Indiana Living Trust Lawyer
Living Trust Attorney Serving Indiana
Of all the estate planning strategies available to individuals, living trusts provide the most flexibility and security. They are perfect for holding assets during your lifetime and transferring those assets in a private manner upon death. Our Indiana living trust lawyers can help you plan and set up your trust in the most tax-efficient manner possible.
In addition, living trusts carry important estate management benefits. When they are properly created with the aid of a skilled living trust lawyer, you and your heirs can enjoy certain tax benefits. At Triplett & Carothers, we can help you administer the trust and assist with carrying out your instructions in the event of incapacity or after you pass away.
Living trusts in Indiana
Under Indiana law, it is possible to organize your estate with the aid of a trust. A trust is an arrangement under which you transfer your assets to another person or corporation, called a trustee, for the benefit of a named beneficiary.
The purpose of this vehicle is to protect any part of your property by holding it separately from the rest of your assets. It also ensures that someone will always be there to carry out your wishes concerning the property when you are unable to.
Ordinarily, trusts are made to take effect after the death of their maker and are usually for the benefit of a third party. A living trust works differently though.
A living trust is one you create and that takes effect while you’re alive. When a living trust is created, it is usually meant to serve several ends at once. It allows you to:
- Protect your property from lawsuits or debts by keeping their ownership separate from your estate
- Avoid the often time-consuming and expensive process of public probate
- Arrange for your own care and the management of your estate in the event of your incapacity or illness
- Ensure that your family is cared for in the way that you would care for them if you were alive
- Provide for your pets or any philanthropic goals that are close to your heart
Revocable and Irrevocable Indiana living trusts
There are generally two types of living trusts: revocable and irrevocable living trusts.
Revocable living trusts are trusts that can be revoked or modified after they enter into effect. A good majority of living trusts are made to be revocable. This is because of the flexibility that they allow by letting the maker vary the terms of the trust from time to time.
Irrevocable trusts, unlike revocable trusts, cannot be revoked or modified after they take effect. While this may seem like a disadvantage, irrevocable trusts have their own uses. They are usually set up for specific goals like reducing taxes although they would require that you give up ownership and control of the trust property.
There are several other types of trusts with varied arrangements, as your Indiana living trust lawyer will inform you. Each of them has its own uses and advantages.
The role of an Indiana living trust lawyer
Although living trusts have great benefits, they can get complicated if you do not get legal advice. There are many websites that offer free trust templates but these can bring more harm than good. What works for others may not work for you.
The Indiana probate lawyers at Triplett & Carothers will help you understand what role a living trust will play in your estate management plan. With their understanding of your circumstances, they can advise you on what kind of trust works best for you and what factors you need to keep in mind.
Our Indiana living trust lawyers also offer trust funding services to ensure that your trust assets are legally funded and titled. We can serve as your trustees and help you carry out your instructions after death. If you have any questions, or if you wish to get started with setting up a trust, call our office today.