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Estate planning essentials for grandparents in Indiana

On Behalf of | Aug 23, 2022 | Probate

Do you have grandchildren? If so, it’s important to start thinking about estate planning. When you die, you want to make sure your grandchildren are taken care of. There are a few different things you can do to make sure this happens.

Create a comprehensive will

A will allows you to specify who gets what when you die. Without a will, your assets could go to someone you don’t want them to go to. The first step in creating a will is to sit down and inventory all of your assets. This includes your savings, investments, property and anything else of value. Once you know what you have, you can start thinking about who you want to leave it to. It’s important to name a guardian for your grandchildren in your will. This person will be responsible for taking care of them if something happens to their parents.

Set up a trust

A trust is a legal entity that can hold assets on behalf of someone else. You can use a trust to leave money or property to your grandchildren. The trustee will be responsible for managing the assets and making sure the beneficiaries (your grandchildren) get what they’re entitled to. Trusts can be revocable or irrevocable. A revocable trust can be changed at any time, while an irrevocable trust cannot.

Get powers of attorney

A power of attorney is an estate planning document that gives someone else the authority to make decisions on your behalf. This can be helpful if you become incapacitated and are unable to make decisions for yourself. There are two types of powers of attorney: financial and medical. A financial power of attorney gives someone else the ability to manage your finances. A medical power of attorney gives someone else the ability to make medical decisions on your behalf.

Estate planning can seem like a daunting task, but it’s important to do if you want to make sure your wishes, which may include ensuring the wellbeing of your grandchildren, are carried out. Just remember to take your time, do your research and seek professional help if needed.