Estate planning in Gary, Indiana is simply the act of deciding what you want to happen to your assets after your death. It typically entails making plans about funeral arrangements, as well as plans for end of life care.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is typically the central component of any estate plan, there are several other elements which you may want to include, depending on your goals, and your financial situation.
A will is rarely the only aspect of a comprehensive estate plan. Most persons have quite strong preferences about their end-of-life care, especially when, and under what circumstances, they would want to be taken off life support, if that every happens. These wishes should be made in writing, and discussed with family. Additionally, preferences on organ donation and funeral arrangements should also be made clear.
Most vitally, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can truly take on such responsibility.
What Type of Estate Plan Do I Need in Gary, Indiana?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
Individuals who are, for varied possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Gary, Indiana estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
There is another considerable group of people who would benefit from having a good Gary, Indiana estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is crucial and unavoidable.
Do I Need a Gary, Indiana Estate Planning Attorney?
Estate planning in Gary, Indiana is not always confusing, but it certainly can be. In moderately-sized to large estates, with a substantial number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.