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 I Sell My Interest in a Trust?
Wills and Trusts
One of the most important reasons for creating your Last Will and Testament was likely to ensure that your estate assets are distributed according to your wishes after your death. If that Will is invalidated because of a Will contest, however, that State of Indiana (or your state of residence at the time of your death) will ultimately decide what happens to your assets. Can you do anything to prevent a Will contest? An Indianapolis estate planning attorney at Frank & Kraft explain what … [Read more...] about Can I Do Anything to Prevent Someone from Contesting My Will?
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 several questions. At the top of that list may be concerns over the possibility of being held personally liable if you make a mistake. To help you better understand your role as Trustee, the Indianapolis trust administration attorneys at Frank & Kraft explain personal liability for a Trustee during trust administration. What Does the Job … [Read more...] about Can I Be Held Personally Liable for Mistakes I Make Administering a Trust?
Life insurance is often an integral part of both financial planning and estate planning. This is particularly true when you are young and just getting started in life. At that time, life insurance can provide the financial security you have yet to establish through working, saving, and investing. Later in life, however, life insurance may still play an important role in your estate plan by funding or contributing assets to a trust. The Indianapolis trust attorneys at Frank & Kraft explain … [Read more...] about Can the Proceeds of a Life Insurance Policy Be Paid to a Trust?
A comprehensive estate plan should do much more than just direct the distribution of your estate assets after your death. In fact, a well-rounded and properly drafted estate plan typically includes several important components, all of which work together to protect you and your assets. Incapacity planning is frequently one of those components. Likewise, advance directives are frequently used as part of an incapacity plan. If you executed a Living Will as part of your incapacity plan, it might be … [Read more...] about Is It Time to Update Your Living Will?
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
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?