A will, also known as a last will and testament, is a written legal document that outlines how you want your property and assets to be distributed after your death. In Indiana, a valid will must meet certain legal requirements:

• It must be in writing.
  
• The person creating the will (the testator) must be at least 18 years old and of sound mind.
  
• It must be signed by the testator and two competent witnesses who are not beneficiaries.
  

A will allows you to name guardians for minor children, designate an executor to handle your estate, and clearly state how your possessions should be distributed. Without a valid will, the state will apply Indiana intestacy laws, which may lead to outcomes you did not intend.

Common uses for a will include:

• Naming who receives specific assets
  
• Appointing a guardian for minor children
  
• Leaving gifts to charities or non-family members
  
• Designating an executor to manage your estate

A trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another (the beneficiary). The person creating the trust (the grantor) outlines how and when assets should be distributed. Trusts can take effect during your lifetime or after your death.

In Indiana, trusts are often used to:

• Avoid probate
  
• Manage property for minor children or individuals with special needs
  
• Protect assets from creditors
  
• Control long-term distribution of wealth
  

There are several types of trusts to consider:

• Revocable Living Trusts allow you to maintain control and make changes during your lifetime. After death, assets are distributed privately without going through probate.
  
• Irrevocable Trusts cannot be changed after creation, but offer advantages like asset protection and potential tax savings.
  
• Testamentary Trusts are created in your will and become active only after your death, typically used for minor children.
  
• Special Needs Trusts ensure that a loved one with disabilities can receive financial support without losing eligibility for government benefits.

Wills and trusts both help distribute your assets, but they serve different purposes and have distinct advantages.

Wills in Indiana:

• Go through probate court after death
  
• Become public record
  
• Name guardians for minor children
  
• Distribute assets in a single transfer after probate
  

Trusts in Indiana:

• Take effect during your lifetime (if funded)
  
• Avoid probate and remain private
  
• Offer control over when and how assets are distributed
  
• Cannot name guardians, but can provide financial support for minors
  

In many cases, using both a will and a trust creates the most complete estate plan. A will ensures all remaining assets and guardianship decisions are addressed, while a trust allows for privacy, flexibility, and probate avoidance.

Choosing the right estate planning tool depends on your goals, family situation, and asset types. Some clients use only a will, while others rely on trusts for privacy and efficiency. At Webster & Garino, we help clients determine the right combination to meet their needs.

We often recommend a pour-over will, which acts as a safety net to transfer any remaining assets into your trust upon death. This ensures no property is left unaddressed.

For many Indiana families, a revocable living trust offers peace of mind by avoiding probate and allowing for smoother asset management in the event of incapacity.