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People often think they are too young to need an estate plan. In truth, every adult can benefit from having an estate plan in place, even if the plan is a basic one. Your wishes are important and often the only way to ensure that they are honored is to have a legally enforceable estate plan in place.
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The monetary value of your assets does not determine the value of having an estate plan in place. You may have family heirlooms or works of art you created, for example, that you want someone close to you to have if something happens to you. Having an estate plan in place lets you decide who receives your assets, regardless of the monetary value of those assets.
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If you die without even a basic estate plan in place (referred to as dying ‘intestate”) you are essentially allowing the State of Indiana to create your estate plan for you. In that case, the Indiana intestate succession laws are used to decide who inherits from your estate and what they inherit. You may also end up with someone not of your choosing making financial and/or healthcare decisions for you if you become incapacitated and you failed to plan for the possibility in an estate plan.
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Every estate plan is uniquely designed to achieve the goals of the person creating the plan. As such, there is not a universally accepted “first” estate planning document. Most people, however, execute a Last Will and Testament for their first estate planning document.
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Although a Will may be your first estate planning document, you may quickly learn about the benefits of using a trust as the primary method for distributing your estate assets. Assets passed down using a trust avoid probate which means your loved ones do not have to wait to receive those assets. A trust also provides privacy that a Will does not and can arrange for the management of a child’s inheritance.
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Like many people, you may have strong feelings regarding how your body is handled after your death and/or about the service held in your honor. Depending on loved ones to honor those wishes is not reliable. Incorporating a funeral and burial planning component into your estate plan ensures that your wishes will be honored. Including an Irrevocable Life Insurance Trust (ILIT) can even arrange for the expenses involved in your funeral to be handled as well.
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Yes. If you do not want to be kept alive through the use of life-prolonging or life-sustaining equipment or treatments, you should execute a Living Will. This is a legal document that allows you to make those decisions now and ensures that doctors, hospitals, and other healthcare providers are legally obligated to abide by those wishes down the road if you are unable to express them yourself.
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Your estate plan offers numerous opportunities to protect and provide for your young children. One way is to nominate a guardian for them in your Will in case one is ever needed. Creating a trust is also a good idea as it allows you to decide who will manage and protect the assets you intend your children to inherit until they are old enough to receive those assets directly.
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So many things can go wrong with a poorly drafted or designed estate plan. Those mistakes can cost you and/or your loved ones considerable time and/or money. To ensure that your estate plan works as intended, work with an experienced estate planning attorney during the creation of your plan and any time you need to update that plan.
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Contact Us
If you have additional questions, contact an experienced Indianapolis, Indiana elder law attorney at Frank & Kraft. by calling (317) 684-1100 to schedule your appointment today.
