There is a misunderstanding about estate plans that they are just for older people, but that could not be further from the truth. Estate planning is for everyone as soon as they reach adulthood and start obtaining assets. Once you have children, a plan becomes even more essential. If you do not yet have an Indiana estate plan, then now is the time to begin.
CNBC explains that an estate plan makes things easier on those you leave behind when you die and can benefit you while you are still alive. Your estate plan may include many different things, from documents that outline who gets your assets when you die to what you want to happen if you are unable to communicate your wishes due to illness or injury. When you have a solid plan, you protect yourself, your assets and your loved ones because without one, the state steps in and makes decisions for you.
With that in mind, here are two tips you can use as you start creating your estate plan.
You need to make a list of every asset and debt you have. Make sure you think about anything someone would want when you die, even if it does not have a monetary value. Sentimental items can create some of the biggest issues when a person passes away. Include all your financial accounts as well. The list of your debts is something to include in your plan for the executor who may need to pay your debts out of your estate.
Consider your heirs
Your heirs are the people you leave your assets to. You should decide who gets what in your estate plan. If you feel there may be a conflict due to your decisions, you might want to gather your heirs and explain your choices to them. If you have children or pets that you wish to appoint a guardian for, then you always should first check with the person to ensure they are willing to step in and care for them.
These two tips may get you off to a great start putting your estate together. There are many options, so make sure to check into everything you can do with your estate plan.