Estate planning could involve more than someone thinks. Even those who know about the different documents, forms and tools involved in the process might overlook things. Indiana residents may benefit from reviewing the various items that could help them devise an estate plan that does not miss anything critical.
Estate planning items
A last will and testament stands as one of the most well-known and essential documents in an estate plan. A will require specific elements to be valid under Indiana law, and the testator should avoid oversights, errors and omissions that would render the document invalid. Other essential items in the will include naming the beneficiaries who will receive specific assets. Testators typically name someone to serve as the executor.
One point worth mentioning is that some people may consider drawing up a revocable or irrevocable trust. A trust could assist those wanting assets to transfer outside of probate and give the grantor more say over the assets after their death.
Other components of an estate plan
Estate planning frequently involves more than drawing up a will or trust. Comprehensive plans may involve creating a power of attorney document that grants someone authority to handle the estate planner’s financial matters and other affairs.
A healthcare proxy serves as a document that allows a representative to make medical decisions for another person. A living will involves establishing medical decisions intended to be carried out when someone becomes incapacitated.
People can look at other ways to transfer assets outside of probate. Designating transfer-on-death beneficiaries on specific financial accounts is one way to take such an action.