An Indiana Estate Plan
It is much more than a will. Estate planning looks at how you control your stuff during your lifetime, sets contingencies if you become disabled, and sets for the orderly distribution of your stuff after you pass away.
During your lifetime when you are well
When looking at your estate plan, you have to answer the question how do you want to manage your property while you are alive and well? You can pretty much do nothing, and leave things for when you pass away or you can put your stuff into a trust.
During your lifetime when you are ill, disabled or incompetent
The next question that you have to ask is who do you want to assist you if you become physically or mentally disabled. If you have already set up a trust, you can have the management through the trust document. If not, you can look at a power of attorney, advanced directive, healthcare representative.
After you pass away – distribution of your property
The next question that you have to ask is how do you want your property to be distributed after your death, whether you want your property to be disbursed outright, or whether you want your beneficiaries to receive income from your property. Depending on your wishes, you can handle these concerns with a last will and testament or a trust.