Reasons to Consult with an Estates Attorney in Sullivan, Indiana
While some people think they must have property and valuables in order to possess a true estate, that is not the case. An estate is simply whatever belongings and assets the individual owns. For this reason, just about everyone has a good reason to consult an estates attorney in Sullivan, Indiana at some point. Here are some of the tasks that call for help from this type of attorney.
Preparing Basic Documents
There is always the possibility of becoming unable to manage assets. Perhaps an accident or illness will make it impossible to oversee those assets for a period of time. Maybe a permanent disability will mean a trusted loved one must manage the task. An estates attorney in Sullivan, Indiana can prepare basic documents to help direct the estate if the client should pass away.
Medical and other powers of attorney will ensure that if the client does become incapacitated, there is someone designated to take up specific duties and conduct them according to any instructions provided by the client in advance. In some cases, those powers of attorney will remain in place until the client is well enough to take care of those tasks without help. Many of the documents are structured so they become null and void if the client passes away.
Having a last will and testament in place helps to ensure all the assets of the client are passed on to others in accordance with the wishes expressed in the document. A well-crafted simplifies the matter of settling the estate and minimizes the chances of anyone trying to seize assets intended for another party.
Setting Up Trusts
The attorney can also help with setting up trust funds for children and grandchildren. The goal is to structure the trust so it can provide the financial support intended by the client. For example, the trust may be specifically for covering the costs of college. If any money is left after the child or grandchild graduates, the balance can be given to the beneficiary.
Once everything is in place, it will be easier to know that loved ones will be provided for when the time comes.