Anderson Wills & Trusts Lawyers Preparing Clients for the Future
Many people procrastinate estate planning because they see death as something in the distant future. However, no one knows when that day will come, and if you have a family with minor children or an estate of a reasonable size, estate planning is essential to protect your loved ones.
Some of the basic documents found in many estate plans are wills and trusts. These documents work hand in hand to protect families from Indiana’s complicated and costly probate process. They outline who will receive what from your inheritance, and in the case of trusts, how and when the funds will be disbursed.
You have worked your whole life to create the wealth you will leave behind for your posterity. Don’t risk giving too much up to creditors and taxes. Take the simple step today to protect your assets and provide a better life for your family by calling our estate planning lawyers about creating a will and trusts. You can reach us at (765) 234-8024 to schedule a free consultation.
What Is a Will?
A will is foundational in most estate plans. It names individuals who will play important roles during your estate administration. Your will also describes which assets will be distributed and to whom following your death.
Some of the important designations made in a will are:
- Beneficiaries – Your will indicates who will receive assets from your estate. These heirs are also known as beneficiaries.
- Executor – You should choose someone you trust to act as your executor. They will carry out your instructions as they execute your will.
- Guardian – If your family includes minor children, you should name a guardian in case both parents pass away. This is one of the most critical parts of a will for families with young children.
For help crafting the perfect will that matches your needs and goals, contact our compassionate and capable estate planning lawyers today!
What Is a Trust?
Trusts function in a way that is similar to wills, but they offer additional benefits that a will lacks. While wills are essential for naming critical roles in your estate administration, trusts give greater flexibility and control over how your assets are distributed. Depending on what kind of trust you use, they may also offer additional protection against probate, creditors, and taxes.
Some commonly used trusts in Indiana are:
- Irrevocable trust – In these trusts, the grantor loses all control of the assets placed into the trust. However, irrevocable trusts offer a great deal of protection from lawsuits, taxes, and probate.
- Revocable trust – With a revocable trust, there are fewer tax benefits than with an irrevocable trust. However, these trusts still protect possessions from probate and offer the benefit of accessing the assets within them. Revocable trusts may be changed or revoked at any time.
- Spendthrift trust – A spendthrift trust allows the grantor to leave an inheritance for an individual they suspect may not use the funds wisely. They can instruct the trustee to give the beneficiary small amounts or for limited purposes.
- Special needs trust – This form of trust allows a grantor to leave an inheritance for an individual with special needs without affecting their Medicaid or Social Security eligibility.
- Asset protection trust – An asset protection trust offers protection against creditors, taxation, bankruptcy, divorce, and other legal disputes.
Please reach out to us immediately for advice on choosing the right trust for your financial and family situation.
Why Do I Need to Hire an Estate Planning Lawyer?
With the many options available during the estate planning process, it is crucial to hire knowledgeable and experienced estate planning lawyers like those at Beeman Heifner and Benge P.A. Your estate planning lawyer will review your financial situation and help you determine what kinds of documents to include in your estate plan. They can offer counsel on whether you should create a will and what types of trusts to use.
When the time comes to execute your estate plan, having wills attorneys familiar with your plan and wishes will significantly benefit your family. Your lawyer can also help inventory your estate, prepare and file taxes during estate administration to minimize your family’s tax burden, and resolve disputes among family members and creditors.
With your wealth on the line, you don’t want to leave matters up to chance. You should contact trusted legal professionals who will treat you with respect and work with you to create sound legal documents that protect your family and wealth now and in the future.
Should You Hire Our Wills & Trusts Attorneys?
Choosing the right estate planning attorneys can be a challenge. You want to find a law firm where the lawyers listen carefully to your concerns so they can align your plan with your wishes and goals.
At Beeman Heifner and Benge P.A., we have decades of combined experience helping clients like you prepare for the future. We are passionate about preventing the disaster that might occur if you die without an estate plan. We promise to leverage our knowledge, experience, and honesty to craft the perfect plan that provides a bright future for your loved ones.
Please reach out to our talented legal team right away to get started creating the right estate plan for you. While death may seem far away, no one knows what tomorrow may bring. Taking the simple step of starting your estate plan today could save your family from carrying a far heavier burden than they deserve when you pass away. Call for a free consultation at (765) 234-8024 today!