Legal Question in Wills and Trusts in Indiana

Re: Trusts

A revocable trust is a way of holding property. It helps to avoid the probate process if you become disabled or when you die.

It can also be used for protecting your heirs from creditors.

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Re: Trusts

In a revocable trust, as the name implies, can be revoked by the granter.

A typical living trust, a.k.a. revocable trust, is amendable by the granter during his/her lifetime. There are important tax implications for a revocable vs. irrevocable, such as: you may have to pay taxes on a revocable trust, whereas you would not have to with an irrevocable trust.

The final thing to keep in mind is that a revocable trust is less likely to stand up to tax authorities and attacks by other persons, particularly beneficiaries.