If possible, estate planning in Indiana should not be left until the last minute. Rushing through decisions about who should serve as your healthcare power of attorney, how to distribute assets, or whether to use a will or trust often leads to confusion and disputes later. When you give yourself adequate time to plan, you maintain control over your legacy and reduce the likelihood of probate litigation, family conflict, and unnecessary court costs.
During a consultation with an estate planning attorney near me, you will learn how to protect assets, plan for heirs, and avoid burdening loved ones with unexpected legal and financial challenges. At Webster & Garino LLC, our estate planning lawyers help Indiana families design clear, effective plans tailored to their goals.
To create a comprehensive estate plan, most individuals move through the following steps.
1. Take Inventory of Your Possessions and Assets
Before making estate planning decisions, you must identify everything that makes up your estate. This includes financial accounts, real estate, business interests, retirement accounts, personal property, and outstanding debts. Real estate holdings may require guidance from a real estate attorney near me or real estate attorney Indianapolis if transfers or deed preparation are involved.
This inventory forms the foundation of your estate plan. Some assets may pass through a legal will, others through a trust, and some through beneficiary designations. An estate lawyer near me can explain which transfer methods best align with Indiana estate planning laws.
Debts must also be addressed. Estate assets are typically used to settle liabilities before distributions occur. Many clients use life insurance or dedicated funds to prevent debts from reducing inheritances.
2. Choose Your Beneficiaries
The primary purpose of estate planning in Indiana is to empower people to spell out exactly who should receive their assets. You have the right to choose who gets how much. If you do not document this wish, your assets will be distributed according to state law, and those rules may or may not align with what you have wanted.
Now that you’ve identified your assets, you can make another list of who you would like to receive an inheritance. These people are your beneficiaries. The process of choosing beneficiaries can range from easy to agonizing. People sometimes struggle with decisions because they may want to make unequal divisions between heirs or leave someone out entirely. The possibility exists that any decision that you make could upset someone even if you feel that you are being fair.
As you decide who will be your heirs, you need to name contingent beneficiaries. Although everyone needs backup beneficiaries if something terrible happens to a primary beneficiary, naming contingents is especially important with elderly estate planning. The heirs of the elderly are often other older people, and as a result, older beneficiaries have a heightened chance of predeceasing you.
If you anticipate sensitivity about your beneficiary choices, you could seek advice from an estate planning lawyer. At Webster & Garino, LLC, we have advised many people over the years as they navigated decisions about their estates.
3. Consider Your Beneficiaries’ Circumstances
When selecting beneficiaries, it is essential to evaluate their individual circumstances. For minor children or young adults, a trust may be appropriate to manage distributions responsibly. Trusts are also useful when beneficiaries face debt, divorce, or financial instability.
Questions such as trustee vs beneficiary, beneficiary vs trustee, and difference between trustee and beneficiary often arise during this stage. An estate lawyer can explain how trusts protect assets and whether using a trust to protect assets in divorce is appropriate under Indiana divorce laws.
4. Learn About Wills and Trusts
Writing a last will and testament is a standard way to officially document who is to receive your possessions, real estate, assets, and other financial gifts. For parents of minor children, you would also use your will to state your choice of guardian should both parents die.
At a minimum, anyone with possessions needs a will, but people may also choose to create one or more trusts. Trusts serve as an alternative legal vehicle for controlling the transfer of assets. Not everyone necessarily needs to create a trust. They involve administrative costs but offer substantial flexibility and privacy for meeting a number of estate planning goals. Trusts are often employed to protect assets and avoid the delays associated with probating a will.
Once you decide how to use a will or a will and a trust to structure your estate plan, then you insert your beneficiary choices. In your will, you name exactly who receives which items. With a trust, you must name one or more beneficiaries. Keep in mind, you do not have to use either legal tool for all transfers. A named beneficiary on a bank account, brokerage account, retirement account, or life insurance policy will automatically receive the account’s value upon your passing. Not even a will can supersede the beneficiaries listed on your accounts. For this reason, you should review your beneficiaries carefully to make sure no aspect of your estate plan is in conflict with your wishes.
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5. Plan for Healthcare Decisions
Unexpected incapacity can happen at any age. An advance directive includes a healthcare power of attorney and living will. The agent you name has immediate authority to make medical decisions if you cannot communicate.
Even individuals with limited assets benefit from completing this portion of estate planning. It provides clarity, reduces stress for loved ones, and ensures your wishes are respected. Many people searching for power of attorney near me or power of attorney lawyers near me begin their estate planning journey here.
6. Decide Who Will Act As Your Agents
*Some of the most complex decisions with estate planning in Indiana come down to choosing the people who will administer your estate plan. You will need to designate one or more of the following:
- Executor of the will
- Trustee
- Agent or attorney-in-fact
- Guardian
The person or people you choose need to be willing to take on the role. Your agent should have the time and aptitude to manage the necessary tasks. An executor of a will needs to interact with the probate court, and a trustee will usually be responsible for completing annual accounting reports and asset management.
7. Schedule a Free Consultation With an Estate Lawyer
Webster & Garino LLC provides confidential estate planning guidance for individuals and families across Indiana. Our attorneys help clients create wills, trusts, powers of attorney, and probate-ready plans that align with long-term goals and family needs.
If you are searching for an estate planning attorney near me, estate lawyer near me, or trusted Indiana law firm, contact Webster & Garino LLC today. We offer a complimentary consultation to help you get started. Call 317-406-4873 or email our office to schedule your appointment.
