Estate Planning Basics Attorney in Indianapolis, Indiana
What is the difference between a Will and a Revocable Trust?
What is the difference between a Will and a Revocable Trust?
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a will versus a revocable trust is
probably the most common question we
receive as the state planning attorneys
on the surface they accomplish uh many
of the same things they both direct
where your assets will go at death how
they will go at death meaning will they
go outright to an individual uh or maybe
be held with some restrictions for
beneficiary and also who’s in charge of
carrying the wishes and both a will and
a rcal trust in a will the person in
charge is referred to as a personal
representative also known as an
executive or administrator that’s all
the same term we refer to it as a
personal representatives and a trust the
person in charge is referred to as a
trustee the biggest difference between
the two is AD death how assets are
passed a last will and testament can
only legally pass assets if the will is
probated um which is a fancy legal term
for opening an estate in the county of
the person’s Residence at death we are
located in Marian County in Indianapolis
Indiana so if you lived in Marian County
at your death and had a last will in
Testament we would present the will to
the Marian County Probate Court and
state would be open for you and at that
point in time the personal
representative would have the legal
authority to collect assets pay bills
talk to creditors and ultimately make
distribution to the beneficiaries
outlined in the will without that
probate process a last will in Testament
has no legal effect on the flip side a
revocable trust if properly funded can
transfer assets at death privately
outside the probate process on the
timeline um as determined by the trustee
when I say properly funded that means
all roads ultimately lead through the
revocable trust whether that’s retitling
an asset to the revocable trust during
the the person’s life such as deed a
home or another property into the trust
or retitling an investment or bank
account or listing the trust as a
beneficiary on on some sort of financial
account so that ultimately the trust is
either the owner of an asset during life
or at the person’s death
Indianapolis, IN estate planning attorney Thomas Steele talks about the difference between a Will and a Revocable Trust.
