You still need a will even if you have a trust

Q: Why does a person need a will if he has created a trust?

Lack of estate planning plays out on reality TV

So I’m flipping channels on the television about a week ago. I’m not much for reality TV so it was hard to find anything I wanted to watch. I probably have five hundred channels and it seems like every one has a camera following some knucklehead around while they do something stupid.

Who will get my money?

Q: We recently gave a copy of your article on dying without a will to our daughter. She immediately asked, “If I die without a will, who will get my money if not my nieces, siblings and parents?” We thought you would be kind enough to expound on this for us.

Be prepared for the legal consultation

Q: Are attorneys required to give a free consultation when discussing estate planning?

Establishing education trusts

Q: We want to set up a trust for our grandchildren's education. To save money, is it possible to set up one trust for all of the grandchildren or do we need to set up a separate one for each of them?

Blow the dust off the estate plan

Happy 2012, everyone. I can't believe 2011 is already gone. I can't say I'm going to miss it, but it sure didn't seem to last very long.

Who pays the tax?

As you all probably know by now, Indiana has an inheritance tax. The Indiana inheritance tax includes almost everything that transfers as the result of the death of an Indiana resident. Things that aren't taxed include real estate owned by an Indiana resident but located in another state and…

ESTATE PLANNING: Don't get stuck using labels as your estate plan

Q: I've been putting labels on my personal property with the names of the people I want to receive the item. I know this isn't the best way to do it, but will it work?

How to revoke a power of attorney

Q: What happens if you change your mind about someone you appointed in a Power of Attorney? Can you remove that person and appoint someone else? If so, what's the best way to do it?

ESTATE PLANNING: Estate Planning in a Digital Age Part II

Recently, I wrote a column on digital estate planning. Digital estate planning is essentially planning for all of the stuff we do online. Since so much of what we do online is stored on computers other than our own, it only make sense to have a plan in place.

ESTATE PLANNING: Inheritance tax can cross state lines

Q: If I have a bank account in an Illinois bank, will it still be subject to Indiana Inheritance Tax?

ESTATE PLANNING: Trust administration takes time

Q: It's been almost a year since my mother passed away and her trust still hasn't distributed out the money to the beneficiaries. Aren't trusts supposed to speed up the process? I almost feel like probate would have been faster.

ESTATE PLANNING: One copy of a will should suffice

Q: I want to give a signed copy of my will to each of my kids, but my attorney told me that I should only sign one copy. Why can't I sign more copies if I want them for my kids?

ESTATE PLANNING: Which funds to spend

Q: My son is the successor trustee of my trust. He also is on my bank account. Since he is the trustee and on the bank account, is it OK to leave the bank account titled as it is and not in the name of the trust?

ESTATE PLANNING: Planning for your children's education

I just finished reading a book by Michael Schumacher called the "Mighty Fitz: The Sinking of the Edmund Fitzgerald."

ESTATE PLANNING: You should avoid ancillary estates

Q: I am an Indiana resident with an Indiana will. My wife and I also own a home in Michigan that we use on weekends. Do we need to create Michigan wills for the Michigan home?

ESTATE PLANNING: Attorney in Fact

Q: I have been named power of attorney for my mother. How do I start?

ESTATE PLANNING: Will, power of attorney differ in scope

Q: Since I gave my son power of attorney, do I still need a will?

ESTATE PLANNING: Discretion within a child's trust

Q: My will says that my son's share is held in trust until he is 25. What if he is married by 23 and has a baby? Does he still have to wait until he is 25 to get the money?