Protecting your loved ones can be completed best by establishing a solid estate plan. If you want to choose who inherits your possessions, creating one is critical. Doing so allows you to minimize the odds of family disputes, and you can also name a guardian for your Indiana children if you die prematurely. Starting with a will is one step you can take.
Creating a last will and testament
Dying without a will can be problematic as state intestacy law will dictate what happens with your assets and any children you might have. Risking this outcome can be thwarted by ensuring you have created a last will and testament. Having one in place spells out your final wishes.
Gathering documents for estate planning
To get started with your estate plan, you’ll need to gather a few essential documents. Gathering information about your family members and finances should make the process more efficient to handle. Here are some ideas to get you started:
- Previous estate planning documents
- Bank and brokerage account statements
- Life insurance policies
- An inventory of your assets, including property, automobiles, business interests and valuables
- Current beneficiary designations
- Existing contracts
Having login information available for your financial accounts can also be helpful.
Using a trust when creating an estate plan
Another option you can choose during the estate planning process is to include a trust. This action helps provide customization, making it easier for your estate to be managed after you die or become incapacitated.
When creating a trust, you can specify who controls your assets and what should be done with them. Having a trust can also help avoid probate, which can be time-consuming and costly.