Plan Ahead for Your Family’s Future
It is never easy to think about your own death. As a result, many people procrastinate and leave their family without guidance or a legally enforceable plan for their assets. If this happens, your family be left with with unnecessary stress whenever you pass.
What Documents do i need?
While most people know they need a Last Will, this is just one part of an estate plan. Most people should also have a Power of Attorney, Healthcare Power of Attorney, and Living Will. Some individuals also choose to create a Trust. If you have minor children, you should also have a Standby Guardianship.
A Power of Attorney gives another person with the authority to carry on with your business if you become incapacitated. A Healthcare Advanced Directive gives someone the ability to make your medical decisions if you cannot and lets you plan ahead for end-of-life care.
If you have children, you should consider a Standby Guardianship. A standby guardianship allows you to recommend someone to take care of your children if you become incapacitated or pass away. Although standby guardianships can only be temporary, they can be a powerful tool to make your desires known and plan for your family’s future.
What is a Last Will?
A Last Will says who will get your assets when you pass away. You can specify who gets specific assets or divide things up generally. Unless your estate qualifies as a “small estate,” you will have to go through a process called “probate” to distribute your assets. The Last Will becomes a public document when it is filed with the court.
Although wills appear simple, there are many rules and steps to create a valid will. Failure to follow a step could result in the will being rejected. A mistake in a “do it yourself” will could disinherit your children or void your entire will.
What About Trusts?
Trusts establish legal entities that will live on past your death. As a result, most trusts do not go through probate and avoid the public nature of the probate process.
Trusts can be customized to fulfill specialized objectives or simplified to primarily focus on passing on assets. Trusts tend to be more complicated to establish, but may be faster and easier to administer upon your passing. Trusts can be a great option, but are not the right choice for everyone. Waite Law Office can help you determine if a trust makes sense for you.
What happens if i do not prepare?
If you do not have a will, Indiana uses a default set of rules called “Intestacy” to determine who will get your property. These rules may not match your desires. In some cases, your children could end up taking assets you expected to be used to care for your spouse.
Without a proper estate plan, your family will have additional stress and inconvenience prior to your passing. If you fail to appoint a Power of Attorney, it may be difficult for anyone to take care of business if you are unable to do so. Things just as banking, insurance, and utilities can become extremely complicated. Your family may have to obtain a Guardianship over you to carry on your personal business. If you do not have a Living Will, your family will be left with painful and stressful choices in your final days. If you do not have a Standby Guardianship, there may be additional uncertainty regarding who will care for your children.
Contact An Estate Planning Lawyer Today
Give your family the gift of peace of mind. Contact Waite Law Office LLC today to schedule a free consultation to discuss your will and estate plan today. We can prepare a new estate plan or determine if updates are necessary to an existing plan. Call us at (765) 252-4600 today.