Wills are basic documents. While every person needs a will, it should be only one component of a comprehensive estate plan. An estate plan is a comprehensive legal approach to end-of-life planning, whether you’re a young person planning far ahead into the future or whether you’re in your golden years and want to ensure your loved ones will be cared for. An estate plan not only ensures that your loved ones are taken care of, but it also eases your own transition into your older years. A well-built estate plan can ensure your legal, medical, and financial wishes are carried out. 

The best way to ensure you have a comprehensive estate plan that addresses all your concerns is to develop one with the assistance of an experienced attorney. The compassionate and knowledgeable attorneys at AJM Legal, LLC can work with you to create a custom-made, comprehensive estate plan that addresses all your concerns and sets you and your family up for a bright future.

An estate plan is an approach to planning for your future that takes into account a variety of potential legal concerns, including inheritance, medical decisions, child custody, and more.

An estate plan can include, but is not necessarily limited to:

• Wills
• Trusts
• TOD Deeds
• Power of Attorney

A will is essential for addressing specific concerns after a person passes away. These include naming a personal representative of the estate, making funeral arrangements, and establishing custody for minor children or individuals with disabilities. In some instances, a will can be used to leave behind certain assets and possessions. Depending on the language in the will, the size and value of your estate, and other factors, your loved ones may face many legal hurdles. This is where estate planning comes in.

Estate planning includes other vital components to ensure your loved ones can inherit your assets with ease. They also plan for potential medical emergencies, which may affect your ability to express your own wishes regarding your treatment. An experienced estate planning attorney can review what components may be most valuable for you and help you develop a custom plan that suits all of your needs.

Dying without a will is referred to as “dying intestate.” If you die without a will, the State of Indiana will designate a personal representative of your estate. Who Indiana designates will depend on whether you were married at the time of your death, if you had any children, how old your children are, and other factors. Dying intestate can lead to someone you don’t trust being named the personal representative of your estate.

For example, if you are separated from your spouse and die during divorce proceedings, they may still be named executor of your estate. Dying intestate can also lead to a lengthy probate process. Probate is the legal settlement of a person’s estate, including paying off their debts and taxes, notifying creditors of their death, and distributing assets. Having a will and a comprehensive estate plan can help you avoid dying intestate or having your estate enter a lengthy probate process.

Trusts are often significant components of estate plans and tools for ensuring your loved ones can inherit property and avoid unnecessary taxes.

A trust is a legal entity, similar to a corporation or a business. When you establish a trust, you will transfer certain assets (including money, real estate, cars, jewelry, and other valuables) into its ownership. Then, you will appoint someone to manage the trust for you. This person is called a trustee. A trustee is responsible for managing the assets in the trust according to your wishes and instructions.

Once you establish a Trust and transfer assets into it, the trust becomes the legal owner for your benefit as the trustee, but you still maintain full control over those assets during your lifetime. This means that, if you were to die, the contents of the trust would not be subject to probate or asset seizure. Instead, because you are not their legal owner, the trustee can follow your instructions and transfer ownership to your intended heirs. This allows your loved ones to bypass the potentially lengthy and complex probate process.

There are multiple types of trusts available with different benefits and advantages to suit your particular financial situation. An experienced estate planning attorney can review your options and help you select the best trust for your estate plan.

A TOD Deed is similar in many ways to a trust. TOD stands for Transfer on Death. If you wish for a loved one to inherit property but are concerned about probate, a TOD Deed may be right for you. TOD Deeds legally transfer ownership of property to the signatory once the original owner has passed away. 

Similar to a trust, a TOD goes into effect once the signatory dies. This helps avoid concerns regarding probate and inheritance, and also eases the transfer of property. 

An estate plan is one of the best ways you can ensure that your family will be taken care of after you’re gone, and that your own wishes will be respected. An estate plan is a complex set of documents, and it is challenging for one person to build on their own. An estate plan is challenging to develop if you don’t have any legal experience. That’s why if you or a loved one needs to create an estate plan in Indiana, contact the attorneys at AJM Legal, LLC.

Our team can work with you to build a custom-made estate plan that addresses all your concerns. An estate plan is the best way to secure your family’s future- but you need to have one in place. Don’t hesitate: call (765) 342-1962 now to schedule your free consultation.