Everyone needs some type of estate planning if they own assets. Most people think estate planning is only for those who have great wealth, but, the fact is you can save your family time, and money if you have a plan in place before our death. This also makes your wishes clear, so your family members do not have to guess what you may have intended.
Deciding on a Will or Trust
One of the issues to be resolved will be whether a trust or will is the centerpiece of your estate plan. For most people, a simple will suffices. However, there are situations where a trust is more appropriate. An estate planning attorney will help you determine which works best for your present financial status but can also provide guidance on when it may be worth considering a change.
Business Owners Estate Planning Challenges
If you are a full, or part owner of a business, estate planning presents some unique challenges. You will have to deal with the disposition of business assets as well as personal assets. In many cases, this is best handled by developing a succession plan for your business. When drafted by an attorney who understands business succession, these plans include contingencies for what happens to your business in the event of disability, divorce, or death.
When you have been tasked with the responsibility of handling someone’s estate, either because you were the named executor, or the court appointed you, it is best to consult with an attorney. The administration of an estate must be done in accordance with certain rules including providing notification of heirs and creditors.
Whether you need assistance with drafting a new estate plan, drafting a succession plan for your business, or need help with the administration of an estate in Huntington County, contact Delaney Hartburg Roth & Garrott LLP in Huntington, Indiana.