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?
Wills and Trusts
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?
Funeral planning may not be the first thing you think about when you contemplate your estate plan; however, it is something that you should consider including. If you do decide to incorporate a funeral planning component in your estate plan you may choose to create a funeral trust. For those who are not familiar with them, the Carmel estate planning attorneys at Frank & Kraft explain how a funeral trust works. Why Is Funeral Planning Important? Thinking of your death and funeral in … [Read more...] about What Is a Funeral Trust?
You undoubtedly know that a Last Will and Testament serves as the foundation for most estate plans. What you may not know, however, is that not all Wills are created equal. In fact, there are several different types of Wills from which to choose when creating your estate plan. The Indianapolis estate planning lawyers at Frank & Kraft offer a brief explanation of the various types of Wills to help you decide which type of Will is right for you. Simple Will -- a Simple Will is what you … [Read more...] about What Type of Will Is Best for Me?
Originally, trusts were used almost exclusively by wealthy families to protect that wealth and pass it down to future generations. As trusts evolved, however, they became more “user-friendly.” Today, there is a specialized trust to meet almost any estate planning goal which is why trusts are so frequently found in the average estate plan. If you are considering the addition of a trust to your estate plan, it helps to learn all you can about how a trust might fit into your overall plan. Toward … [Read more...] about Top 3 Uses for a Revocable Trust
Most people consider their Last Will and Testament to be a serious document that reflects their wishes for the distribution of their estate assets after they are gone. Occasionally, however, a Testator uses his/her Will to make a statement or to make a point. Such was the case in the following Wills that will undoubtedly be remembered not just by the beneficiaries and heirs of the estates, but by anyone who reads the provisions included in them. A Dog Really Is Man’s Best Friend In 2004, … [Read more...] about Strange Provisions People Included in Their Wills
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...] about What Happens If a Trustee Is Unable to Serve?
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 the Job … [Read more...] about Is a Trustee Held Personally Liable for Mistakes?
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...] about What Does It Mean to Administer a 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 … [Read more...] about What are the Advantages of an Irrevocable Trust?