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Facts about wills, trusts and advanced directives

On Behalf of | Aug 22, 2022 | Trusts, Wills

Making preparations for the future is one of the most important things that you can do for yourself and your loved ones in southern Indiana. This includes making arrangements for your healthcare in case you are no longer able to make decisions for yourself as well as setting up a will and trust.

Advanced directives

Advanced directives are legal documents that allow you to specify your wishes for end-of-life care in the event that you are no longer able to make decisions for yourself. This can include things like whether or not you want to be on life support as well as what kind of medical treatment you do or don’t want to receive. Usually, you get to appoint a surrogate decision-maker – someone who you trust to make these decisions for you and who understands your wishes.

Wills

A will is a legal document that allows you to specify what you want to happen to your assets after you die. This includes things like who will inherit your property as well as any specific instructions on how you want your estate to be handled. You can also use your will to appoint a guardian for minor children. Wills must be in writing and signed by you and witnesses in order to be valid.

Trusts

A trust is a legal arrangement in which you, the grantor, transfer assets to a trustee, who holds and manages the assets for the benefit of another person, the beneficiary. There are many different types of trusts, but they all share these basic features, including the beneficiary, the trustee and the assets. Trusts can be used for a variety of purposes, including asset protection, tax planning and estate planning.

Making these preparations now can save your loved ones a lot of heartaches later on. So take the time to sit down and think about what you want – it’ll be worth it in the end.