In Indiana, estate owners clarify their wishes by creating a plan for their assets. These plans consist of a variety of parts to ensure maximum asset protection. They can also lower the duration in which the estate remains in probate. The following are concepts that these owners can expect to utilize from wills and estates law in Angola, Indiana.
Irrevocable Trusts for Estate Owners
An irrevocable trust is set up by the estate owner. They transfer any properties or assets they prefer to the trust. After the transfer, the estate owner isn’t listed as the legal owner of the property. However, they retain all legal rights to the properties and assets. They need a successor to take over the trust after they die–typically, their spouse or a family member.
Trust Funds for Children
Trust funds provide the child with money for financial support or payments for college tuition. The owner can set limits on when the child receives the money and when they are allowed to withdraw money from the trust. The owner can also set up provisions for a legal guardian if the owner dies before the child becomes an adult.
Health Care Plans and Proxy Assignments
Health care plans are set up in the event that the estate owner becomes mentally incapacitated. They identify a health care proxy that makes specific decisions for the estate owner. This can include the use of a living will to prevent life-saving methods if the estate owner makes this choice.
Last Will and Testament
The last will and testament is the estate owner’s final wishes. It appoints a new owner for the estate owner’s property and all assets. Provisions may also apply to these assignments as well. The estate owner can also appoint an executor to oversee the distribution of their wealth.
In Indiana, estate owners retain the right to make all choices about their property and assets. This includes early distribution to family members to lower tax liabilities. Estate owners who want to review what is available through wills and estates law in Angola, Indiana can contact Yoder & Kraus for more information.
