When you hear the words “estate planning,” you might picture retirement, substantial assets, or a conversation that can wait until much later in life.
In reality, estate planning is about much more than deciding what happens to your property after you die. It is about making decisions now so the people you trust know your wishes if something unexpected happens.
For adults in Indiana, an estate plan can provide important protections at virtually every stage of life—from turning 18 and heading to college to getting married, raising children, owning a business, buying a home, or preparing for retirement.
Estate planning isn’t just for retirees. It is an important part of planning for adulthood.
What Is an Estate Plan?
An estate plan is a collection of legal documents designed to communicate your wishes and identify the people who can act on your behalf when necessary.
Depending on your circumstances, an Indiana estate planning attorney may recommend documents such as:
- A last will and testament
- A trust
- A financial power of attorney
- Health care directives
- Beneficiary designations
- Guardianship provisions for minor children
- Documents addressing the transfer or management of business interests
Not everyone needs the same documents. A good estate plan should reflect your family, finances, responsibilities, and goals.
You're 18. Do You Really Need an Estate Plan?
Turning 18 creates an important legal transition.
Parents who have spent years making decisions for their children may no longer automatically have the same authority once their child becomes an adult.
That can matter if a young adult experiences a serious illness, accident, or other emergency.
For college students and other young adults, estate planning may be less about distributing significant assets and more about answering questions such as:
Who should be able to handle financial matters for me if I cannot?
Who should be involved in health care decisions?
Who should receive the property or accounts I do have?
Estate planning at this age can be relatively straightforward, but the documents can still be important.
Estate Planning Becomes Even More Important When You Start a Family
Marriage, children, and homeownership are some of the biggest reasons to revisit estate planning.
If you have children, a will provides an opportunity to express your wishes concerning who should care for your minor children if both parents are unable to do so.
You may also want to consider how assets should be managed for children who are too young to handle an inheritance themselves.
For married couples, estate planning provides an opportunity to look beyond simply “leaving everything to my spouse” and consider what should happen if both spouses die, one spouse becomes incapacitated, or family circumstances change.
What Happens If You Don't Have an Estate Plan in Indiana?
One common misconception is that if you do not create an estate plan, nothing has been decided.
The opposite is closer to the truth.
Indiana law provides rules governing how certain property is distributed when someone dies without a valid will. Those rules may produce an outcome you would have chosen—but they may not.
Creating an estate plan allows you to make intentional decisions rather than relying entirely on the default rules established by state law.
It can also help your family understand your wishes during what may already be a difficult time.
Estate Planning Isn't Only About What Happens After Death
This may be one of the most overlooked reasons younger adults need estate planning.
Some estate planning documents address what happens while you are still alive.
For example, a properly prepared power of attorney can designate someone you trust to handle authorized financial matters if you become unable to manage them yourself.
Health care planning can also allow you to document your wishes and designate someone to participate in important medical decisions when appropriate.
An accident or serious illness can happen at any age. Having these decisions documented before an emergency occurs can provide valuable clarity for you and your family.
Homeowners Have Another Reason to Plan
Buying a home is often one of the largest financial milestones in someone’s life.
Once real estate becomes part of your assets, it is important to consider:
- Who should inherit the property?
- How is the property titled?
- Is there a mortgage?
- What happens if more than one person inherits it?
- Does the property fit into a larger estate or trust strategy?
Estate planning can help make the eventual transfer of property more intentional.
Business Owners Have Even More to Consider
For entrepreneurs and family business owners, estate planning and business planning frequently overlap.
A business owner should consider what would happen to the company if the owner unexpectedly died or became unable to manage it.
Questions may include:
- Who can operate the business?
- Who inherits the owner’s interest?
- Should family members inherit ownership?
- Is there a succession plan?
- Are there buy-sell agreements?
- How will ownership transfer affect employees or business partners?
Waiting until retirement to answer these questions can leave significant uncertainty for everyone involved.
Your Estate Plan Should Change as Your Life Changes
Estate planning is not necessarily something you complete once and forget.
