Just about everyone is aware of what a simple last will is utilized for, and the execution of this document can be the right choice for some people who have a very uncomplicated estate. However, there are some other types of wills that are routinely used in estate planning as well and we would like to take a look at some of them here.
A living will does not have anything to do with the transfer of personal property. This document is an advance health care directive, and it is utilized to express your wishes regarding medical procedures such as the use of artificial life support measures. Different people have different opinions on the subject so it is important to make yours known in a legally binding manner.
A lot of people choose to utilize a revocable living trust as their primary vehicle of asset transfer. But at the same time, you may not have all of your property in the trust at the time of your death. Pour-over wills are used to direct assets into the trust after your death.
An ethical will is in a sense a kind of a parting letter to your loved ones. Traditionally these documents share moral and spiritual values, but you’re free to pass along any information that you would like to should you choose to author an ethical will and make it a part of your estate plan.
Aside from these there are many other types of documents that are used in estate planning. The combination that is right for you is probably going to be different than the combination that is optimal for the next person. For this reason the only practical way to proceed is to devise your estate plan with the assistance of a licensed and experienced Indianapolis estate 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.