If you have yet to create an estate plan, you have undoubtedly listened to well-meaning family members and friends urging you to get started on your plan. What these people may not have explained is why it is so important to have an estate plan in place. Without an estate plan, the State of Indiana essentially creates a plan for you. To help you better understand the importance of estate planning, the Indianapolis attorneys at Frank & Kraft explain what happens if you die without an estate plan in Indiana.
Indiana Intestate Succession Laws
When you die without an estate plan, referred to in legal terms as dying “intestate,” the Indiana intestate succession laws effectively create your estate plan for you. Intestate succession laws determine who will inherit from your estate and in what percentage they will inherit from your estate. Under the Indiana intestate succession laws your estate assets will be distributed to your closest relatives first with more distant relatives inheriting if you are not survived by closer relatives. To give you an idea of how the Indiana intestate succession laws work, consider what would happen if you were survived by the following people:
- Spouse: If you are married at the time of your death, your surviving spouse will inherit a significant portion of your estate; however, the exact share depends on whether you have surviving children or parents as follows:
- With Children: Your spouse will receive one-half of your estate, while your children will inherit the other half.
- Without Children: If you have no children but have surviving parents, your spouse will inherit three-quarters of your estate, and your parents will receive the remaining one-quarter.
- No Children or Parents: If you have no surviving children or parents, your spouse will inherit your entire estate.
- Children: If you have children but no surviving spouse, your children will inherit your entire estate.
- Parents: If you have no surviving spouse or children, your parents will inherit your entire estate.
- Siblings: If you have no surviving spouse, children, or parents, your siblings will inherit your estate.
- Extended Relatives: If you have no surviving spouse, children, parents, or siblings, your estate will be distributed to more distant relatives such as aunts, uncles, cousins, and so on.
Consequences of Dying Without an Estate Plan in Indiana
Dying without an estate plan can have several unintended consequences of which you should be aware. As previously mentioned, without an estate plan in place you lose control over who inherits your assets. The state’s distribution plan may not reflect your preferences and may not honor promises you made to friends and family members regarding the disposition of valuable and/or sentimental assets.
Another serious problem may arise if you die intestate and you have minor children with no surviving spouse. In that case, the court will appoint a guardian for them, and it may not be the person you would have chosen to care for your children. One of the benefits to executing a Last Will and Testmant is the ability to nominate a guardian of your choosing.
Yet another consequence of dying without an estate plan is the likelihood of disputes among family members, especially if the distribution is not seen as fair. These disputes can strain relationships and result in costly legal battles.
Finally, leaving behind an intestate estate often results in a more time-consuming and expensive probate process as well as leaves assets vulnerable to creditors and claims against your estate, potentially further diminishing the value of the estate passed down to loved ones.
Do You Have Additional Questions about Indiana Estate Planning?
For more information, please join us for an upcoming FREE seminar. If you have additional questions about why you don’t want to die without an estate plan in Indiana, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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