Planning Your Legacy With Wills And Trusts

Preparing for the future is essential, and setting up wills and trusts is a great way to make sure your affairs remain in order. Regardless of your financial level, wills and trusts can help safeguard your assets, your wishes and ultimately, your loved ones.

The skilled attorneys at Allen Wellman Harvey Keyes Cooley, LLP, boast over 100 years of combined experience. We have helped numerous families create personalized estate plans to give them peace of mind and plan for the future. We proudly serve the Indianapolis metro area and our home base, Greenfield. Contact our office at 317-468-2355 to book your consultation.

What Is A Will?

A will is a crucial part of planning your estate. It allows you to:

• Specify asset distribution
• Appoint guardians for minors
• Designate an executor
• Include charitable donations

Everyone should consider having a will, regardless of age or wealth status. However, creating a will may be a more pressing need for those with children, property or specific bequests.

We highly recommend creating a will as soon as possible, but especially when you have assets or dependents. It’s also important to update it after major life events, such as a marriage or the birth of a child. An estate planning attorney can guide you through this process.

What Is A Trust?

When you have a trust, you can assign a trustee to hold and manage your assets for your beneficiaries’ sake. A trust provides a structured way to manage and distribute assets, offering flexibility and control over how and when beneficiaries receive their inheritance.

This document can be suitable for your estate if you:

• Have significant assets
• Want to avoid probate
• Need to support dependents
• Want to protect assets from creditors

Common trusts include:

• Revocable trusts: Allows changes during your lifetime
• Irrevocable trusts: Cannot be changed, but can offer tax benefits and creditor protection
• Living trusts: Let you manage your trust during life and after death
• Testamentary trusts: Activated through a will
• Special needs trust: Supporting dependents without affecting special needs benefits

When you work with our Greenfield estate plan law firm, our experienced attorneys can help differentiate wills vs trusts, discuss the pros and cons of each and guide you throughout the entire estate planning process.

Frequently Asked Questions About Wills And Trusts In Indiana

The answers below are meant to bring clarity, based on what Indiana law requires and what we see every day when estate plans work – and when they fail.

Is it better to have a will or a trust?

The answer depends entirely on your situation. Under Indiana law, a will controls how property passes through probate after death. A trust, on the other hand, can manage assets during life and after death and may avoid probate altogether.

The right choice depends on factors such as the type of assets involved, family dynamics and long-term goals. Many people use both together, not as substitutes, but as parts of a larger estate plan built around intent and control.

What is the biggest mistake people make with wills?

The most common mistake is assuming a will alone covers everything. It does not. Other frequent mistakes include:

• Outdated documents: Life changes like marriage, divorce or new children can leave a will misaligned with reality.
• Poor coordination: Beneficiary designations on accounts generally override what a will says.
• Vague language: Unclear terms often lead to disputes, challenges and court involvement.

In Indiana, small gaps can create big problems. Courts must follow the document as written, even if it no longer reflects what someone intended.

What assets cannot be placed in a trust?

Not every asset belongs in a trust, and some transfers require special care. Common exclusions include:

• Retirement accounts like IRAs and 401(k)s, which pass by beneficiary designation
• Health savings accounts, which follow separate federal rules
• Vehicles, depending on use and value

Each asset type has unique considerations that affect whether trust ownership makes sense. Placing the wrong asset into a trust, therefore, can trigger tax issues or administrative delays.

What are the disadvantages of a trust?

Trusts require ongoing attention and administrative work that wills do not demand. You must transfer assets into the trust’s name and maintain accurate records throughout your lifetime.

The initial setup involves higher legal costs compared to a simple will. Some families find that the management burden outweighs the benefits, particularly when estates are modest or uncomplicated.

Trusts also demand careful coordination with beneficiary designations on accounts to avoid conflicts. Indiana courts still get involved if you fail to fund the trust properly or if disputes arise about the trustee’s actions.

Start Planning Your Future Today

Wills and trusts can be powerful tools to secure your future, but only when used correctly. Our Greenfield wills and trusts team can help. Call us at 317-468-2355 or submit an online form to schedule a consultation with an experienced estate planning lawyer.