What is an estate plan?

An estate plan is a set of instructions and documents that provides for the distribution of an individual’s assets upon their death. It is a way to manage the estate of the deceased, make sure their wishes are carried out, and avoid probate court. In the state of Indiana, an estate plan can include a will, living will, trust, guardianship papers, and funeral arrangements. A will is a document that outlines how a person’s assets will be distributed after they pass away. A living will is a document that outlines the medical treatments someone wishes to receive and when they should be administered. Trusts can be used to protect assets and manage how they are distributed after death. Guardianship papers are used to appoint a legal guardian or conservator to care for a minor or disabled person. Finally, funeral arrangements can be set up and paid for ahead of time. An estate plan is an important part of any individual’s financial plan. It helps to ensure that their wishes will be carried out after their death and that their assets will be distributed according to their wishes. It can also help to avoid the cost and time of going through probate court. For legal advice on estate planning in Indiana, individuals should always consult an attorney or certified financial planner.

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