Contemplation of death isn’t a fun or easy topic. On occasion, during estate planning meetings with clients, a few people have even stated “if I die” rather than “when I die.” The mortality rate for this life is 100%; no one makes it out of here alive. Planning is part of being a responsible person. It’s easier for the people still here to have a set of instructions then to go through the transition of a loved one’s final affairs without any guidance or road map.
If your estate plan is no plan, then all your assets that you own will be distributed per Indiana statute. Meaning, strangers have determined who your beneficiaries are. That adult child you haven’t seen in 10 years – he’s included. The ex-wife who is still listed as a beneficiary on your big life insurance policy – that goes to your ex not your current spouse. Single person with no children, then your siblings and parents are your beneficiaries.
Do you have a power of attorney instrument? What about a living will or advanced health care directive? Who will make decisions for you when you are unable?