• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Probate
      • Power of Attorney
      • Trusts
        • Trust Administration
        • Serving as Executor
      • Wills
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » 3 Documents That Should Be in Your Estate Plan

3 Documents That Should Be in Your Estate Plan

September 16, 2021Estate Planning

For the average person, estate planning is an unfamiliar – and often intimidating — concept. Although every estate plan is uniquely tailored to the needs and goals of the person creating the plan, there are some documents found in most plans. To help you familiarize yourself with these documents, the Indianapolis estate planning attorneys at Frank & Kraft discuss three documents that should be in your estate plan.

  1. Last Will and Testament.  Typically, a Last Will and Testament serves as the foundation of a basic estate plan. One of the most important reasons to create a Will is that executing a Will ensures that you will not leave behind an intestate estate.  Dying intestate means the state decides what happens to your estate assets using the state intestate succession laws. This typically means that only very close relatives will inherit from your estate. Instead of allowing that to happen, your Will allows you to make specific and/or general gifts to more distant relatives, unrelated loved ones, and even charities, organizations, and pets. In addition, your Will lets you appoint someone as the Executor of your estate. The Executor is responsible for overseeing the administration of your estate. Finally, your Will offers you the only opportunity you have to officially nominate a Guardian for your minor child should one ever be needed.
  2. Trust Agreement. Although they were traditionally used only by the wealthy to protect and guard the family fortune, trusts are now commonly found in the estate plan of the average person. A trust is a relationship where property is held by one party for the benefit of another party. A trust is created by the owner, also called a “Settlor”, “Trustor” or “Grantor” who transfers property to a Trustee. The Trustee holds that property for the trust’s beneficiaries. Trusts are broadly divided into two categories, testamentary and living trusts. A testamentary trust does not activate until after the death of the Settlor whereas a living trust takes effect as soon as all the trust agreement is in place and the trust is funded. A living trust can be further divided into revocable and irrevocable living trusts. A trust can help achieve a wide variety of estate planning goals, including:
    1. Avoiding probate
    1. Incapacity planning
    1. Asset protection
    1. Medicaid planning
    1. Planning for parents with minor children
    1. Special needs planning
    1. Pet planning
  3. Advance Directive. Although the primary focus of your estate plan will undoubtedly be to ensure that your assets are distributed according to your wishes after you are gone; you should also ensure that your wishes are honored while you are still here during a period of incapacity. An advance directive helps you plan for that possibility. The State of Indiana recognizes two types of advance directives, including:
    1. Appointment of Health-Care Representative and Power of Attorney that allows you to name someone as your healthcare representative who will be able to make decisions about your medical care — including decisions about life support — if you can no longer speak for yourself.  
    1. Indiana Declaration (Indiana’s version of a living Will) that lets you state your wishes regarding life prolonging procedures in the event you develop a terminal condition and can no longer make your own decisions. 

Contact Indianapolis Estate Planning Attorneys

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns regarding estate planning, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Can I Be Held Personally Liable for Mistakes I Make Administering a Trust? - May 17, 2022
  • What Is an Irrevocable Life Insurance Trust? - May 12, 2022
  • Dying Is Expensive – How Funeral Planning Can Help - May 10, 2022

Other Articles You May Find Useful

Indianapolis estate planning attorneys
Dying Is Expensive – How Funeral Planning Can Help
Indianapolis estate planning attorneys
Should I Discuss My Estate Plan with My Family?
Indianapolis trust attorneys
How Can a Trust Help Keep My Estate Planning Details Private?
Indianapolis estate planning attorney
What to Do If You Are Considering an Unequal Division of Your Estate
Indianapolis estate planning attorneys
Why You Should Avoid Dying Intestate
Indianapolis estate planning attorneys
Intellectual Property and Your Estate Plan

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2022 American Academy of Estate Planning Attorneys, Inc.

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us