Estate planning in Warsaw, Indiana is simply the act of deciding what you want to happen to your assets after your death. It normally 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 normally 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 brilliant 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.

For anyone who has children who are still minors, it is very crucial to make arrangements for their custody and care, just in case the unthinkable happens. You should think of a family member or very close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's necessary to discuss this matter with that person before you really do it.

What Type of Estate Plan Do I Need in Warsaw, 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.

If you are young and unmarried, estate planning probably doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very dangerous job, such as the military.

If you're not married in Warsaw, Indiana, but have a life partner, estate planning is necessary. 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.

If you are elderly, and have a massive amount of assets in Warsaw, Indiana, estate planning may be more necessary at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is essential if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.

Do I Need a Warsaw, Indiana Estate Planning Attorney?

In Warsaw, Indiana, estate planning is rarely simple, even if it's not the most convoluted 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.