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Will

Wills are a very common way for people to document exactly how they want their estate to pass after their death and who they want in charge. Wills vary in length depending on estate size and testator preferences. They must be validly executed by an adult with full mental capacity and must be in writing.

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Wills are most commonly used for estates of all sizes. Those with smaller estates often forego preparing a will because they think it is not necessary. If you have any assets or property at your death, you and your family may benefit from a will.

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Living Will

A living will is a very common way for people to express how they want to manage their healthcare in the event they are unable to express their wishes at a later date. This is a form of an advance directive. This allows someone to express their specific wishes regarding end-of-life medical care in case they become terminally ill or cannot communicate their wishes in the future. A living will provides valuable guidance to family members and healthcare professionals when someone cannot speak on their own behalf.

 

Living wills are most commonly used to plan end-of- life care during terminal illness and extended or permanent unconsciousness.

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Trust

A properly executed trust is a document that allows a person to title assets in the trust, rather than in their individual name and permits a trustee (a person tasked with managing trust assets - often the person who creates the document) to hold and manage assets on behalf of a beneficiary.

 

Similar to a durable power of attorney in that it allows the trustee to manage assets during the grantor’s life. It's similar to a will, as it can direct the disposition of assets after the grantor’s death.

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Trusts are very beneficial to manage assets both during and after ones lifetime. They are commonly used  to avoid probate, to maintain privacy of assets, and to form a structured level of flexibility and control of inheritances.

 

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Durable Power of Attorney

A durable power of attorney is a legal document gives someone else authority to manage your financial, legal or healthcare matters. It can be made to be effective immediately upon completion or at a time of incapacitation. A durable power of attorney can be revoked at any time, it is important it is revoked in writing per the statutory requirements. We recommend you consult with an attorney to ensure you properly revoke this instrument.

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Durable Powers of Attorney's are most commonly used when someone else has to become involved in making decisions for another person. They are commonly used in situations when a family member cannot be present because of military deployment and situations involving incapacity. They can also be used to avoid guardianship.​

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Health Care Power of Attorney 

A Health Care Power of Attorney is similar to a durable power of attorney, but related to your health care. It places someone else in charge of your health care decisions if you become or at a time of incapacitation. A Power of Attorney for Healthcare can be revoked at any time, it is important it is revoked in writing per the statutory requirements. We recommend you consult with an attorney to ensure you properly revoke this instrument.

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A Health Care Power of Attorney is commonly used to plan for your healthcare in the event you are unable to do so at a later date. It provides peace of mind and assurance to your family members to know they are fulfilling your wishes when you are unable to decide for yourself.
 

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Call Us

If you live in Indiana and have questions about planning your future with any of these estate planning tools, we welcome you to contact us. Our team will be honored to help you to get all your estate planning documents in order so are prepare for any circumstance that may arise in the future.