Estate Planning: A Necessity for All

What do you think when you hear the words “estate planning?” Most likely, the image that comes to mind is one of a wealthy older person doling out hundreds of thousands (or millions) of dollars’ worth of cash and property. And while it is very true that estate planning is important for wealthy individuals, what most people do not realize is that estate planning is just as important for middle-class and working-class folks. Put simply, proper estate planning is the key to building intergenerational wealth that allows your children and grandchildren to climb closer to the top of the socioeconomic ladder. As we have discussed in a previous post, proper estate planning can allow you to transfer your bank accounts, home, and any other property you may have to your heirs with minimal court interference.

Many of us think that we will handle things like estate planning when we get older and closer to death – after all, we don’t like thinking about our own mortality. Unfortunately, over 250,000 people die every year in the United States prior to the age of 50—long before most ever think that death is a realistic probability. A large portion of these occurrence are the result of something quick or unexpected like an accident or a heart attack, something that doesn’t leave much time for setting their affairs in order.

If you die without a will, Indiana law, and not your family, decides how your property will be divided. The courts will get involved and divide your property up between your family members according to rules it is required to follow under state law, which may leave certain family members (such as an unmarried partner, stepchildren, favorite nephew or niece) out of the equation…and if family members cannot be located, it could mean the state gets your property. It is best for you and your family if you take steps now to plan your estate, large or small, to avoid unforeseen problems and allow your heirs to have the easiest transition and the best life possible once you are gone.

See the Estate Planning attorneys at McNeelyLaw for all your estate planning needs, big or small!

This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.