You may be under the impression that drafting a will is the best way to ensure your assets are distributed the way you intended them to be once you pass, but there are other options available to ensure your estate is properly distributed after your death. Depending on the size of your estate and your needs, establishing a trust can be a great way to guarantee your plans are carried out when you are gone.
Start your estate plan now, with the help of a skilled Muncie estate-planning attorney.
A trust is a legal agreement typically used in estate planning that allows a trustee to maintain and hold tangible and intangible assets such as stocks, bonds, real property and cash accounts. Trusts can be used as a strategy for avoiding probate because trusts allow beneficiaries to gain access to accounts more quickly than through costly probate court.
Choosing an individual whom you trust to manage your estate is incredibly important, as they will have control and authority over your wealth. Unlike probate proceedings, trust distribution is not monitored by the court system, which is why choosing a trustee who will have your best interests in mind as they manage your estate is crucial. Depending on how you plan to manage your estate, you can choose yourself as the trustee while you are alive, or you can appoint a corporate trustee to manage your estate. Corporate trustees must be licensed as an individual or through a bank to work in Indiana. Corporate appointed trustees can be the most unbiased trustees, as they are not managing your estate for personal gain.
In addition to the benefits outlined above, below are further benefits of establishing trusts.
At Brooke-Stevens, PC, our Muncie estate planning attorneys can help guide you through the process of establishing a trust. We understand it can be hard to think about what the world will be like when you are gone, but creating an estate plan now will help protect your family’s legacy and ensure they can continue after you have passed.
Contact our Muncie Law Firm to schedule your consultation today. (765) 663-4009