Indiana Estate Planning
Estate Planning deals with financial and medical decision-making at the end of life and the administration and distribution of your assets at your death. Put another way, estate planning in Indiana deals with who makes financial and healthcare decisions when you canít. It also deals with who gets your stuff after you die. Proper estate planning can assure you that your medical and financial decisions will be made by whom you want and your assets will go to whom you want.
Every Indiana Estate Plan should have these elements.
Every Hoosier needs a will. This is true even if you have a living trust in place to avoid probate. The will acts as a safeguard in the event some assets are not handled properly in the estate plan. For example, someone with a living trust fails to transfer the house to the trust before death. Without a simple will in place, the house could go to someone you did not want to get it.
Every Hoosier needs a healthcare power of attorney. This legal document tells doctors and hospitals whom you want to make medical decisions. It can also express your preferences for end of life care.
Every Hoosier needs a financial power of attorney. This legal document provides whomever you pick with the power to make financial decisions for you as if it was you. Financial powers of attorney can start as soon as you sign them. They can also be set up so they donít start until you canít make financial decisions for yourself.