Many people create an estate plan when they are hired for their first job. Others wait until they have their first child. Some wait until they are about to retire. Then, some people die without having an estate plan in place, leaving their family to fight with the state and the courts for assets. Today, we will examine the important life events that trigger an estate plan review.
Divorce can be tricky in all sorts of ways from arranging the custody of shared children to determining how assets will be divided between spouses. However, one factor that could be complicated by a divorce that can easily be overlooked by couples in Indiana is their estate plan. Determining that all clauses remain functional despite the change in relationship is critical to making sure that their original desires are still honored.
If you have been in business in Indiana for a while, then you realize that debt is often part of success. The money you owe is as important as the money you make when it comes to your company's finances.
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.