Rushville Republican

News

February 7, 2014

Estate Planning: What you need to know

Estate planning can be a long process but well worth it in the long run. With the help of a lawyer or attorney, the task can be completed in no time. Whether you believe it or not, just about everyone has an estate. Your estate could be your car, home, checking or savings accounts, investments personal possessions and much more.

Estate planning is basically an arrangement for distribution of one’s wealth, property and assets after they have passed in a form of a will or trust. It is best to make your own plan, if not the state will make one of their own.

“Estate planning is important because you have the absolute right to designate what you want to happen to your assets upon your death if you have not already provided for such disposition during your lifetime,” Ronald L. Wilson of Badell & Wilson, P.C. said. “By that I mean, it is your property, you should direct its distribution as you so wish rather than having the State of Indiana ultimately do that on your behalf.”

Planning your estate now will benefit you in the end. Whether you’re young or old an estate can benefit you tremendously. If you act now, you won’t have to worry about what could happen to your family if your life doesn’t follow the normal progression or even making bad decisions when you are running out of time.

“A will needs to be prepared whenever a person has assets that he or she owns in their own name, that are not jointly owned with a spouse or some other individual,” Wilson said. “That instrument, again, directs what you want to happen to those assets upon your demise. You can also establish a trust during your lifetime or in the will, which provides for distribution of your assets at your death which is advisable especially if you have children under age 18 or if you have older children who have not yet, in your judgment, achieved maturity to deal, responsibly, with assets that they control or could ultimately control.”

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