Estate planning in Speedway, Indiana is simply the act of deciding what you want to happen to your assets after your death. It usually 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 usually the central component of any estate plan, there are various other elements which you may want to include, depending on your goals, and your financial situation.
For instance, a reputable 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.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. Nonetheless you should initially discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Speedway, Indiana?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
For instance, if you are in your 20's and unmarried, an estate plan likely does not need to be on your priorities, unless you are very ill, or independently wealthy.
Individuals who are, for various possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Speedway, 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.
If you are very old, and have a considerable estate in Speedway, Indiana, you should definitely come up with an estate plan if you haven't already. Admittedly, this involves confronting some unpleasant and morbid subjects, but it is still very critical. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a Speedway, Indiana Estate Planning Attorney?
In Speedway, Indiana, estate planning is rarely simple, even if it's not the most perplexing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.