Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A revocable living trust is a legal document that allows individuals to manage their assets during their lifetime and distribute them after their demise. In the state of Indiana, a revocable living trust is commonly referred to as an Indiana Living Trust — Revocable. This type of trust provides individuals with flexibility and control over their assets while also offering numerous benefits, including the avoidance of probate. One key aspect of an Indiana Living Trust — Revocable is its revocability. This means that the trust can be modified, amended, or revoked entirely by the trust or (the person creating the trust) during their lifetime. The trust or retains the ability to manage and use the assets held within the trust as they wish. Indiana Living Trusts — Revocable come in different forms to cater to individuals with specific needs or goals. Some common types include: 1. Single Granter Revocable Living Trust: This type of trust is created and funded by a single person (granter). It allows the granter to manage and distribute assets according to their wishes during their lifetime and after death. 2. Joint Granter Revocable Living Trust: A joint granter trust is established by a married couple together. Both spouses act as the granters, contributing their assets to the trust. This type of trust provides flexibility and ease of management, allowing both spouses to have control over the trust assets. 3. Family Revocable Living Trust: A family living trust is often created by parents in order to protect and distribute their assets to their children or other family members. It can also include provisions for managing assets in case the parents become incapacitated. 4. Charitable Revocable Living Trust: This type of revocable living trust is designed to benefit charitable organizations of the trust or's choosing. It allows individuals to donate assets while still maintaining control and receiving potential income from those assets during their lifetime. Regardless of the specific type of Indiana Living Trust — Revocable chosen, this estate planning tool provides a wide range of benefits. Some advantages include privacy (as the trust assets and distributions are not made public through the probate process), potential tax benefits, and the ability to appoint successor trustees who will manage the trust if the trust or becomes incapacitated or upon their death. Creating an Indiana Living Trust — Revocable involves drafting a detailed trust agreement, identifying the trust assets, transferring those assets into the trust, and naming a trustee who will manage the assets according to the trust or's instructions. It is recommended to consult with a qualified estate planning attorney when considering the creation of a revocable living trust to ensure that all legal requirements are met, and the trust accurately reflects the trust or's wishes.
