Revocable Trusts in Indiana
Do you need flexibility in your estate plan? Want to get the benefits of a trust while also knowing that you can update your information at any point in time to better reflect your life?
There is an important distinction to make between revocable and irrevocable trusts in Indiana. This distinction has to do with whether or not you can update the trust after you create it. Irrevocable trusts do not allow you to update the terms of the trust while you are alive. A revocable living trust, however, gives an additional layer of flexibility. This is one of the most commonly used vehicles to transfer your stuff (assets). You can revoke the trust at any point in time, meaning that you do not have to be concerned about losing control of your stuff while you are alive.
If you create a revocable living trust, you are considered the grantor or settlor. Another party known as the trustee will be the individual who administers the trust. Another party is also involved in the creation and implementation of your Indiana revocable living trust and this is the beneficiary who is the person who gets monetary distributions from that trust.
As a living trust grantor, you can also serve as the beneficiary and trustee while you are still alive. Many people who set up an Indiana revocable trust do elect to serve in these roles. You remain in control of the trust while you are alive and well should you choose to install yourself as a trustee.
The primary purpose of a revocable living trust for you might be to pass on assets into the hands of loved ones after you pass away. In order to do this, it is your responsibility to sit down with an Indiana revocable trust lawyer to name a trustee who will succeed you in this role after you pass away and naming a successor beneficiary, such as a loved one that you want to receive the assets.
The successor trustee will then step in after you pass away to follow your instructions and distribute the assets to any beneficiaries in an efficient and timely manner. A revocable living trust is the first stage in establishing asset transfers. Furthermore, you can add a layer of control to your Indiana revocable trust by using spendthrift protections. This means that a trustee will be empowered with information about how to distribute assets over an extended period of time to preserve the viability of a trust or to protect a beneficiary who might not be capable of managing this account or substantial amount of money on their own.
The first stage of deciding whether or not a revocable living trust is appropriate for you involves setting up a phone call with an Indiana revocable living trust lawyer. There are many different types of trusts available to you for the purposes of estate planning and understanding which ones apply to your specific case is important for protecting your interests and verifying that you have followed through on all the necessary steps to establish a trust.