In the field of estate planning there are many different legal instruments that are utilized, and some of these are rather complex and not commonly understood. One exception would be the last Will and testament, but the fact is that there are other types of Wills to consider as well.
With a last will you state your wishes regarding how your assets will be transferred to your loved ones after you pass away. While it could seem as though this is a simple and efficient choice with regard to a vehicle of asset transfer, you have to understand that your estate must be probated if you use a last will.
Probate is the legal process of estate administration, and it can be expensive and time-consuming. If you were to utilize a revocable living trust to transfer assets to your heirs you could avoid probate and save your family members considerable time and trouble.
Another will that should be a part of any holistic estate plan is a living will. With this document you state your preference regarding medical procedures such as whether or not you would want to be kept alive through the use of life-support measures if you were in a terminal condition and unable to communicate.
There is also the ethical will to consider. People have been leaving behind ethical Wills since biblical times, and they are used to pass along your final words of wisdom to your loved ones.
A lot of people know they should have an estate plan in place but they simply don’t know where to begin so procrastination can take root. If you are ready to put the inaction behind you, the logical first step is to pick up the phone to arrange for an informative consultation with a licensed, experienced Indianapolis estate planning lawyer.
- How to Guard Your Child’s Inheritance - June 8, 2023
- How Can I Incorporate Charitable Gifting into My Estate Plan? - June 6, 2023
- LGBTQIA+ Pride Month in Indiana - June 1, 2023