5 Things Your Estate Planning Attorney Needs to Know
The decisions made when creating an estate plan are highly personal decisions. Understandably, it may be uncomfortable to discuss those decisions with others; however, you will need to share things with your estate planning attorney to create a successful estate plan that works as intended. In fact, failing to be completely open and honest with your attorney could jeopardize the success of your overall estate plan. With that in mind, the Indianapolis estate planning attorneys at Frank & Kraft discuss five things your estate planning attorney needs to know.
- An accurate and complete picture of all your assets. Like most people, you are probable hesitant to discuss your finances and the value of your estate assets with other people. Generally, there is no reason why you would need to discuss your assets, much less the value of those assets, with other people; however, your estate planning attorney needs to know all that — and then some. To protect your assets, both now and in the future, your attorney needs to know exactly what assets you have and what they are worth. We all get in the habit of doing things such as trying to undervalue assets for tax purposes or hide assets from ex-spouses that we sometimes must adjust our mindset when it comes to estate planning. Remember, your attorney is on your side.
- A true and complete list of potential legal heirs. For many people this is simple – and you may wonder why it is even included. For others though, it can be critical to protecting their estate. Your estate planning attorney needs to know about all your children and grandchildren because any child or grandchild could inherit from your estate or contest your Will. Even if you have not spoken to a child in many years, you still need to include that child in your estate plan – if for no other reason than to specifically disinherit that child. Likewise, if you adopted a child, or gave a child up for adoption, your attorney needs to know so the child can be addressed in your plan if necessary.
- An accurate assessment of your current health. Knowing where your health stands is crucial to creating a successful estate plan because specific steps need to be taken immediately if your health is questionable. If you are concerned about your health, or have been diagnosed with any health issues, your estate planning attorney needs to know. That also applies if your health changes at any point in the future.
- The identity of anyone you believe is likely to contest your Will. That child mentioned earlier that you have been estranged from for years — your attorney needs to know about that relationship in the event he/she decides to contest your Will. Any other heir or beneficiary that you feel might be unhappy with the terms of your Will should be mentioned as well. You cannot do anything to guarantee no one will contest your Will; however, there are steps you can take to discourage doing so.
- Your beliefs regarding end-of-life care, funeral and burial services, and anything else you feel may be pertinent. Strongly held religious or spiritual beliefs can play an important role in an estate plan. Advanced directives and funeral planning are two areas where your faith and religious beliefs become particularly important. If those beliefs cause you to have specific ideas about the care you receive (or would prefer not to receive) in the event you are suffering from a terminal illness or condition, you have the ability to ensure that your beliefs and wishes are honored through careful estate planning.
Contact Indianapolis Estate Planning Attorneys
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about estate planning, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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