If you are like the average person, you recognize the need to have a comprehensive estate plan in place, but beyond that estate planning remains somewhat of a mystery. Estate planning encompasses much more than just deciding how your estate will be distributed after you are gone. Likewise, an estate planning attorney can do much more for you than you probably realize. The Indianapolis estate planning attorneys at Frank & Kraft explain 10 things about estate planning that you might not already know.
- You are not too young to need an estate plan. A common misconception is that you need to reach a certain age or point in your life before an estate plan becomes necessary. Not true. Every adult can benefit from an estate plan.
- You don’t need to amass a fortune to need an estate plan. Because estate planning is about much more than just the distribution of your assets, the size of your estate does not determine the need for a plan.
- Your estate planning attorney can also help you with incapacity planning. While planning for the eventuality of your death is certainly important, it is equally important to plan for the possibility of your own incapacity. Your estate planning attorney can help by incorporating incapacity planning tools and strategies into your comprehensive estate plan.
- You need to routinely review and revise your estate plan. One of the most common, and potentially harmful, mistakes people make is to create an estate plan and then never revisit and revise that plan. Your plan should be routinely reviewed and updated when certain life events call for a revision.
- Working with an estate planning attorney will save your loved ones time and money. It may seem like going the DIY route is a good way to save yourself time and money; however, in the long run, any time and money you manage to save by not working with an experienced estate planning attorney will almost always cost your loved ones considerably more time and money when it comes time to implement your estate plan.
- An estate planning attorney can help you through the probate process. Estate planning attorneys can help you at both ends of the process – creating an estate plan for yourself and administering an estate for someone else. If you find yourself appointed as the Executor of an estate, don’t try to go it alone. Contact your estate planning attorney for help.
- Your estate planning attorney can serve as your Trustee. Another common mistake people make is appointing a spouse, friend, or family member as the Trustee of a trust. This can create all kinds of problems, starting with the fact that the individual may not be qualified to administer a trust. Appointing a professional Trustee is usually the best choice.
- Estate planning is not as expensive as you probably think it is. Yes, you will spend some money if you want an experienced attorney to help you create your estate plan; however, in the long run you will probably save money and you will probably find that what you need to spend in the short run is less than you imagined.
- Your estate may be able to avoid probate. With careful estate planning, your estate can probably avoid probate altogether, or spend every little time in the probate process. This will save your estate money and ensure that intended beneficiaries receive their gifts much sooner.
- Your estate planning attorney can help you with long-term care. Planning for the cost of long-term care is something everyone should do. Your estate planning attorney can help you incorporate Medicaid planning into your estate plan to ensure that you qualify for Medicaid to help cover the high cost of LTC if you, or a spouse, need it down the road.
Contact Indianapolis Estate Planning Attorneys
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about estate planning, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.