Estate planning in Jasper, 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.
For example, a knowledgeable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Jasper, Indiana?
The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
For instance, if you're unmarried, and in your early 20's, estate planning is probably not the most essential thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you're not married in Jasper, Indiana, but have a life partner, estate planning is imperative. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another considerable group of people who would benefit from having a good Jasper, 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 essential and unavoidable.
Do I Need a Jasper, Indiana Estate Planning Attorney?
Because estate planning in Jasper, Indiana can involve some difficult legal and financial issues, it is necessary to undertake this task with the guidance of an experienced attorney who specializes in estate planning.