One of the most versatile tools you have at your disposal when creating your estate plan in Indiana is a trust. Kiplinger explains a trust is an agreement where a trustee agrees to manage assets for you in the way you direct him or her to do so. Trusts are quite variable because you can choose the perimeters. You get to say how it works. So, the structure of a trust is really dependent on what you want it to be.
The basis of the structure of your trust comes on when you will fund it. You can add the funds right away, do it over time or add the funds when you die. You also need to decide if it will be revocable or irrevocable. A revocable trust gives you more control because you can change it and mold it throughout your lifetime. An irrevocable trust, on the other hand, is done once you set it up. You cannot touch it or do much with it after creation.
Most people choose revocable trusts. Specifically, they like the structure of a living trust. This type of trust allows you to change it as needed. It works great if you want to leave your children’s assets in a trust. As they get older, you can make changes that fit their needs. This type of trust also allows you to react to life changes, such as your child getting married or having a child.
How you structure your trust is very dependent on your financial situation, your family’s needs and your goals. So, think carefully before you create one. This information is for education and is not legal advice.