A legal trust dictates how your assets will be distributed upon your death. It can be highly detailed and allow you to carry out unique wishes, such as protecting assets for your children and grandchildren who are under the age of 21.
One of the most distinct features of a trust is that it can be used to effectively avoid probate, reducing costs and delays that occur when your estate division is overseen by the court. This method of estate planning both promotes greater control over your financial legacy and keeps your affairs private and out of the public record.
What is a Special Needs Trust?
Special needs trusts are a specific type of trust that are created specially to hold assets for your family members with a disability. Also called a supplement needs trust, it ensures that your assets will not affect your beneficiaries’ eligibility for government benefits and programs such as Medicaid and Supplemental Security Income (SSI).
What Makes a Trust Legal in Indiana?
Unfortunately, writing down your distribution wishes isn’t enough to legally protect your assets. For your trust to be valid in the eyes of the Indiana State government, it must adhere to specific guidelines outlined in Indiana Code Title 30: Trusts and Fiduciaries.
Common requirements for a legal trust include:
- Testamentary Capacity: The person who creates the trust, called a testator or settlor, must be 18 years old or older and of sound mind.
- Written Instructions: A trust must be either handwritten or typed.
- Signed Documents: For a trust to be legal, the settlor must sign all trust documents.
Navigating these complex and varying legal requirements can be overwhelming, to say the least. Our legal trust attorneys at Webster & Garino LLC have the knowledge and experience to guide you through the process of establishing a trust. Give us a call today for a free consultation about your unique estate planning needs.