Successful estate planning in Indiana is a combination of focus and understanding. You need to first focus on who your beneficiaries will be once you die. You must then understand the estate tools you have to manage their inheritances. One common tool is a will. A will is a legal document, but you must know the difference between testamentary and living wills. One has orders regarding assets while the other for conditions as you age or become incapacitated.
IS A LIVING WILL IDEAL FOR ME?
A living will is necessary when you want to diversify your estate plan. The directives you give in a standard will are only activated once you die. The orders you give that are granted as living wishes, however, account for current life. Living wishes, for example, enable your business to operate in a set way if you’re disabled. A living will also helps with special needs.
WHERE DO YOU GET A WILL FROM?
Estate planning with either a legal or financial professional is your first recommended step. Your will is a legal document that can be written up by an attorney. Templates are now popular options, but they’re limited in customizing your wishes. Once your will papers are in order, you’ll need to notarize them. The will is only valid with legal witnesses and signatures.
ESTATE PLANNING IN INDIANA
You have a right to be concerned with how much it costs to write up a legal will. Your estate and personal decisions dictate your overall costs. A single will can be produced for a few hundred dollars at times. Estate planning, however, brings you to consider all of your assets and their beneficiaries. The specific will you create could cost as much as $3,000 or as little as $200.