Trust

As the beneficiary of a trust, you are entitled to benefit from the assets held by the trust. You are dependent, however, on the Trustee to distribute those assets to you. The Trustee, in turn, must abide by the terms of the trust as created by the Grantor (creator) of the trust. What happens if you believe those terms are unfair, illegal, impossible, or that the trust agreement is otherwise problematic? Can you contest the trust? The Simple answer is “yes,” a trust can be contested. Contesting … [Read more...] about Understanding the Process of Contesting a Trust in Indiana

Anyone who owns and operates a small business knows how hard it is to keep a business running and showing a profit year after year. If you own a small business that you intend to pass down to the next generation upon your death, incapacity, or retirement, business succession planning is crucial to ensure a smooth transition. An Indianapolis attorney at Frank & Kraft explains how a Beneficiary Defective Inheritance Trust (BDIT) might be able to help with your business succession … [Read more...] about What Is a Beneficiary Defective Inheritance Trust?

A trust is among the most common additions to an estate plan. If you decide to establish a trust, one of the most important decisions you will need to make is who to appoint as the Trustee of your trust. One option is to appoint more than one Trustee. An Indianapolis attorney at Frank & Kraft discusses the pros and cons of appointing Co-Trustees. Trust Basics A trust is a legal arrangement that involves a Settlor (the creator of the trust) who appoints a Trustee to protect and manage … [Read more...] about Appointing Co-Trustees: Pros and Cons

A trust agreement is often included in a comprehensive estate plan. When a trust is established, the individual responsible for its creation (the “Settlor”) must designate a Trustee. The primary responsibilities of a Trustee include managing the trust assets and administering the trust using the terms found in the trust agreement. If you recently discovered that you were chosen to be the Trustee of a trust, the idea of taking on this role may seem a little overwhelming. While there is no … [Read more...] about Indiana Trust Administration Tips for the Trustee

A trust agreement is among the most popular additions to the average estate plan. If you are contemplating the addition of a trust to your estate plan, you probably have several questions about trusts and about the benefits of establishing one. You may also be concerned about your ability to control assets after they are transferred into a trust. To help you better understand how a trust fits into your estate plan, the Indianapolis trust attorneys at Frank & Kraft discuss whether you will … [Read more...] about Will I Still Have Control Over Assets If I Transfer Them into a Trust?

Many people choose to incorporate at least one trust agreement into their comprehensive estate plans. If you are among them, you will need to make many important decisions during the creation of your trust, starting with whether to establish a living or testamentary trust. Although it is always best to consult with an experienced attorney before making any estate planning decisions, an Indianapolis trust attorney at Frank & Kraft explains why you might decide to include a testamentary trust … [Read more...] about Why Would I Need a Testamentary Trust?

One of the most useful tools found in the average estate plan is a trust agreement. If you decide to incorporate a trust into your estate plan, you will need to appoint a Trustee. It is also wise to appoint a successor Trustee. To help you understand why appointing a successor Trustee is important, the Indianapolis trust administration attorneys at Frank & Kraft explain under what circumstances a successor Trustee might take over the administration of a trust. What Is a Trust? A trust … [Read more...] about When Does a Successor Trustee Take Over?

From the moment you first learned you were going to be a parent you likely worried about protecting and providing for your child. That need to protect and provide is evident in your estate plan because you want to be sure your child is financially secure if something happens to you while he/she is still young. Simply leaving an inheritance behind for your child isn’t enough though. As the Indianapolis trust attorneys at Frank & Kraft explain, you must decide who you want to guard that … [Read more...] about How to Guard Your Child’s Inheritance

Sometimes, the most difficult part of creating an estate plan is not deciding who to include as beneficiaries but deciding how to gift assets to those beneficiaries. For example, you may be reluctant to pass down assets directly to a beneficiary because that individual cannot be trusted to manage his/her own money for one reason or another. If you find yourself in that position, a spendthrift trust may be the solution.  For those who are unfamiliar with the concept, an Indianapolis estate … [Read more...] about What Is a Spendthrift Trust?

Whether you are a new parent or the parent of adult children, you undoubtedly want to protect the inheritance you intend to leave for your children.  Establishing a trust is the most popular way to accomplish this common goal. To ensure that the trust works as intended, you want to avoid making mistakes when setting up the trust. Toward that end, the Indianapolis estate planning attorneys at Frank & Kraft explain common mistakes parents make when establishing a trust for their … [Read more...] about Parents – Avoid Making These Mistakes When Establishing a Trust for Your Children