer through the probate process, there are court proceedings which become court record. Unless the court agrees to order the records sealed, these records can be widely accessible. This means that the public can learn about your assets and about your family information. If maintaining privacy is important to you, creating a trust and allowing assets to pass through trust administration can be a better course of action.
- Lower costs: According to Investopedia, the costs associated with probating an estate typically total around three percent to seven percent of the value of the estate. This is a substantial amount of money that won’t go to heirs or beneficiaries. Since the trust administration process is much simpler and less expensive, those who stand to inherit can end up with much more money if assets transfer through trust administration instead of through probate.
- A more timely transfer of assets: Investopedia also warns that the probate process can take around a year to complete. This is a long time for heirs or beneficiaries to be waiting for an inheritance, especially if a family breadwinner has died and surviving family members will be dependent upon their inheritance to help maintain their quality of life. You don’t want your loved ones to be forced to wait a long time to inherit and the trust administration process can be much faster so your family is not put into this difficult position.
- No court proceedings necessary: Unless there is a problem that develops during the trust administration process — such as breach of fiduciary duty — there will be no need to go to court if assets can pass through trust administration. Since going to court hearings can be stressful for family members trying to cope with the aftermath of a death, the trust administration process can be a far better way for loved one to inherit.
There may also be other benefits specific to your particular situation. Unsworth LaPlante, PLLC can help you to understand how the trust administration process works and why it may be better for your family if assets can pass through trust administration rather than through probate.
Getting Help from a Burlington Trust Administration Attorney
A Burlington trust administration attorney at Unsworth LaPlante, PLLC is here and ready to provide personalized one-on-one help and support as you navigate the trust administration process. Whatever your role within this process, we can work with you to understand your obligations and protect your rights. Our compassionate and knowledgeable legal team also provides assistance with the estate planning process, including with trust creation if you hope to benefit from these advantages of trust administration to spare your heirs or beneficiaries the hassle of the probate process.
To find out more about the services our firm offers in connection with trust and trust administration, join us for a free seminar. If you are ready to get personalized help making a trust or administering a trust, give us a call at (802) 879-7133 or contact us online to today.