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Will & Estate Planning Resources
Why Estate Law Matters To You
What happens after you die? There are many things to consider when it comes to the end of your life, such as what will happen to your estate? How will your final debts and taxes be paid off? How can you secure your family's welfare now so they aren't saddled with too many responsibilities later?
Speak to an Experienced Attorney now
Even common legal matters can become complex and stressful. A qualified estate planning lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact Patrick O'Connell Law to discuss your estate planning needs.
Durable Power of Attorney
Indiana Power of Attorney
The durable power of attorney is a legal method of ensuring that your financial and health care needs are taken care of should you become incapacitated or incompetent to make your own decisions. Indiana law allows you to assign a trusted adult the power of attorney over your affairs to act on your behalf. You can specify what kinds of power you want the representative to have or not have during specific situations, such as if you're comatose or your health has degraded your competency.
A Last Will and Testament (or simply a "will") is a document in which you can manage the distribution of your estate to beneficiaries and arrange for your minor children's guardianship should you have no surviving spouse to care for them.
Trusts are an alternative estate planning method Indiana residents can use apart from a will. There are specific advantages to using trusts to manage the distribution of your estate after death, such as lower estate taxes, privacy and avoiding probate. However, trusts can be needlessly expensive if you're inexperienced at setting one up or managing it.
A trust is created when you (the settlor or trustor) transfer ownership of assets to another person (the trustee). The trustee manages the trust's assets as if it were their own but to the settlor's benefit. After the settlor's death, the trustee transfers the assets to specified beneficiaries.
There are many different types of trusts in Indiana. These are three of the most common trusts used in estate planning:
Revocable Trusts—Also known as "living trusts." The settlor reserves the right to change or revoke a revocable trust during their lifetime.
Irrevocable Trusts—The settlor doesn't have the right to change or revoke an irrevocable With an irrevocable trust, you can effectively remove the trust assets from your estate and your legal ownership, resulting in lower estate taxes.
Testamentary Trusts—This type of trust is created in the language of a will. You can delay the distribution of your trust assets to a later date after your death.
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*All information displayed on the Patrick O'Connell Law website is informational and shall not be deemed as legal advice. If you’re currently dealing with an individual legal situation, you’re invited to contact me through email or by phone. Until an attorney-client relationship has been established, I urge that you avoid sharing any confidential information.
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