Setting up a living trust in Indiana is a simple process. You should know before beginning, however, that you should still create a will too because it addresses aspects of your wishes that you aren’t able to fulfill through a trust.
Determine what type of trust
There are different types of trusts, including individual, shared, living and irrevocable. You could also set up a special needs trust if you have a child with special needs.
Married couples may want to consider setting up a shared trust. With a shared trust, both you and your spouse are the trustee until you die. Once both spouses have died, the successor trustee manages the trust. Shared trusts work best when the couple co-owns most of their property or plans on passing on most of their property to their spouse.
Decide what you’re going to deposit into the trust
Before establishing a trust, you should write down what you will deposit into it. Double check that you can fit everything within the particular trust you’re setting up. Trusts are great for houses, stocks, bonds, precious metals, collectibles, artwork and patents and copyrights. Passing on unusual assets like collectibles and patents through a trust is especially important to allow for a faster probate process. Because these assets could be difficult to value, they could make probate take longer.
Designate a successor trustee
Your successor trustee becomes the trustee after you die. If you don’t know someone who’s suitable for the responsibility, you could designate a company that offers trust management services.
Create the trust document
It’s best to create a trust document with the help of an attorney to prevent mistakes. After you have your trust document, you must sign it with a notary public.
If you deposited an asset or property into the trust that had a title, you need to change the title. The titles must show that you own the property as a trustee of the trust.
Trusts aren’t just for people who are wealthy. Many people could benefit from setting up a trust to pass on property more smoothly after their death.