Living trusts have many, many uses. They are especially important for parents with minor children, but can be created by a Will (“testamentary” trusts) as well as a “Living” trust (often called “inter vivos trusts”) in most cases. A trust, whether testamentary or “living,” may minimize taxes and future expenses for your estate and ensure that your children have your support and financial backing.

Revocable Living Trusts (sometimes given a twist and a trademark like “Loving Trust”) have the principal advantage of avoiding court proceedings, but only concerning the assets that are owned by the Trust. They typically are costlier to establish than a Will and they require ongoing attention to assure that future acquisitions belong to the Trust rather than to the individual. Because of Indiana’s simplified and speedy probate procedures, there generally is less need for Revocable Living Trusts here than in other states. There are trusts other than Revocable Living Trusts that also can serve unique and useful roles in a sophisticated estate plan, including provision for a non-citizen spouse or as an owner of life insurance benefits that will not be taxed on the death of the insured.