The assets you have accumulated over the course of your lifetime in Indiana have been carefully selected, maintained and utilized in order to maximize their benefit for your long-term use. One of the biggest challenges you may face is how to protect these assets against unwanted use. Adequately shielding your assets from premature or unauthorized use is imperative to your ability to continue to enjoy them for many years to come.
If you own a small or medium business in Indiana, then you probably have some concerns as to how it should factor into your estate plan. There would probably be two major categories of considerations you would have to make: the future leadership of your company and the allocation of its assets.
There are many things to consider about estate planning in Indiana. One part of the process is to name a health proxy or power of attorney regarding healthcare decisions. Some people may not think this is important, but there are numerous reasons why someone should have a health proxy.
One of the main purposes of estate planning is to avoid contention amongst your beneficiaries once you are gone. With your wishes clearly stated in your estate planning documents, how can one even think to challenge them? As many of those that our team here at Dale & Eke have worked with in the past can attest to, beneficiaries often have a way of questioning what a decedent's actual desires were when writing their wills. To avoid the potential for any dispute arising amongst the family and friends you name in your will, some might encourage you to include a no-contest clause. Yet is such a clause enforceable?
Many in Indianapolis may insist that their will always be time for them to see to their estate planning. Whether it is due to a fear of having to confront their own mortality or not wanting to have to be the "bad guy" that upsets assumed beneficiaries with their decisions, even the prospect of creating a will is daunting to some. This contributes to the ever-growing number of those who do not have a will (which is nearly 60 percent of American adults, according to the American Association of Retired Persons). Refusing to address one's estate planning could come back to haunt them in an unexpected illness or injury has them confronting the prospect of death much sooner than they anticipated. Yet even at such a late time in their lives, they still have the chance to create a will.
Estate planning in Indiana is often juxtaposed against other terms, such as wills or trusts. But what do these words mean? Are they all the same things, pieces of a whole, or alternatives? CNN Money describes estate planning as the planning process behind how assets will be distributed after someone passes away.
There are many different reasons why some people may push off estate planning, whether they think that they are too young, or they do not think they are ready for a will or a trust because their financial circumstances will change considerably in the near future. Some people postpone estate planning due to stress, and there are many reasons why people become stressed out, especially in regard to estate planning. For example, someone may have anxiety about working with a legal professional or even approaching the thought of passing away.
If you are in the process of getting a divorce in Indiana, you may feel overwhelmed at the number of things you must take care of. Certainly, a divorce touches every aspect of your life. One thing you should give some attention to during this process is your estate plan. Some elements of an estate plan may be able to be changed as soon as you separate but others may have to wait until your divorce is finalized.
You probably resist the thought of someone else raising your child. However, if you do not name someone to take over for you if the worst happens, a judge may decide where your child will live. We at the law office of Dale & Eke often counsel parents on how to choose the right guardian for their child.
Having worked hard throughout their lives, Indianapolis residents no doubt hope that their loved one's will be able to enjoy the fruits of their labors. When the time comes for a person's accumulated assets to be distributed to their heirs, they no doubt hope to have a say in who might get what. That only comes through estate planning, which should include the preparation of detailed will and testament. Most want to able to one's to control their estate's dispersal, yet few have actually taken the steps needed to ensure it. Indeed, according to poll information shared by Gallup, just over 40 percent of American adults actually have a will.