Having a valid estate plan is a central part of protecting your way of life and securing the future of your loved ones. An estate plan can identify your assets, determine what will happen to those assets after your death, and yield immediate financial benefits. Through careful planning and a proper understanding of state law, it is possible to achieve your goals.
A Terre Haute trusts and estate lawyer could work with you to understand your needs and suggest what documents to include. In addition, a member of our team could draft the documents in a way that reflects your specific goals and satisfies the relevant legal requirements.
A trusts and estates attorney works with you to understand your needs and implement the necessary documents to give those needs the intended legal effect. This usually starts with gaining an understanding of your current assets and desires for what will happen to them in the future. This can include forming a plan for after your death, as well as transferring property at any point in the future.
Once an attorney is able to identify your goals, they can craft the necessary documentation in accordance with necessary legal requirements. For example, Indiana Code §29-1-5-3 requires most wills to be in writing and contain the signatures of the testator and two witnesses who observed the testator’s signing. Similar rules apply to the creation and execution of other estate planning documents. In short, a Terre Haute lawyer could work to ensure compliance with all relevant laws concerning the creation of trusts and estates plans.
The goal of any estate plan is to retain control over one’s assets and life after death or at a point in the future. A will, which is commonly included in an estate plan, informs a probate court of how you want your assets handled after your death. However, this is far from the only estate planning option.
Many people choose to create trusts to place property under the care of another person with the understanding that the holder will release the property to a beneficiary at a designated time in the future. This can bring benefits to the trust maker in the form of tax relief as well as eligibility for government programs like Medicaid.
Another class of estate planning documents is that which allows others to make decisions on your behalf. A power of attorney can authorize another person to transfer property to secure housing should a medical condition prevent you from making these decisions on your own. Related documents empower others to make medical choices should you become unable to make an informed decision. A lawyer in Terra Haute could provide you with a variety of trusts and estates options to ensure your specific needs are adequately met.
It is essential for every adult to plan for their future and that of their family. A fundamental part of this process involves creating an estate plan. These plans are a collection of legal documents that inform the court of your wishes and give your decisions the maximum legal impact. Examples include wills, trusts, powers of attorney, and living wills.
A Terre Haute trusts and estates lawyer could help you form these documents. This involves meeting with you to learn about your assets and wishes. An attorney could then draft the necessary documents with the requisite specificity and clarity and proper adherence to state law. Reach out to an attorney today to learn more about your options.
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