Understanding the ins and outs of living trusts is essential for anyone who wants to make sure their assets are protected and distributed according to their wishes in the event of their incapacitation or death. At Dillman & Owen Estate & Elder Law, our team of Indianapolis estate planning attorneys is here to help clarify what it means to create a living trust and guide you through the process.
The Basics of Living Trusts
A living trust, also known as a revocable trust, is a legal document that allows you to place your assets into a trust during your lifetime. You can act as the trustee or appoint someone else to manage the trust on your behalf. Unlike a will, a living trust takes effect immediately and can be revised or revoked during your lifetime.
Benefits of Living Trusts
There are several advantages to establishing a living trust. A living trust allows you to bypass probate, saving time and costs associated with the court-supervised distribution of assets. It also provides privacy, as the contents of a living trust remain confidential. Additionally, a living trust can help you plan for incapacity by appointing a successor trustee to manage your affairs if you become unable to do so yourself.
Setting Up a Living Trust
To establish a living trust, you'll need to follow a few key steps:
- Consult with an Indianapolis estate planning lawyer: It's important to seek professional guidance to make sure your living trust aligns with your specific needs and goals.
- Identify and transfer assets: Make a comprehensive inventory of your assets, such as real estate, bank accounts, investments, and personal property. Then, transfer ownership of those assets to the trust.
- Appoint a trustee: Designate yourself or someone else as the trustee who will manage the trust assets.
- Create a successor trustee plan: Specify who will take over as trustee upon your incapacity or passing.
Maintaining and Updating Your Living Trust
To keep your living trust relevant, it's crucial to review and update it regularly, especially during major life events like marriage, divorce, or the birth of a child. Consult with your Indianapolis estate planning lawyer to ensure your living trust remains in line with your current wishes and goals.
Contact Dillman & Owen Estate & Elder Law Today
If you are considering establishing a living trust or have questions about estate planning, our team of Indianapolis estate planning lawyers at Dillman & Owen Estate & Elder Law is here to help. With our experience and personalized approach, we can guide you through the process, making sure your assets are protected and your wishes are carried out.
Contact Dillman & Owen Estate & Elder Law today at (317) 492-9569 or visit our website to schedule a consultation with one of our experienced Indianapolis estate planning lawyers.
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