Trusts

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Indianapolis Trust Attorney

Helping Clients in Carmel, Fishers & the Surrounding Areas

When you are planning your estate, you have a number of options available to you. One of the most popular options is to create a trust. A trust is a legal arrangement where one party (the "trustee") holds and manages assets for the benefit of another party (the "beneficiary"). A trust may be established during life or after deat and with careful drafting and planning can serve as an excellent tool for managing your property during your life and after death.

At the Law Offices of Eugene Mogilevsky, LLC, we can help you determine which type of trust is right for you and your family. Reach out to us today to learn more about how our personalized legal support can make a difference for your family.

Call our Indianapolis trust lawyer today at (317) 743-7958 or contact us online to schedule a consultation.

What Are the Benefits of a Trust?

There are many different kinds of trusts available, and each type may be configured in a variety of ways to suit your needs and preferences. That said, many trusts can offer several common benefits such as asset protection, probate avoidance, asset control, tax planning, and other considerable benefits.

Asset Protection

One of the primary benefits of a trust is asset protection. By placing assets in a trust, they are no longer considered part of your personal estate and can be protected from creditors or legal claims. This can be particularly beneficial for individuals who have high-risk professions or significant assets that they want to safeguard.

Probate Avoidance

When an individual passes away, their assets typically go through a process called probate. This can be a lengthy and expensive legal process that involves validating the will and distributing assets to beneficiaries. However, assets held in a trust are not subject to probate, meaning they can be passed directly to beneficiaries without delay or added expenses.

Privacy

In many states, the probate process is a matter of public record, meaning anyone can access information about your assets and beneficiaries. By using a trust, you can maintain privacy for yourself and your beneficiaries because the details of the trust are not made public.

Asset Control

Establishing a trust allows you to maintain control over how your assets are managed and distributed. You can set specific terms for how and when assets will be distributed to beneficiaries, ensuring that your wishes are carried out even after you pass away. Some trusts even allow the grantor to modify the terms of a trust after its creation.

Tax Planning

Trusts can also offer tax benefits. By placing assets in certain types of trusts, you may be able to reduce taxes on the assets and minimize estate taxes for your beneficiaries. This can help preserve more of your wealth for future generations.

Special Needs Planning

For individuals with special needs, a trust can provide a means to support them financially without jeopardizing their eligibility for government benefits. A special needs trust can be established to supplement their income and cover expenses that are not covered by government programs.

Continuity

Trusts allow for continuity of asset management even after the death or incapacity of the individual who established the trust. By appointing a trustee to manage the assets, you can ensure that they continue to be invested and distributed according to your wishes.

What Is the Difference Between a Will & a Trust?

When you are planning your estate, you have a number of options available to you. One of the most important decisions you need to make is whether to create a will or a trust. Both wills and trusts are legal documents that allow you to specify how your assets will be distributed after you die.

Some of the key differences between a will and a trust include:

Probate: An estate backed only by a will, or nothing at all, must undergo probate. As previously mentioned, this can be a costly and time-consuming process that plays out in court. Trusts avoid probate, which comes with some considerable benefits.
Privacy: A will is a public document, and probate is a matter of public record. This means that anyone can look up the details of your estate and how it was distributed. Because a trust avoids probate, these details can remain private.
Control: A will only goes into effect after you die. If you want to maintain control over your assets, you may want to consider creating a trust. This can be especially useful if you have minor children or if you are concerned about your beneficiaries’ ability to manage their finances.
Cost: Another difference between a will and a trust is that a will is generally less expensive to create than a trust. This is because a will is a relatively simple document that does not require a lot of time or effort to create. However, it is important to keep in mind that a will must go through probate. While a trust is generally more expensive to create than a will, it can help you save money in the long run.

If you wish to establish a trust, our trust attorney in Indianapolis can provide the legal advice and support you need to make the decisions that are right for you. We can explain the options available to you and help you select and configure any trust that suits your needs.

Contact Us to Request a Consultation

The Law Offices of Eugene Mogilevsky, LLC is here to help people secure their estates and ensure their loved ones can benefit from their wealth after they pass on. Although it may be difficult to think about a time when you won’t be there for your loved ones, the arrangements you make during your life can have a significant positive impact on your family for generations to come.

Learn more about how our Indianapolis trust attorney can help by requesting a consultation with us today.

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