Living Trust Information for the State of Indiana
A trust is a legal arrangement in which the settlor places property in the hands of a beneficiary for the benefit of a third party or beneficiary. There are several types of trusts, including living trusts. Indiana has provided for living trusts in its statutes.
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Indiana Code
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Indiana Code, Section 30-4-2 governs the creation of trusts. It includes provisions for creating an inter vivos trust or living trust.
Wills Versus Trusts
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When a person dies, his will dictates how his property will be distributed. In the absence of a will, the laws of intestate succession explain how property is distributed to surviving relatives. In either event, the probate court will handle the process and all of the records are public information. A trust is a way to manage property during lifetime and after lifetime, and the processing of a trust is a private matter, not open to public inspection.
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Inter Vivos Trusts
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Inter vivos trusts or living trusts are created during the lifetime of the settlor, the person creating the trust arrangement. In Indiana, living trusts are revocable during the life of the settlor unless otherwise specified. Living trusts are a way to manage property so that inheritance tax and gift taxes can be avoided.
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References
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