Although every estate plan is as unique as the person who creates the plan, there are some common tools and strategies found in the average plan. One of those is a trust agreement. If you elect to incorporate a trust into your estate plan, one of the most important decisions you will need to make is deciding who to appoint as your Trustee. What happens though, if that Trustee is unable, or unwilling, to serve? A Carmel trust administration attorney explains what happens if your designated … [Read more...]
Is a Trustee Held Personally Liable for Mistakes?
If you recently learned that you were appointed to be the Trustee of a trust, and this is the first time you have served as a Trustee, you probably have a number of questions. At the top of that list may be your concerns over the possibility of being held personally liable if you make a mistake. To help you better understand your role as Trustee, the Carmel trust administration attorneys at Frank & Kraft explain when a Trustee can be held personally liable for mistakes. What Does … [Read more...]
What Does It Mean to Administer a Trust?
A trust is among the most common additions to a comprehensive estate plan. Every trust must have a Trustee, appointed by the creator of the trust, who is responsible for administering the trust. Administering a trust is often a complex and time-consuming job – something that many first-time Trustee’s don’t find out until after accepting the appointment. In fact, given the financial and legal skills frequently required to successfully administer a trust, it is often wise to appoint a … [Read more...]
What are the Advantages of an Irrevocable Trust?
An irrevocable trust is a specific type of trust that you can create. When you make an irrevocable trust, you lose control over the assets that you transfer to the trust. You can't just change or modify the trust at will, and you can't end the trust whenever you want to. You also no longer own the assets that you have put into the irrevocable trust -- the trust is the owner of the money or property. The loss of control over your wealth is what makes an irrevocable trust a valuable asset … [Read more...]
Do you Need To Go Through Probate If There is a Will?
Understanding the laws applicable to wills and probate is very important both when you are making an estate plan and when your loved one has passed away. It is especially essential to know that when assets are left to heirs or beneficiaries in a will, those assets typically must pass through the probate process. The probate process can be a time consuming and costly one, so those who are going through probate should make certain they're represented by a compassionate and knowledgeable … [Read more...]
Why Should You Contest a Will?
There are certain circumstances when you may decide that you need to contest a will. Contesting a will is a very serious decision to make, and there are many legal steps involved if you want to successfully argue that a will should not be probated because it does not accurately reflect the wishes of the deceased. If you are considering contesting a will, it is a good idea to talk with an experienced attorney first. Frank & Kraft can provide you with insight into the reasons why wills are … [Read more...]
Carmel Trust Attorneys Explain Why a Trust May be Better Than A Will
Carmel trust attorneys can help you with creating a trust so you can use this important and versatile legal tool to protect your assets and provide a legacy for your loved ones. Creating a trust can be more complicated and costly than creating a last will and testament, so you may wonder why you would bother with trust creation if you could just make a last will and testament to specify who inherits. The reality is that a trust is often better than a will for lots of different reasons, and both … [Read more...]
Top Mistakes People Make When Creating a Trust
Trust lawyers will help you to make effective use of trusts to protect your assets and to ensure that your family is provided for in the most appropriate way. Trusts are powerful and versatile so you can use them to accomplish many important goals. Unfortunately, many people make mistakes during the process of creating trusts that undermine their efforts to use these tools successfully to achieve their desired aims. Frank & Kraft can help you to make sure that does not happen. Trust … [Read more...]
Benefits of Trust Administration vs. Probate
An Indianapolis trust administration lawyer can help you through the process of transferring assets after a loved one has died with a trust. Frank & Kraft can represent a trust administrator who has been entrusted with the responsibility of managing trust assets or can represent heirs or beneficiaries whose inheritance is at stake. Our legal team can also provide representation in situations where assets must transfer during the probate process. Both the trust administration process and … [Read more...]
Correcting Misconceptions About Living Trusts
Living trust attorneys will work with you to determine if trust creation is the best course of action as part of your incapacity plan or your estate plan. There are different kinds of trusts that you could potentially incorporate into your plans for the future, but a living trust is one of the most popular types of trusts because of the flexibility that it can provide to you. However, while a living trust has many substantial benefits -- including protecting assets in case of incapacity and … [Read more...]
