ANDERSON ESTATE PLANNING ATTORNEY

HELPING CLIENTS PREPARE FOR THE FUTURE

An estate plan is a comprehensive plan that outlines how you want to distribute your assets after your death, provide for your loved ones, and be cared for in the event you are incapacitated. You may think you’re too young to start this process, but the truth is that it’s never too early to start preparing an estate plan.

If you are ready to prepare for the unexpected, contact the Anderson estate planning attorneys at Beeman Heifner Benge P.A. at once. Let us create a customized estate plan that meets your goals.

WHAT IS INCLUDED IN ESTATE PLANNING?

Everyone has different needs, goals, and concerns, so no two estate plans are alike. But in general, an estate plan can include a number of different elements such as:

Last Will and Testament:

A Last Will and Testament serves as a crucial legal document that clearly outlines how your assets will be distributed among your beneficiaries after your death. It specifies who inherits your property, whether it be family members, friends, or charitable organizations. Additionally, it can appoint a personal representative to oversee the administration of your estate, ensuring that your wishes are honored and that any debts or taxes are settled. This document not only provides clarity but also prevents disputes among loved ones during a challenging time.

Revocable Living Trust:

Establishing a Revocable Living Trust is a strategic way to manage your assets during your lifetime and beyond. This document creates a trust that holds your property, allowing you to designate a trustee responsible for managing those assets. Unlike a will, a living trust can help you avoid the probate process, allowing for a smoother and faster distribution of your assets to your beneficiaries. Moreover, since you can modify or revoke the trust while you are alive, it provides flexibility as your circumstances or wishes change over time.

Advance Medical Directive:

An Advance Medical Directive is an essential component of your estate plan, as it empowers you to outline your healthcare preferences in advance. By including this document, you designate a trusted individual to make medical decisions on your behalf in case you become incapacitated and cannot communicate your wishes. This ensures that your healthcare choices reflect your values and beliefs, providing peace of mind for both you and your loved ones during difficult times.

Financial Power of Attorney:

A Financial Power of Attorney is a vital document that grants a trusted loved one the authority to make financial decisions on your behalf if you are unable to do so. This can include managing bank accounts, paying bills, and handling investments. By establishing this legal arrangement, you ensure that your financial matters are taken care of without unnecessary delays, helping to maintain your financial stability during times of incapacity.

Appointed Guardian:

For parents with minor children, appointing a guardian within your estate plan is an invaluable step in securing your children’s future. This document allows you to select a trusted individual who will assume responsibility for your children in the event of your untimely death. This decision ensures that your children are cared for by someone you know and trust, providing them with stability and love during a difficult transition.

Letter of Intent:

A Letter of Intent serves as a personal note that communicates your wishes and any special requests to your executor or beneficiaries. By writing this letter, you can provide additional context or instructions regarding your estate, including preferences for funeral arrangements or specific distributions of personal property. Although not a legally binding document, it offers valuable insights that can guide your loved ones in honoring your wishes and ensures your intentions are clear.

These are some of the many elements that are often included in estate plans. Your estate plan may include some or all of these elements, depending on your needs. If you would like to create an estate plan, it’s best to let an Anderson estate planning lawyer determine which documents you will need to meet your goals.

WHY IS ESTATE PLANNING IMPORTANT?

Estate planning is not just for the wealthy—it can benefit anyone. Preparing an estate plan allows you to take control of your estate even after your death. You will get to decide who receives your assets after you’re gone, so your loved ones won’t have to go to court to fight over who gets what.

Estate planning can also help parents plan for minor or disabled children. If you pass away without an estate plan, the court has the authority to decide who will take care of your children. You should get to make this decision—not the court. Make sure your children are cared for by someone you trust by appointing a guardian in your estate plan.

If you are ever incapacitated, an estate plan can help you retain control over your health and finances. Your estate plan can appoint someone to make medical and financial decisions for you if you are not in a state to make these decisions yourself.

Estate planning can also minimize the taxes that your beneficiaries will need to pay in order to take ownership of your assets. Taking the time to create an estate plan now could save your loved ones thousands of dollars in the future.

WHY DO I NEED TO HIRE AN ESTATE PLANNING ATTORNEY IN ANDERSON?

It’s strongly recommended that you hire an estate planning attorney instead of attempting to make an estate plan on your own. Why? The laws that govern estate plans are complex. These laws regulate who is allowed to be included in estate plans, what assets can be transferred, how the assets are taxed, and more. You need an estate planning attorney to help you understand these laws—and how they will affect your estate—when making an estate plan.

Estate planning is never easy, but certain factors such as minor children, substantial assets, and business ownership can make it even more difficult. Planning an estate with one or more of these factors is nearly impossible for someone without legal experience. Make sure your estate plan covers everything and is legally valid by working with an experienced estate planning lawyer. If you want to read more about why you should hire an estate planning attorney, check out our blog on the common mistakes to avoid with estate planning.

SPEAK TO OUR ANDERSON ESTATE PLANNING ATTORNEYS TODAY

Are you interested in creating an estate plan? If so, it’s in your best interest to contact the experienced estate planning attorneys at Beeman Heifner Benge P.A. as soon as possible. Our estate planning lawyers are passionate about helping clients prepare for their future and protect their loved ones with a comprehensive estate plan in Indiana. To schedule your consultation, call (765) 234-8024 or submit your information using the form on this website.