A Living Trust is an arrangement where one person (“Trustee”) holds property for another person (“Beneficiary”). A Living Trust is created while you are alive. The beneficiaries you name in your living trust receive the trust property after you have passed away.
There are two types of living trusts: Irrevocable and Revocable Trusts. Irrevocable trusts cannot be revoked or modified after they are signed unlike Revocable Trusts. Irrevocable trusts can be useful for people with specific objectives which an experienced wills and probate lawyer can explain to you.
What is the main advantage of a Living Trust?
Avoid Probate – Court proceedings after your death. If you want to avoid your family paying for complex court proceedings after death, then you may want to set up a Trust. However, there are situations where you may still need to go through the probate process when you have a trust. A lawyer will be able to explain through the trust creation process how you can avoid these situations.
Many people want to know if they create a living trust in Indiana, if they still need a will. You should always have a will. Sometimes called a Pour Over Will provides security for property that does not make it into your trust.
How do I Create a Living Trust in Indiana?
Call Hope Law Firm at (574) 784-1019 to assist you with creating your living trust and/or any wills, trusts, and probate needs.