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What Is Probate?

Posted on April 13, 2014 at 8:50 PM

The term “probate” refers to two separate, but often related, concepts.  The first meaning of “probate” is the process of submitting a will to the court in order to obtain an order that the will is valid as to form and witness requirements.  To be legally enforceable, all wills must be submitted to a court and determined to be valid.  In most Indiana counties, obtaining an order that a will is valid (probating the will) is often done in a jud...

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What Is A Trust?

Posted on April 12, 2014 at 9:10 AM

A trust is a legal entity to which a person (called a “grantor,” “settlor,” or “trustor”) transfers property to be administered by a trustee for someone’s (a beneficiary’s) benefit.  The term “living trust” (sometimes also called an “inter vivos” trust) means that the trust was created during the grantor’s life. This is in contrast to a testamentary trust—a trust created in a will.  Because...

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What Is Estate Planning?

Posted on April 11, 2014 at 10:35 AM

Estate planning involves putting in place arrangements for dealing with an individual’s property when he or she dies or becomes incapacitated or mentally incompetent. More broadly, estate planning also involves putting in place arrangements concerning an individual’s personal and medical care in the event he or she may become unable to handle such care on their own.  It’s important to create a basic estate plan regardless of the size of an estate.  A ba...

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