Will in indiana. None. I just have a few questions

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Customer: will in indiana
JA: Have you talked to an Indiana lawyer about this?
Customer: no
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Customer: i just have a few questions
Answered by Nate in 2 mins 7 months ago
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Nate
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Nate
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Nate
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Nate, Expert

My name is ***** ***** I will be assisting you today.

We are obligated to let you know this is a service for general informational purposes only and does not constitute legal advice, establish an attorney-client relationship or replace consulting with a local attorney.

What are your questions about Indiana law and wills?


Customer
We are working on dividing everything up between our 2 grown kids. There is one piece of property, a 30 acre woods, that we want to leave to both kids, but do not want it to ever be sold. We want the land to be kept for the 2 families and the grandchildren to enjoy. How does this work in a will? Also, how does TOD work? Transfer on death?
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Nate, Expert

I see.

The problem with that is that any restriction on selling or transferring the property in a will would be considered void. If you want to enable those sorts of restrictions, you would need to get a probate attorney to establish a trust and place the property in the trust. The terms of a trust are much more flexible. You can designate the property for a particular purpose and not give anyone the ability to sell it.

As for transfer on death, that can be added to any property deed so those named are immediately vested with the property once the original owners die. It helps avoid probate.

Customer
Okay that makes sense. We have lots of properties and pretty much can divide those up, but this one property is special. Thank you for this. Am I able to ask questions if I need to for the whole month?
Customer
Can the TOD be applied to banks accounts too?
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Nate, Expert

I am just a user on the site (on the attorney side), so I don't really know about those kinds of things. If you contact customer service, they can help you with that.

You can contact them directly at this link

https://www.justanswer.com/help/contact-us

Customer
Okay
Customer
We want to leave the farm ground to our son in our will. What is the best way to do this to eliminate him having to pay for inheritance tax? Should he just buy the farm from us now?
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