Is Estate Planning Only for the Wealthy?

You may not feel like it, but you have an “estate”: property and other assets that belong to you and that will be given to others upon your death.

The Myth Of Estate Planning

Unfortunately, a prevailing perception amongst many individuals in Valparaiso and across Indiana is that there is a “magic income level” that you must reach before thinking of an estate plan. In other words, some individuals believe you must have $500,000 (or a million dollars, or five children, or be over the age of 65 years) before it becomes necessary to create an estate plan. Not only is this perception wrong, but it can cause serious financial harm to families who may not have very much property or wealth.

Who is Planning for You and Your Family?

There is no such thing as “having no plan.” The simple truth is, if you do not make your own estate plan for your family, the law of Indiana will “make” a plan for you. This is because any individual who dies in the State of Indiana without a will, a trust, and/or other estate plan in place is said to have died intestate, and Indiana’s laws will dictate how the person’s assets and property will be distributed. Therefore, creating an estate plan (regardless of the amount of wealth you may have) is critical if you want to have control over where your property goes after your death.

Other Compelling Reasons You Need an Estate Plan

An estate plan does far more than simply tell a court where your property and assets ought to go after your death (although, to be sure, this is an important purpose of an estate plan). Your estate plan will also provide important directions concerning:

Who is able to make important healthcare decisions for you (such as whether your life should be prolonged through artificial means) in the event you are rendered unconscious or are in a state wherein you cannot make these decisions for yourself;

Who can carry on your financial business and affairs or access funds you may have saved in a bank or other institution if you are not capable of doing so yourself;

Who will care for your children in the event you and the children’s other parents both die or are otherwise incapacitated;

Who will care for your pets if you die, and from where the assets to care for these pets will come.

Whether your assets can and will be managed for the benefit of future generations of your family.

Contact a Valparaiso Estate Planning Lawyer at CCSK Law Today

No matter your net worth or the value of your assets, you can obtain many benefits from speaking with an estate planning lawyer at CCSK Law and creating your personalized estate plan. Our experienced estate planning legal team will analyze both your financial and familial situation as well as the goals you hope to accomplish after your death. Do not delay – reach out to CCSK Law today by calling (219) 230-3600 and set up your initial meeting with a member of our estate planning legal team.