Why Every Family Needs an Estate Planning

Estate planning in Indiana gives you the ability to control the distribution of your assets, protect your family members from inconvenience, and shield heirs from creditors. The process might make you initially uncomfortable, but a completed estate plan could deliver significant benefits and peace of mind. You could protect assets while substantially reducing future stress and expenses for your family. A thorough estate plan has the potential to limit delays in asset transfers, reduce or eliminate probate court fees, and prevent your finances from falling into disarray if you become incapacitated.

Estate Planning

Express Your Wishes

Sudden death or severe medical crisis could leave your family wondering what do to with your estate or how to approach your health care. If you don’t have a will, then a probate court will apply state law to determine your heirs. Without a plan, your heirs might be exposed to taxes and court fees that cause financial difficulties.

If injury or disease incapacitates you, then your loved ones might not know your preferences for medical care. They would also lack access to your medical records or bank accounts. A Carmel Indiana attorney at Webster & Garino could guide you through the development of essential documents like a living will and financial power of attorney.

Probate Avoidance and Privacy

Probate courts oversee wills and make decisions about estates left behind by people without wills. Estates that go through probate become a matter of public record. By avoiding probate, you could enable the private distribution of assets.

You might wish to explore estate planning strategies that remove portions of your estate or all of it from the probate system. One of our attorneys could research your options for estate planning in Indiana. If your final arrangements allow you to avoid probate, your family could avoid a prolonged court process and numerous legal fees.

Beneficiary Protection

You might worry about a young adult getting too much money too quickly by way of an estate plan, but this concern can be addressed. You might want to structure your estate plan, usually through the use of trusts, to provide specific sums to your heirs at different ages.  You can also take steps to help prevent creditors from seizing an inheritance. Provisions to prevent the loss of inheritance during a divorce are also possible. A Carmel Indiana attorney could suggest estate planning strategies that address your specific concerns.

By consulting an attorney at Webster & Garino, you could learn about issues pertinent to your estate, such as business succession, asset distribution among children and stepchildren, and support for a surviving spouse. Contact us today to begin estate planning in Indiana.

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