If you are contemplating the creation of a living trust, you will need to decide if your trust will be a revocable living trust or an irrevocable living trust. As the name implies, an irrevocable living trust is one that cannot be modified or revoked by the Settlor once the trust is established. Why you would want to make your trust irrevocable though? The Indianapolis trust lawyers at Frank & Kraft explain when making your trust irrevocable is a wise choice. When Is an Irrevocable Living … [Read more...] about Why Would I Make a Trust Irrevocable?
Wills and Trusts
The death of a spouse is often marked by heightened emotions as you grieve your loss. If you learn that your spouse left you out of his/her Will, it can be even more difficult to manage those heightened emotions because you may also be concerned about your financial situation. That may lead you to wonder if you can challenge your spouse’s Will. The Indianapolis probate lawyers at Frank & Kraft discuss contesting your spouse’s Will in Indiana. Probate Basics When an individual passes … [Read more...] about Can I Contest My Spouse’s Will?
Like many people, one of your primary estate planning goals will probably be to ensure that you leave behind sufficient assets that your loved ones are well cared for when you are gone. You may also wish, however, to have some continued influence over your loved ones, even in your absence. An Indianapolis trust attorney at Frank & Kraft explains how an incentive trust might be able to help you to retain a certain amount of influence over the beneficiaries of your trust. Understanding … [Read more...] about How Might an Incentive Trust Fit into Your Estate Plan?
For most people, estate planning begins with creating and executing a Last Will and Testament. While that sounds simple enough in the abstract, over half of all Americans do not have even a basic Will in place. One of the most common reasons people give for not having a Will is that they are unsure of where or how to begin. The best way to ensure that your Will accurately reflects your wishes and can withstand any challenges that might be raised during the probate process, is to work … [Read more...] about Steps to Take When Creating Your Will
Almost one-half of American adults do not have so much as a basic Last Will and Testament in place. In the absence of a Will, the state intestate succession laws decide who will get all of your assets when you pass. For this reason alone, executing a Will should be a top priority. When you create your Will, you will be required to appoint an Executor. After you pass, your Executor will oversee the probate of your estate. Executors play a vital role in ensuring that your property transfers … [Read more...] about Guidelines for an Executor of an Estate in Indiana
You will likely use a simple Last Will and Testament as the foundation for your initial estate plan. Over the course of your lifetime though, your estate and your family may grow, calling for additional estate planning strategies and tools to address that growth. For many people, adding a trust is the next step. You may even decide to rely on that trust as your primary vehicle for the distribution of your estate assets. To help you learn more about both, an Indianapolis estate planning attorney … [Read more...] about Wills and Trusts General Information
Spending a lifetime amassing assets doesn’t do much good if you don’t then protect those assets from potential threats. Fortunately, there are a number of estate planning tools that can be used to protect assets, including a Domestic Asset Protection Trust (DAPT). To help you better understand, an Indianapolis asset protection planning attorney at Frank & Kraft explains how a DAPT helps protect your assets. DAPT Basics A domestic asset-protection trust (DAPT) is an irrevocable … [Read more...] about What Type of Trust Helps with Asset Protection Planning?
Before you decide to use a Do-It-Yourself form to create your Last Will and Testament, you should understand who may pay the price for that decision. To help you better understand, a Carmel estate planning attorney at Frank & Kraft explains what’s wrong with using a Do-it-Yourself Will form. The Price Your Loved Ones Pay In today’s electronic age, where everything can be found on the internet, it may seem easier to simply download a Last Will and Testament form and fill in the blanks … [Read more...] about What’s Wrong with Using a Do-it-Yourself Will Form?
The death of a parent is not easy to handle, no matter how old you are when it happens. If your father recently passed away, you are undoubtedly still grieving the loss. Finding out that your father executed a last minute “death bed” Will has you wondering if you can contest that Will. An Indianapolis estate planning attorney at Frank & Kraft discusses the legality of a death bed Will and what you would need to prove to successfully contest that Will. The “Death Bed” Will Any … [Read more...] about Can I Challenge My Father’s Death Bed Will?
Probate is a legal process that the average person knows very little about unless they have been through the process following the death of a loved one. If the decedent left behind a Last Will and Testament, the person in charge of overseeing the probate of the estate is the person named as Executor in that Will. If you find yourself named as the Executor of an estate, you may wonder what powers you have. To help you better understand what you can, and cannot do, a Carmel probate attorney at … [Read more...] about What Are the Powers of the Executor of the Will?