What are the trusts for an estate plan?

Trusts are an important part of an estate plan and can be used to protect and manage your assets. In Indiana, trusts come in many forms and can be created for a variety of purposes. Revocable living trusts are the most commonly used type of trust for estate planning and allow you to manage and transfer assets during your life and after your death. This type of trust allows a person to transfer assets, such as money, real estate, and investments, into the trust for safekeeping and to be held by the trustee for the benefit of the beneficiary. The trustee will manage and distribute the assets according to the trust document. Testamentary trusts are typically created through a will and they are only used after the death of the person who created the trust. The creator of the trust (the testator) will name a beneficiary to receive the assets, and a trustee will manage the assets according to the instructions in the trust document. An irrevocable trust is one that cannot be changed or revoked by the testator. It is typically used to protect assets from creditors, reduce estate tax liability, and provide for an heir in the event of a person’s death. A spendthrift trust is a type of trust that is created to protect a beneficiary from wasting or misusing the assets of the trust. The person who creates the trust will name a trustee to manage and distribute the trust assets according to the instructions in the trust document. Trusts can be a great tool to help you manage and protect your assets during your life and after your death. It is important to speak with an experienced estate planning attorney to ensure that your wishes are followed and your assets are protected.

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