Estate planning can sometimes appear complicated, full of acronyms and sophisticated sounding concepts. While it is true that estate planning can be complicated, in its simplest form, an Indiana estate plan should consist of at least the following four documents:
- Last Will and Testament. In its most basic form, your Will provides for you to direct the distribution of your assets titled to your name individually upon your death and appoint a person (or persons) to administer your estate upon your death. If you die without a Will, assets titled in your individual name may be subject to intestate administration.
- Appointment of Health Care Representative. Also called Health Care Proxy and Health Care Power of Attorney, this document provides for the appointment of a person (or persons) to make medical decisions for you in the event that you are incapacitated and unable to make decisions for yourself.
- General Durable Power of Attorney. In your General Durable Power of Attorney, you name a person (or persons) to make financial decisions for you in the event of your incapacity.
- Living Will. Your Living Will allows you to state your preferences regarding end of life decisions in the event of an incurable illness or persistent vegetative state.