Indiana law allows you to create an inter vivos trust as part of your overall estate plan. One of the key benefits of such a trust is that you can name yourself as the trustee, which means that you have control over trust assets during your lifetime. When you pass away, it will convert to an irrevocable trust, which means that it can no longer be altered.
An overview of a living trust
It is also known as a living trust, which may be more effective than a will in helping to meet your current and future estate plan needs. By establishing a trust, you have an opportunity to appoint a successor trustee as well as hold assets for beneficiaries outside of your estate. Holding assets outside of your estate means that they won’t need to go through probate after your passing. Unlike a will, a trust will take effect immediately, which means that your affairs will be managed if you become incapacitated for any reason.
Changes can be made unilaterally
As the trustee, you have the right to make changes to the trust at any time assuming that you are of sound mind. In fact, you have the right to revoke the document without telling your beneficiaries or obtaining their permission. Ideally, you’ll review your estate plan annually to ensure that your trust still meets your needs and long-term goals.
A trust may enable surviving loved ones to settle your affairs in a quick and private manner. Even if the terms of your trust are somehow made public, a trust is typically harder to challenge than a will. Therefore, having one may minimize the risk of family infighting or other issues that might delay the process of carrying out your final wishes.