In Indiana, probate laws assist estate owners by offering asset protection. The protection prevents the creditors from taking all assets from the family. The laws outline options for trusts and trust funds. A local attorney offers assistance under Probate Law in Auburn Indiana right now.
What Happens During the Probate Process?
The probate process involves settling any liens against the estate owner’s assets. The family is responsible for paying off debts unless the owner set up a plan. The creditors have the right to seize assets if the balance isn’t paid. However, an estate plan lowers the effects of the probate process and protects the assets.
Who can Receive an Irrevocable Trust?
Any beneficiary that is at least eighteen years old is identified as the estate owner’s successor. However, the estate owner could provide control over the assets to a new guardian for a minor beneficiary. Certain provisions are applied to prevent the guardian from using the assets unethically or sell the assets. The minor takes over the trust once they reach eighteen years of age.
What Provisions Apply to Trust Funds?
Provisions that apply to trust funds include age restrictions and provisions for new guardians. The beneficiary receives the trust fund once they reach the appropriate age designated by the estate owner. The provisions stop the beneficiary from receiving all of the funds at once.
Can the Family Override a Healthcare Directive?
The family cannot override the healthcare directive if the estate owner identifies a proxy and gives the proxy a power of attorney. The family has the right to file a motion to override the directive, but it is unlikely that they can overturn the proxy assignment. The family must present grounds of unethical practices to regain control.
In Indiana, probate laws provide benefits for estate owners. The laws define methods of asset protection and how to create trusts to transfer assets out of the estate. An irrevocable trust is established to lower the risk of asset loss. Trust funds are established to provide beneficiaries with monetary assets. Estate owners who need to review more details about Probate Law in Auburn Indiana contact Yoder & Kraus today for an appointment. Like us on Facebook.