The Complete Guide to Planning Your Estate In Indiana: A Step-By-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes Are Fulfilled for Indiana Residents by Linda C. Ashar

Author:Linda C. Ashar
Language: eng
Format: epub
Tags: estate, will, trust, assets, estate planning, disability, costs, taxes, legal costs, Indiana, living will, power of attorney, executors, trustees, insurance
Publisher: Atlantic Publishing Group
Published: 2013-03-04T00:00:00+00:00

Abstract of Trust

Suppose you do not want everyone to know what your trust will include until after your death. An abstract of trust is a type of trust that can be used to accomplish this. This tool allows you to say that your trust exists and that it is going to be used, but it simply is a “short list” of what is included in that trust, rather than spelling it all out.

Indiana is one of the states that recognizes and permits the use of an abstract of trust. You may want to do this if a financial institution wants to have documentation that a trust exists, but you do not want to provide them with any details — which, legally, you do not have to do. In some states, and for some financial institutions, a specific form is required. Your attorney should have the forms, but the best approach is to simply ask the financial institution involved for the form it requires, which will save you time and argument. As with your other trust documents, when you work with your estate planning attorney, you will be better able to make sure that the right forms and documentation are provided to draw up this type of trust.

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