Gift Planner
The
Investing in tomorrow’s church
SPRING 2022 • No. 125
Trusts: A valuable tool for estate planning assets or property to a trustee, and the trustee manages and distributes those assets for the benefit of the beneficiaries. There are many types of trusts, but they are all either revocable or irrevocable. Revocable trusts can be changed or amended, while irrevocable trusts cannot be changed after being created, except in rare circumstances.
John Chappell
When it comes to estate planning, a trust can be a useful tool for the management and transfer of property. Trusts can also be very broad and complex. We talked with John Chappell, attorney at Bingham Greenebaum Doll, LLP in Jasper, IN, to learn more about trusts and how they can be used for charitable giving.
John practices in the areas of real estate, estate planning and probate law. He earned a bachelor’s degree in 1969 and juris doctor degree in 1972, both from Indiana University. He also served on the Saint Meinrad Seminary and School of Theology Board of Overseers for 18 years and was elected as an emeritus member in 2019.
“A trust is simply a fiduciary relationship where a person – a trustee – holds title to property for the benefit of somebody else, called a beneficiary,” explains John.
There are three positions people hold when it comes to trusts: the grantor (also called the trustor or settlor), the trustee(s), and the beneficiaries. The grantor transfers ownership of certain
Trusts have several advantages: they offer privacy since they are not public record and they do not go through the long and sometimes expensive probate process. In addition, trusts can provide protection against creditors and are customizable. The grantor can create parameters around how and when the assets are distributed to the beneficiaries. Continued on next page