Major life events are good opportunities to review your plan.
Consider reviewing your estate plan after:
- Marriage
- Divorce
- The birth or adoption of a child
- The birth of grandchildren
- Buying or selling significant property
- Starting or selling a business
- A major change in financial circumstances
- The death of a spouse or beneficiary
- Moving to another state
- Retirement
Even without a major life change, periodically reviewing your documents can help ensure they continue to reflect your wishes.
An Indiana Estate Planning Checklist
If you’ve never created an estate plan, a good starting point is taking inventory of your circumstances.
Consider the following estate planning checklist:
- List your major assets and financial accounts.
- Review how your property is titled.
- Review beneficiaries on insurance policies and retirement accounts.
- Decide who you trust to handle financial matters if necessary.
- Consider who you would want involved in health care decisions.
- Decide who you want to receive your property.
- If you have minor children, consider your wishes regarding guardianship.
- If you own a business, review your succession plans.
- Discuss your needs with an Indiana estate planning attorney.
- Review your plan periodically as your life changes.
The Best Time to Plan Is Before You Need the Plan
Estate planning can be easy to postpone because there is rarely a perfect time to think about illness, incapacity, or death.
But that’s precisely why planning ahead matters.
An estate plan isn’t simply about preparing for the end of life. It is about protecting the life, family, property, and responsibilities you have today.
Whether you’re 18, 38, or 78, having a plan can give you greater control over important decisions and provide clearer direction for the people you care about.
If you’re ready to begin your estate plan or review documents you already have, the attorneys at DKK can help you understand your options under Indiana law and create a plan appropriate for your circumstances.
This article is provided for general informational purposes only and does not constitute legal advice. Estate planning needs and legal requirements vary depending on individual circumstances. Consult a qualified attorney regarding your specific situation.
Frequently Asked Questions
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At what age should I create an estate plan in Indiana?
Estate planning can begin once you become an adult. Indiana law generally permits a person who is at least 18 years old and of sound mind to make a will. Even young adults without substantial assets may benefit from documents addressing financial and health care decisions.
Do I need an estate plan if I don't have many assets?
Estate planning isn’t limited to people with significant wealth. Your plan may address who receives your property, who can handle certain financial matters for you, your health care wishes, and other important decisions.
What happens if I die without a will in Indiana?
When someone dies without a valid will, Indiana’s intestate succession laws generally determine how property subject to those laws is distributed. The result may not necessarily match what the person would have chosen.
Do I need both a will and a trust?
Not everyone needs a trust. Whether a will alone is appropriate or a trust should be part of your estate plan depends on factors such as your assets, family situation, goals, and how you want property managed and transferred. An estate planning attorney can help determine which approach is appropriate.
Should my college-age child have estate planning documents?
Once a child becomes a legal adult, parents may no longer have the same automatic authority to make certain decisions or manage matters on their behalf. Young adults may benefit from discussing powers of attorney, health care planning, and a basic will with an attorney.
Why do parents of minor children need an estate plan?
Parents can use estate planning to document their wishes regarding guardianship and establish how assets should be managed for children. Without advance planning, families may have fewer instructions to follow if something happens to both parents.
Do powers of attorney only apply to older adults?
No. An accident or illness that prevents someone from managing their affairs can occur at any age. A power of attorney can authorize a trusted person to handle specified matters according to the terms of the document.
When should I update my estate plan?
Consider reviewing your estate plan after major events such as marriage, divorce, having a child, buying significant property, starting or selling a business, moving to another state, the death of a beneficiary, or a substantial change in your finances.
Can I create an Indiana estate plan myself?
Estate planning documents are subject to legal requirements, and seemingly small mistakes can create unintended consequences. Working with an Indiana estate planning attorney can help ensure the documents are properly prepared and work together as part of an overall plan.
How do I start estate planning?
Begin by gathering information about your assets, accounts, property, beneficiaries, family circumstances, and the people you trust to make important decisions. An estate planning attorney can then help identify the documents that may be appropriate for your situation.