You may feel like you don't have enough assets or are too young to consider establishing a will, but nothing could be further from the truth. When the unexpected happens, a will can serve as a roadmap explaining how your assets should be distributed. A will is often assumed to solely distribute a person’s assets, but wills can achieve more. Wills can be used to appoint guardians for your dependents, implement testamentary trusts and provide the peace of mind that your family and loved ones will continue to be protected long after you are unable to provide for them. You can also use a living will to create advanced health care directives to instruct doctors and loved ones how to handle any health events that result in your incapacitation.
It is also a common misunderstanding that a will is only necessary for the elderly. While they are most immediately in need of a will, younger families and middle-aged people could also benefit from creating a will for an unexpected event. A will should provide simple & straightforward directions to your surviving loved ones, and can be used to give specific personal property items, real estate and other assets to individuals. A will allows you to put in writing your wishes on how to distribute your assets and help align your affairs. One of the most important factors in your will is who will become the guardian of your children.
A will should also name a “personal representative” to carry out the terms of your will. A personal representative will work with the estate attorney by gathering all your assets, ensure minor children go to the named guardian, ensure assets go to the proper designated people in your will, and determine if an estate needs opened. The 1st task of a personal representative is to petition the court to appoint them as the personal representative. This is done at the time they probate the will & petition to administer the estate. Not all wills need to go through the court process. This will depend on the type and value of your assets at death and other factors. Choosing a personal representative is important. You want to choose someone you trust and someone who lives in Indiana (if possible).
We Can Help You Draft a Will
Establishing a will is a fundamental piece of estate planning. Whether you recently got married, have children or own any assets, you should consider drafting a will. At Gasparis & Zembillas, Attorneys At Law, we can help you for all types of wills, including:
A living will is a document that expresses your preferences for medical care, should you become incapacitated or otherwise unable to communicate your wishes. While it may not be comfortable to think about scenarios in which you are battling for your life, a living will can ensure that your treatment preferences are known and respected. We will guide you through the process of creating a living will that is suited to address your specific needs.
How may we help you?