Most of us don't spend much time thinking about what would happen if we became seriously ill or couldn't make decisions for ourselves. We assume there will be time to handle those things later.
Unfortunately, life doesn't always give us that opportunity.
Imagine your spouse is hospitalized after an unexpected medical emergency. You need to speak with doctors, manage household finances, and make sure the bills are paid. You know what your spouse would want, but you discover that you don't have the legal authority to handle certain decisions. It's a situation no family wants to face.
A recent Reuters article, "Death and illness aren't fun to talk about. Ignoring them costs more," highlights an important reality: avoiding uncomfortable planning conversations today can leave families facing greater financial and emotional burdens later. At Vick Law, we encourage families to think about estate planning as something that helps protect their interests while they're living, not simply a way to distribute property after death.
Five Documents Worth Having in Place
You don't have to be wealthy or approaching retirement to benefit from estate planning. Every adult should consider having these essential documents:
- Financial Power of Attorney: Allows someone you trust to manage financial matters on your behalf, according to the authority granted in the document. This may include paying bills, handling banking transactions, or managing property if you become unable to do so yourself.
- Healthcare Representative Appointment: In Indiana, you can designate someone to make healthcare decisions when you cannot make them yourself. Choose someone who understands your wishes, can communicate with medical professionals, and is comfortable making difficult decisions.
- Advance Healthcare Directive: Provides guidance about your medical treatment preferences if you cannot communicate your wishes. This can help loved ones and healthcare providers understand your priorities during a medical crisis.
- HIPAA Authorization: Allows designated individuals to receive certain protected medical information. Without appropriate authorization or another legal basis for disclosure, family members may encounter limitations when trying to obtain information about your care.
- Last Will and Testament: Explains how you want property governed by your will distributed after death and identifies someone to handle the administration of your estate. For parents of minor children, a will can also include guardian nominations.
These documents serve different purposes, and some healthcare planning provisions can be combined. An attorney can help determine which documents and arrangements are appropriate under Indiana law.
Choosing the Right People Matters
One of the most important estate planning decisions isn't about money. It's about trust. Who would you want handling your finances if you couldn't? Who would you trust to speak for you during a medical emergency? Those responsibilities don't necessarily need to go to the same person.
Your financial agent should be responsible, organized, and capable of handling financial matters. Your healthcare representative should understand your values, respect your wishes, and be willing to communicate with medical professionals and family members during difficult circumstances. Choosing someone simply because they're your oldest child or closest relative may not always be the best approach.
The goal is to select people who are willing and able to carry out your wishes.
Don't Forget Beneficiary Designations
Many people are surprised to learn that their will doesn't necessarily control everything they own. Life insurance policies, retirement accounts, and certain financial accounts often pass according to their beneficiary designations rather than instructions in a will. For example, if you named a beneficiary on your retirement account 15 years ago and never updated it, that designation may still control who receives the account, even if your family circumstances have changed. Marriage, divorce, births, and deaths are all good reasons to review these designations. Your estate planning documents and beneficiary arrangements should work together.
Would a Trust Make Sense for Your Family?
A will is an important starting point, but some families may benefit from additional planning through a trust. A revocable living trust can allow you to manage assets during your lifetime while establishing instructions for how properly funded trust assets should be managed if you become incapacitated or after your death. For example, a successor trustee may be able to step in and manage assets held in the trust without requiring the same court involvement that might otherwise be necessary. Properly funded revocable trusts may also allow certain assets to pass outside probate. However, a trust isn't necessary for every family, and creating one doesn't automatically mean all your assets are covered. The trust must be structured and funded appropriately.
At Vick Law, we help clients understand the differences between wills and trusts so they can make informed decisions based on their family circumstances, assets, and goals.
When Should You Review Your Estate Plan?
Estate planning isn't something you should complete once and forget about. As a general practice, consider reviewing your documents every three to five years, or sooner when something significant changes. A marriage, divorce, new child or grandchild, death in the family, health diagnosis, or substantial financial change may affect whether your existing documents still accomplish what you intended. It's also important to review the people you've named to make decisions. Someone who was the right choice ten years ago may no longer be available or appropriate for that responsibility. Even if your circumstances haven't changed, laws and planning considerations may have.
How Vick Law Can Help You Plan Before a Crisis
We understand why people put off estate planning. It's uncomfortable to think about illness, incapacity, or death, especially when life is going well. However, we've seen how much more difficult these situations can become when families don't have appropriate legal documents in place. Without proper planning, loved ones may face delays, uncertainty, or the need for court involvement to obtain authority to manage certain affairs. We want to help families throughout Greenwood, Center Grove, and Southside Indianapolis prepare for these possibilities.
Whether you need your first will, updated powers of attorney, healthcare planning documents, or want to explore whether a trust makes sense, our team can help you understand your options and develop a plan tailored to your circumstances.
You don't need to wait for a health scare or family emergency to begin.
Contact Vick Law to schedule an estate planning consultation.
Vick Law, P.C.
Estate Planning | Elder Law | Medicaid Planning
3209 W. Smith Valley Rd., Suite 113
Greenwood, IN 46142
(317) 884-3133
Key Takeaways
- Estate planning matters at every age. Serious illness or incapacity can happen unexpectedly, regardless of your financial situation.
- Prepare for decisions during your lifetime. Financial powers of attorney and healthcare planning documents can help trusted individuals act when needed.
- Choose your decision-makers carefully. Financial and healthcare responsibilities require different strengths, and the same person doesn't have to fill both roles.
- Review beneficiary designations. Retirement accounts and life insurance policies may pass outside your will.
- Keep your plan current. Review your documents every few years and after major family, financial, or health changes.
This article is for general educational purposes only and does not constitute legal advice or establish an attorney-client relationship. The appropriate estate planning documents and their legal effects depend on individual circumstances and applicable Indiana law.
Reference: Reuters (Sep. 9, 2026) “Death and illness aren’t fun to talk about. Ignoring them costs more”
