In a trust administration, the goals are very similar as with a probate (pay the deceased person’s lawful debts and claims, and then transfer the ownership of the deceased person’s property to his or her beneficiaries), but the process is handled outside of court by the Successor Trustee of the Trust. Rather than having the process controlled by local probate court rules, the process is controlled by the terms of the trust. This allows the process to be handled privately and more efficiently.
There’s sometimes confusion for family members when a loved one dies with a trust. The myth is that because there’s no need for a Probate there is nothing that needs to be done to administer the trust. However, the truth is that the same 6 Steps need to be taken when administering a trust as when handling a Probate. The difference between a Probate and a Trust Administration is that the Probate is administered through the Courts and overseen by a judge and a Trust Administration is not. As a result a Trust Administration is much less time-consuming and much less expensive as compared to a Probate.
If you would like a copy of our Consumer Guide on the duties of a Successor Trustee, we would be happy to send one to you. Request your copy today.