Question 1

Who Should Have an Estate Plan?

Accepted Answer

All adults should have an estate plan to ensure that they designate who will make their medical and financial decisions when they cannot, and to transfer their assets as they choose at their death.

Question 2

Why Is Estate Planning Important?

Accepted Answer

Without a will, Indiana intestate law controls who inherits your assets, even if you specifically told family members who should inherit specific assets.

Question 3

What Is Included in Comprehensive Estate Planning?

Accepted Answer

A well-crafted estate plan will address matters including:
•	who will take care of your medical and financial needs if you cannot;
•	ensuring that, should you become incapacitated, your desires are clearly conveyed in writing, in legally binding documents;
•	how and when your beneficiaries will receive assets after your death; and
•	strategizing for the efficient and tax-favorable transfer of assets.
An experienced estate planning attorney can guide you through these decisions. At Scott Williams Law, we work closely with clients to create a comprehensive estate plan that prepares for life’s expected and unexpected events.

Question 4

Can Indiana Estate Planning Help Shield Clients from Excessive Taxation?

Accepted Answer

Yes. U.S. tax regulations present a complex web of rules, and it is imperative to engage an experienced estate-planning attorney to assist in planning your estate to reduce, and ideally minimize, federal estate tax.

Question 5

What Documents Are Included in a Comprehensive Indiana Estate Plan?

Accepted Answer

Estate planning isn’t a one-size-fits-all endeavor. Individual requirements and goals drive the unique blend of documents in each estate plan. Commonly, these might encompass a last will and testament, one or more trusts, healthcare powers of attorney, advance directives, powers of attorney over property, and payable-on-death (POD) or transfer-on-death (TOD) account and asset designation. At Scott Williams Law, we guide our clients to craft an estate plan best suited to their particular needs.

Question 6

How Often Should I Review and Update My Estate Plan?

Accepted Answer

It is important to review and update your estate plan periodically to ensure that it reflects your current wishes and circumstances. Here are some general guidelines:
	Regular Intervals. At a minimum, individuals should review their estate plan every three to five years. Even if you believe that nothing has changed, it is a good practice to periodically reevaluate your estate plan with an estate-planning attorney, so that you know what the current tax laws are, and to determine whether any amendment to your plan is advisable.
	Major Life Events. It is imperative to update your estate plan after significant life changes, including:
	marriage or divorce;
	birth or adoption of a child or grandchild;
	death of a beneficiary or named representative including power of attorney, executor, guardian, or trustee;
	inheritance or acquisition of significant assets; and
	retirement.
	Relocation. If you move to a different state or country, it’s essential to ensure that your estate plan complies with local laws.
	Change in Financial Situation. Significant increases or decreases in the value of an estate, starting or selling a business, or other major financial changes can impact an estate plan, and are a good trigger for a reevaluation.
	Changes in Tax Laws. Tax laws, especially those related to estates and gifts, can change. It is important to ensure your estate plan is optimized for the current tax environment.
	Changes in Relationships. If your relationship with a person named in your will changes (e.g., a falling out with a named beneficiary or trustee), you may want to update your estate plan.
	Changes in Your Wishes. Over time, your preferences regarding asset distribution, healthcare decisions, or guardianship may evolve. Your estate plan should evolve with your preferences.
	Establishment or Dissolution of Trusts. If you have set up trusts or wish to dissolve existing ones, you should revisit your estate plan.

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