Setting up an estate plan in Indiana can seem like a daunting task. Starting could be considered the hardest part of this crucial process though.
Every estate plan will look different based on your family makeup and what assets you have. Generally, though, every person should take the following steps in their estate plan.
ADDRESS YOUR MINOR CHILDREN
No parent wants to think about what could happen to their underage children if the parent should die. But it’s essential that you establish guardianship in your estate planning.
Guardianship answers the question of who will take care of your underage children if something should happen to you. Indiana parents will often put aunts, uncles, or grandparents down as guardians in their will. Be sure to ask the other party if they are willing to take on this responsibility.
If you don’t address guardianship in your estate plan, there might be a long custody battle to determine who will get custody of your children. It’s also very important to frequently review this information to make sure the guardians are still able to properly take care of your children should something happen.
GO THROUGH ALL OF YOUR ASSETS AND BELONGINGS
Having a list of all of your bank accounts, property, and other assets in your estate plan will make things ten times easier for your surviving family members. Without addressing all of your assets in your will, you risk your belongings getting stuck in probate or disputes about who gets what.
Generally, you’ll want to update this list frequently to make sure that nothing has changed. Incorrect information could cause the entire will or estate plan to be disputed.
Beneficiaries refer to the people who will inherit your belongings after you’ve passed. It’s important to keep the list of beneficiaries updated as much as possible to address ex-spouses, new family members, and changes in relationships.
Setting up an estate plan might seem intimidating. But there are services and legal teams out there that can make this process easier.