Trusts are a very valuable tool in an estate planner’s toolbox. The most commonly requested objective of a trust is to help in the avoidance of probate, but trusts are diverse and flexible instruments that can be used for much more than avoiding probate.
Trusts can help provide for a loved one’s needs while protecting the assets themselves from the loved one’s creditors, provide for a loved one with special needs, substance abuse or dependency, or a litany of other personal challenges, or simply to aid in protecting the privacy of the settlor or trustmaker. Trust documents are usually prepared for our Indiana clients in conjunction with basic estate planning documents, and must be carefully tailored to meet each client’s individual needs.
Trusts are not a “one-size-fits-all” solution. There are as many different kinds of trusts as there are unique clients: revocable living trusts, irrevocable trusts, special/supplemental needs trusts, irrevocable life insurance trusts, credit shelter trusts, matrimonial trusts, and the list goes on and on. It’s important to meet with a qualified estate planning attorney to ensure that you are being properly fitted into the right trust vehicle for your particular situation. We’d love to put our expertise to work for you, answering your questions about trusts, and if necessary, helping to craft a trust that is tailor-made to the unique needs and desires of you and your family.
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