Some individuals who are of relatively ordinary means automatically think that they should be using a last Will to arrange for the transfer of assets to their loved ones after they pass away. However, while it is true that you can certainly go this route it is not your only choice, and there are some good reasons to consider other options.
A popular alternative to a last Will as a vehicle of asset transfer is a revocable living trust. These instruments are thought of by many to be a better option because they enable a relatively quick distribution of resources outside of the time-consuming and costly process of probate.
However, if you were to use a revocable living trust you still need a Will called a pour-over Will. With this document you state your desire to have any possessions that you may personally own at the time of your death placed into the trust.
Then there is the living Will, a document that you utilize to state your medical preferences. The issue that is generally at the core of these documents is the matter of whether or not you would want to be kept alive via the use of artificial means should you fall into an irreversible terminal condition.
It is never a good idea to make assumptions without the benefit of legal advice. When you get ready to plan your estate the first step should be to sit down and discuss all the details with a licensed and experienced Indianapolis inheritance planning lawyer.
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.