Like many people, you may choose to establish a Family Wealth Trust to use as your primary method of distributing your estate. One mistake you do not want to make, however, is eliminating a Will completely from your overall estate plan. The Indianapolis trust attorneys at Frank & Kraft explain why you should include a Pour-Over Will in your estate plan even if your plan relies on a Family Wealth Trust to distribute the bulk of your estate. Your Last Will and Testament A Last Will and … [Read more...] about Do I Need a Pour-Over Will If I Am Using a Family Wealth Trust?
Wills and Trusts
For most people, a Will is the first estate planning document they create and it frequently remains the foundation of an estate plan even after that plan expands over the years. What you may not know is that all Wills are not created equal. There are, in fact, several different types of Wills from which to choose. To ensure that you execute the right type of Will for you, the Indianapolis estate planning attorneys at Frank & Kraft explain the different types of Wills. Simple Will -- a … [Read more...] about Not All Wills Are the Same — Which One Is Right for You?
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 How a DAPT Can Help Protect Your Assets
As you may already know, a Last Will and Testament is not the only estate planning tool available for gifting assets to loved ones or other beneficiaries. Many people choose to use a living trust in addition to, or in lieu of, a Will to pass down estate assets. One reason people often choose to use a trust to distribute assets is the ability to direct when assets are distributed and even how assets are used by the beneficiaries. The benefit you gain by being able to dictate how trust assets are … [Read more...] about Can a Beneficiary Sell His Trust Benefits?
If you are creating your first Last Will and Testament, care should be taken to avoid making mistakes given the importance of your Will. To help you avoid common mistakes, a Carmel estate planning attorney at Frank & Kraft discusses five mistakes to avoid when creating your Last Will and Testament. Using a Do-it-Yourself (DIY) Will form. In today’s electronic age, it is tempting to turn to the internet for everything, including legal forms. It may seem as though you are saving both time … [Read more...] about 5 Mistakes to Avoid When Creating Your Last Will and Testament
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?
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