There are many tools in the estate planning attorney’s toolbox, including wills and trusts. Estate administration is managing the estate of someone who passed away. After debts and taxes are paid, what remains is distributed according to state law or a will. Stephenson Rife is here to be your family’s trusted advisor in important estate planning matters impacting you and your loved ones.
Estates, Trusts, and Wills
Shelbyville estate planning attorneys can talk to you about your needs and goals so we can suggest the right estate plan for you. It could include a will, trusts, or both.
- Will: This is a legal document stating how you want your assets to be treated after you pass away. It can include leaving money to a charity and important people in your life. Without a will, after your debts and taxes are paid, remaining assets will be given to your next of kin. A will can state who you want to be the guardian for your children. You can also name who you want to administer your estate.
- Trust: This creates a framework where you set aside money or assets to benefit yourself, someone else, or a nonprofit. It can go into effect during your life after you create instructions for the trustee (the person responsible) and fund the trust. A trust could also be funded by the proceeds of your estate after you pass away.
Consult with Our Trust Attorney
What approach is right for you? It all depends on your assets, what you want to accomplish, and when you want your goals to be met. A will has no effect until you pass away. A trust can go into effect as soon as there’s a trustee and assets are put aside to fund it. Trusts are part of Medicaid planning strategies. They may result in government benefits’ paying for your long-term care, saving your assets to meet your other needs, or allowing them to help others. Talk to a trust attorney to see if they’re a good fit for you.
Estate Management and Will Contests
The personal representative for the estate has many important jobs. He or she needs to inventory the deceased’s assets, organize outstanding bills and taxes, pay them as needed, and distribute what remains based on the will, or state law if there is no will. We work with personal representatives to help them properly do the job. We could also challenge a personal representative’s actions on behalf of beneficiaries.
How Our Will Contest Attorneys Help Our Clients
A will must be proved valid before the estate can go forward. There are several ways in which it may not be valid. A will may not meet technical requirements, or it may be fraudulent or the result of undue influence on the one creating it. In these situations, our firm can work with the personal representative to help determine the right outcome. We also help parties challenging or defending a proposed will.
Get Help from Our Shelbyville Estate Planning Attorney
We face many uncertainties when we age, but we can help you and your family manage and control the issues that arise as time goes on. Stephenson Rife is here to help you make the most of your life. With skilled legal guidance, you can put into action your plans to protect the interests of your family and those you care about.
For a free initial consultation, whether you are a senior needing an attorney or you are planning for a future many years away, call us today at 317-680-2011. A Stephenson Rife estate planning lawyer can help you plan so you can focus on living life to the fullest now and tomorrow.
