Estate Planning Law Firm in Indianapolis, Indiana in Marion County, IN
Estate planning is not only for the wealthy or for those who are nearing retirement. Estate planning is for anyone near Marion County, Indiana seeking extra life protection, regardless of their financial situation – it’s never too early to begin. An estate plan can be easy, like having a will in place, or much more complex, depending on your needs. At its most basic state, an estate plan is a legal strategy to make sure you have a say in how your assets are carried out in the event of your death or incapacity. If you are a parent to minor children, it also ensures they will be taken care of by the people you trust and designate if something happens to you. Many different estate planning strategies can be used to reach your goals. Working directly with an Indiana estate planning attorney is the best way to make sure your plan perfectly suits you and your family.
At Stange Law Firm, PC, our Indianapolis estate planning lawyers have knowledge of helping people like you create comprehensive estate plans that serve to protect their families and assets. We understand that every family is different, and we take the time to get to know you and your specific requirements to create a plan that will work for you.
Estate planning services that we offer in Indianapolis, Indiana include:
- Wills: A will is a legally binding document that states how you would like your assets to be distributed after your death. If you die without one in place, Indiana law will determine how your property is divided. This is a risk as their decisions may not be in accordance with your wishes.
- Trusts: A trust is a legal entity that can be used to hold assets on behalf of another person. Trusts avoid probate, minimize taxes, and protect assets from creditors, making them a great option for a variety of purposes.
- Elder Law: Elder law planning is a way to protect seniors and their families as they age. This type of planning includes estate planning, asset protection, long-term care planning, and more.
- Special Needs Planning: Special needs planning is a way to ensure that a person with special needs will be taken care of financially and emotionally if something were to happen to their caregiver. This type of planning can include creating a special needs trust.
With numerous options available, estate planning can certainly be overwhelming. However, our estate planning lawyers can help you navigate the process and protect your assets with ease.
What Are Common Assets to Include in an Estate Plan in Marion County, IN?
Our clients frequently ask what types of assets should be included in their estate plans in Indianapolis. Our response usually depends on what is sought to be accomplished with the assets.
Common assets people choose to include in their estate plan in Indianapolis, Indiana are:
- Real estate – including your home, vacation property, and rental property
- Vehicles – including traditional cars, trucks, motorcycles, personal boats, and RVs/other camping equipment
- Retirement accounts – including 401(k)s, IRAs, and pensions
- Investment accounts – including stocks, bonds, and mutual funds
- Bank accounts – including checking accounts, savings accounts, and money market accounts
- Business interests – including the ownership of a small business or partnership
- Personal property – including jewelry, art, collectibles, and family heirlooms
- Life insurance policies – including whole life or term policies
While there is no universal example of what assets should be included in an estate plan, the above assets are the most commonly included ones.
What Obstacles Are There to Creating an Estate Plan in Indianapolis, Indiana?
Clients face several prevailing obstacles when attempting to create an estate plan. These obstacles can make the process seem more difficult and even impossible. However, with the assistance of an experienced estate planning attorney, you can overcome these obstacles and draft a plan that will honor your family’s most intimate wishes.
Common obstacles to estate planning in Marion County, Indiana are:
- Not knowing where to start: Estate planning can seem overwhelming, especially if this is your first time creating one. However, an estate planning attorney will share what choices need to be made early on, and what documents need to be prepared. They will guide you through each step in the process to keep stress at a minimum while making progress on your estate.
- Procrastination: Many individuals put off estate planning because they believe it is something that can be done later. However, it’s an imperative part of taking care of your loved ones and protecting your assets. If you wait too long to create a plan, it could be too late.
- Not having enough assets: Some individuals think that they do not need to establish an estate plan because they do not own enough assets. However, estate planning is not just for individuals with a lot of money. The truth is, everyone in the Indianapolis area can benefit from having a plan in place.
- Not knowing whom to include: Many people are not sure whom to include in their estate plan. However, an Indianapolis estate planning lawyer can assist you with identifying the people who should be included in your plan based on your distinct goals and needs.
- Not having enough time: It’s true that if you were to draft an estate plan on your own, it would take a significant amount of time. That’s why the profession of estate planning legal representation exists – to take care of the heavy lifting for you. This way, you can be content that your plan is comprehensive and tailored to your situation without having to spend hours researching and drafting the paperwork yourself.
Contact Stange Law Firm in Indianapolis, Indiana Today to Schedule an Initial Consultation in Marion County
Creating an estate plan is a vital part of taking care of your family and protecting your assets. If you have questions about estate planning or need assistance creating a plan in Indianapolis, Indiana, or anywhere nearby, contact Stange Law Firm today. We are ready to help you get started.
Marion County (Indianapolis), Indiana Office (463-258-5401): 201 N. Illinois St., Suite 1637, Indianapolis, Indiana 46204