A trust lawyer in Indianapolis, Indiana can make all the difference if you’re trying to protect your assets and leave a lasting legacy for your family and friends. If you’ve spent any time at all planning out what should happen to your estate after your death, you’ve probably heard of wills and trusts before. But do you understand the difference?
On the surface, wills and trusts are very similar: They exist so your loved ones know what to do with your estate after you die. Wills and trusts are useful tools if you want to give certain assets to certain family members, and they provide some much-needed peace of mind for you and your family. However, when you take time to compare these two options, you’ll find plenty of differences.
When you decide to plan out your estate, it’s a good idea to have an Indianapolis, IN trust lawyer at your side throughout the process. But in the meantime, you can read on to decide which option between wills and trusts would be best for you:
What Is A Will?
A will is a comprehensive list that details all of your assets and all of your beneficiaries. The contents of a will can be divided between family members and other beneficiaries, but it’s a bit of a challenge. Leaving behind a will means your family has a valuable guide to your estate and how it should be divided, but it also means probate court.
Probate is a lengthy and frustrating process. It involves tracking down each of your assets and having them appraised for value, and then paying off hefty estate taxes before finally, finally distributing what’s left over across your beneficiaries. It’s a long road for your family to follow, and right from the start, there’s plenty of potential for arguing and infighting.
Unfortunately, before your loved ones can even start looking for your assets, the court will appoint an executor to manage the whole process (if you haven’t named one in the will). The executor should be someone you trust, but it’s possible for other parties to contest the executor as well. This is especially complicated if you think there are any vindictive ex-spouses or estranged family members who might want to come out of the woodwork for a slice of your pie.
However, a will is easy to write up, and once you’ve established a will it’s out of your hair. When you consider a will, you’re setting yourself up for a relatively straightforward estate management plan, but your loved ones might struggle after your death. A living trust is the other way around.
What Is A Living Trust?
Like a will, a trust (also called a living trust) provides instructions for the division of your estate. However, a living trust is a bit more complex and requires constant management throughout your lifetime, but many people agree that the extra management is worth it.
Unlike a will, when you establish a living trust, you’re naming a third party to handle your estate after you die. A living trust means no probate court, and and assigns assets to each beneficiary with no room for debate or negotiation. While trusts are complicated and expensive to set up, they save your family and your other beneficiaries a major headache after your death.
What is a Trust Lawyer?
Every day, we make transactions that impact our financial security. Buying a home, setting up a trust, or selling property all have potential tax implications. If you’re not sure how to proceed, it’s important to seek legal counsel from an expert in the field of trusts and estates. A trust lawyer Indianapolis, IN can help you understand the tax consequences of your actions and ensure that your assets are protected for the future.
A trust lawyer is a legal professional who works with trusts, which are designed to safeguard assets for beneficiaries. Trust law governs the creation, management, and distribution of these financial instruments.
Generally, Trust Lawyers handle the legal aspects of trusts that are created by individuals and organizations to ensure the inheritance of their assets after death. They also advise clients on tax matters and sometimes help them draft wills. In addition, if someone has been appointed as trustee of an estate plan but is unable to fulfill those duties due to being incapacitated or deceased, then a trust lawyer Indianapolis, IN may be able to step in and fulfill those duties.
Trust lawyers can be involved in the following aspects of trust administration:
- Deciding when to distribute an estate to beneficiaries
- Determining which assets are included in a will or trusts, such as personal belongings like cars and jewelry, or real estate
- Calculating estate taxes and filing the necessary paperwork
- Ensuring that trust funds are properly invested
- Approving expenses incurred by the Trustee
- Handling disputes between beneficiaries or Trustees.
If you’re thinking about creating a will or living trust, it’s important to seek legal counsel from an expert in the field. A trust lawyer in Indianapolis, IN can help you understand the tax consequences of your actions and ensure that your assets are protected for the future.
Dickmann Reason Bogigian & White is a law firm that has been around for over 100 years. They are known to be one of the best trust lawyers in California. If you need help with any type of trust issue, they can help you! They offer high-quality services to clients of all backgrounds and needs. With an extensive knowledge base, they can provide you with the legal counsel you need. They know how important your case is and will work tirelessly on your behalf until you are satisfied
Dickmann Reason Bogigian & White specialize in estate planning and probate matters, but also provide services for litigation and mediation. We have experience working with trusts of all types, including living trusts, irrevocable trusts, testamentary trusts (wills), charitable remainder trusts (CRT), life insurance proceeds trusts (LPT), and more. Whether it’s an estate administration or a divorce proceeding involving your inheritance/trusts – we will serve as your legal counsel throughout the process, so you don’t have to worry about a thing.
Making the decision to put your trust in someone is not easy. You want to feel confident that you are making the right decision and that your trust is in good hands. At Dickmann Reason Bogigian & White, we understand what a big decision this is, and we are dedicated to helping our clients feel confident in their choice. We have experienced trust lawyers in Indianapolis, IN who can help you with all of your trust needs. Contact us today to schedule a consultation!
Contact Dickmann Reason Bogigian & White Today
Choosing how to plan your estate can be overwhelming and confusing. Fortunately, at Dickmann Reason Bogigian & White, we understand the need to leave your family and friends with a solid plan after your death, and we know how to help you navigate your way to a satisfactory estate plan.
If you need a trust lawyer in Indianapolis, IN – or if you just need more information about wills, trusts, and how to plan your future – reach out to us today to learn more.