Estate planning is something that all Indiana residents will have to do at some point or another. Creating an estate plan before it’s necessary can relieve a lot of stress and pressure from the person and their family.
Beyond that, having an estate plan created early can ensure that your wishes are carried out in the event of an accident or sudden death. This is especially important for parents and anyone who might have assets they wish to pass down.
What’s one of the first steps to estate planning?
There are many different ways to estate plan, so there are several different places to start. One of the easiest things to do is make a list of all of your assets, accounts, funds and debts to put into a will.
Writing a last will and testament is a pretty straightforward process: You’re just saying what you wish to happen to all of your belongings and your estate. This is a legal document that will be read after your death to determine, essentially, who gets what.
There are other steps in the estate planning process, like creating a trust to safely pass as much of your assets down without your loved ones having to pay estate taxes. A trust isn’t necessary but can be a great tool for anyone who has a large amount of assets they wish to have passed down. Trustees will manage all of your assets, including payouts to beneficiaries and investments as well as documentation.
Wills simply instruct probate where to send your belongings. If you’d like to have a little more security and avoid estate taxes, a trust might be your best option. Take time to consider what works for your family.