For people who are getting older in Indiana and starting to think about their estate, there are some key elements to ensuring that the planning process goes smoothly. The earlier estate planning starts, the easier the process will be.
WHAT TO KNOW ABOUT THE ESSENTIALS
There are multiple aspects of estate planning that require attention. For example, most people do not expect to be medically incapacitated, so they don’t plan for it. However, setting up a durable power of attorney, a living will and other documents can create guidance. It is much better to have this documentation in place and not need it than vice versa.
The other major component is arranging the plan for what should happen to any and all assets upon death. That includes creating a will, but there might be other arrangements that are important to make. For example, some people can reduce their tax burden by setting up certain kinds of trusts. If the person or couple owns financial assets like retirement accounts, they might need to have beneficiaries designated to ensure the money goes to the right place.
PUTTING EVERYTHING IN WRITING
It is not easy to remember and keep track of all the moving parts when it comes to creating an estate plan. Just having the intention of how this should play out is not enough; the documentation has to be written and stored with instructions for how to carry it out.
Estate planning might not be the most pleasant topic, but it is crucial for a smooth transition and orderly transfer of assets. Otherwise, probate court and the state will make the decisions for you.