The last will is the most commonly executed estate planning document. It may be natural to assume that a last will is going to facilitate a very simple and direct transfer of assets to the heirs.
There are even websites on the Internet that will sell you do-it-yourself last will downloads. You fill in the blanks and go forward with the assumption that everything will go smoothly after you pass away.
As they say, a little bit of information is a dangerous thing. There is nothing inherently wrong with using a last will to express your final wishes. However, you must make sure that the will is properly executed under the laws of the state of Indiana.
In addition, you should be aware of the fact that the estate must be probated before your heirs receive their inheritances when you direct the transfer of your assets through the terms of a will.
There is nothing inherently wrong with the probate process. However, there are some unavoidable drawbacks. The probate process can be expensive, it is time-consuming, and it is a public proceeding.
If you want your loved ones to receive their inheritances as quickly as possible you would probably want to explore probate avoidance strategies.
Revocable Living Trusts
Revocable living trusts facilitate probate avoidance. You do not surrender control of assets that you place into a revocable living trust, and this adds to the appeal.
Plus, these trusts allow for the possibility of incapacity late in life. You can name a successor or disability trustee when you create the trust agreement. This individual or entity would be empowered to administer the trust in the event of your incapacitation.
February Living Trust Seminars
If you are interested in learning more about living trusts, we would like to invite you to attend one of our upcoming free living trust seminars. We are offering seminars on February 25th, 26th, 27th and March 1st in Johnson County, Hamilton County, Plainfield, Noblesville and Indianapolis proper.
The seminars are absolutely free to attend. However, space is limited so we would ask you to register in advance so that we can reserve your seat.
Visit this page to view the dates, exact locations, and starting times: Living Trust Seminars.
You can reserve your seat by clicking the “Details and Registration” button that you will see under the specific seminar that you would like to attend.
Knowledge is power when it comes to planning your estate. When you know what to expect, you can take the appropriate steps and make everything as easy as it can possibly be for the loved ones that you will be leaving behind.
We urge you to take advantage of this opportunity to gain some important, empowering knowledge.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.