Add Text Field To Legal Indiana Living Trusts Forms For Free

A trust serves as a legal agreement, where a ?trustee? is named and holds the legal title to your property for a beneficiary. Trusts can have two types of beneficiaries, the first receives income during their life and the secondary receives the left over funds after the first named beneficiaries have passed away.

The cost of establishing a living trust in Indiana varies, from about $200 if you do it yourself with computer software to over $1,000 if you hire a lawyer. Don't be dissuaded by the cost of hiring a lawyer in establishing a living trust in Indiana. A trust is a legal document.

The Bottom Line Since Indiana has not adopted the Uniform Probate Code, setting up a living trust will enable your heirs to avoid a lengthy probate period and the costs that come with that process. To make sure it's done properly, you'll probably want to hire a lawyer, which can put you at least $1,000 out of pocket.

Professional trustees usually charge a flat fee or a percentage of the trust assets, generally ranging from 0.5% to 2% annually. However, the actual rates may vary based on the specific intricacies of the trust and the firm involved.

Indiana Law requires that a settlor be over the age of 18 and be of sound mind. A trust must be described in writing and state what is included in the trust, name the trustee, name the beneficiaries, what each beneficiary will receive, and how the trust will be distributed.

Creating a living trust in Indiana is simple. There is no specific form required and your trust document must simply be clear in its terms. You sign the document in front of a notary and then fund the trust by placing ownership of assets in its name.