In Indiana, estate owners prepare for the administration of their estate through planning practices. These planning strategies help them reduce potential losses for their beneficiaries. These losses are often associated with the probate process. Wills And Estates Lawyers in Auburn Indiana guide the estate owners through the planning process to prevent possible losses.
Creating and Filing a Will
A legal will provides authority over ownership assignments. Through a will, the estate owner designates who receives their property and assets. They also enforce any provisions that apply to these assignments. The assigned administrator manages the transfer of ownership as directed in the will.
The Advantages of an Irrevocable Trust
An irrevocable trust is used to separate key assets and properties from the estate. Once they are transferred, they are no longer a part of the estate. However, the estate owner maintains full legal rights to these properties or assets. They appoint a successor for the trust. The successor takes full control after the estate owner dies.
Health Care Plans and Directives
An estate owner sets up a health care plan and directive if they become incapacitated. The plan appoints a power of attorney to a family member. This individual gains access to the estate owner’s assets to cover medical costs. They make medical decisions based on the estate owner’s wishes. The estate owner sets up certain provisions to protect their assets and to prevent unlawful use through the power of attorney.
Trust Funds for Education-Based Expenses
A trust fund is set up by the estate owner to manage college expenses. The estate owner sets up provisions to protect the funds and restrict access. These tactics prevent the child from overspending. The estate owner has the right to limit the total value that is released each year.
In Indiana, estate owners follow strategies available through estate planning to acquire asset protection. These strategies enable them to create a will and set up trusts. These options protect their assets and properties from creditors and prevent financial loss. Estate owners who want to acquire asset protection should contact Wills And Estates Lawyers in Auburn Indiana through Yoder & Kraus today.
