Estate plans provide peace of mind, so they’re essential for everyone. Even if you don’t think you have much in the way of assets, an estate plan is in your best interests and those of your loved ones.
Let’s answer a few common questions about estate plans.
What are the essential elements to include in an estate plan?
The first part of your estate plan should be your will. Having a basic will is wise because it’s easy to create and it serves to enforce your vision for the distribution of your worldly possessions. A will on its own may not be enough, but it is a good start.
What happens if you don’t have an estate plan?
If you don’t have an estate plan, state law will determine how your estate is divided. The law might not provide for the distribution you want. That is why it’s a better idea to look into your options on your own and detail what you want to happen to your assets following your passing.
Is estate planning expensive?
It can be, but it doesn’t have to be. Estate planning doesn’t have to happen all at once. You can begin with what you can afford, which might be something like a simple will or trust. Then, as you have more to protect, you can update your will and estate plan to include more complex factors.
Estate planning should start early and develop over time. An experienced Indiana estate planning attorney can help you draw up an estate plan that follows your wishes and assist you in making modifications as things change throughout your life. This is far preferable to leaving the disposition of your estate to chance.