Frank & Kraft will help you to prepare a will so that you can determine what happens to your assets when you pass away. A will, however, may be just the start of the estate planning that you need to do in order to protect yourself and to protect your loved ones. You need to get comprehensive advice so you can create an estate plan that keeps your assets secure, that gives you control over your legacy, and that allows you to make your desired mark on the world.
If you are ready to take the important steps involved with creating an estate plan, call Frank & Kraft. Our legal team helps people in all age groups, and in all income brackets, to ensure that they have plans in place for end of life issues and for what happens after their death. Give us a call today at 317-684-1100 to find out about the advice we can offer that is customized to you and to get answers to questions including:
- What is involved in estate planning?
- Why is estate planning important?
- How can an estate planning lawyer help me?
What is Involved in Estate Planning?
The estate planing process needs to be customized to your situation. In general, however, the primary goals are to protect your heirs, to protect your assets so you can leave a legacy, and to make sure you don’t end up losing everything you have worked for at the end of your life.
There are many different tools which can be included in an estate plan, and you need to make sure you prioritize what your goals are so you can achieve your desires for yourself and for your family. An estate planning attorney can discuss your assets and the money and property you own, as well as your desires for the legacy you want to leave to your family and to charities you care about.
Depending upon your wishes, some of the different steps that you can take may include:
- Using trusts to protect assets you are leaving to heirs. You need to make sure your money isn’t lost if you need nursing home care at the end of your life. You also need to make sure that your heirs don’t lose the money because of poor money management skills, bankruptcy, divorce, or high estate tax bills.
- Using a last will and testament to transfer assets. A will is the simplest estate planning document and is often the part of estate planning most people focus on. While a will is very important, it is often not the only tool you need to protect your assets and your loved ones.
- Making plans for the care or pets or kids. If you have pets or underaged children in your life, you need to make sure they are cared for after you pass away. This includes naming a guardian and often making financial plans to provide for their needs after you are gone.
Your estate plan can also address end-of-life issues like what types of medical care you want, and may be focused on specific issues of concern to you like the succession of a family business.
Why is Estate Planning Important?
Estate planning is important because it is your estate plan that creates a road map for how you wish to be remembered. You do not want your family fighting over your assets, nor do you want to die with debts because you’ve had to spend down all of your money to pay for the cost of a nursing home. You also want to make sure that you don’t let someone you don’t like inherit your property, and that you can support the causes you believe in and the people you care about.
It is only through the estate planning process that you get to control your own legacy and take care of your loved ones after you are gone. You can make sure everything you have worked so hard for is kept safe, is transferred to the people you love most or the causes you care about, and is used to do some good in the world.
How Can an Estate Planning Lawyer Help Me?
Frank & Kraft provides invaluable estate planning assistance. If you are ready to take the first step towards creating your plan or if you already have an estate plan that needs updating, give us a call today at at (317) 684-1100 or contact us online to learn how we can help.