For many individuals, the ability to dictate how their estate assets are distributed is the number one reason for crafting an estate plan. Simply creating an estate plan is not enough though. Making sure that your estate plan is comprehensive and well-drafted is equally important because a poorly devised or incomplete plan could inadvertently result in leaving behind an intestate estate. To help ensure that your estate plan works as intended, the attorneys at Frank & Kraft explain how you might unintentionally leave behind an intestate estate.
Basic Estate Planning Goals
When you contemplate estate planning goals you likely focus first on the ability to direct the distribution of estate assets after your death. For most people, the desire to see their assets passed down to the beneficiaries of their choosing is what prompts them to create an initial estate plan, often encompassing nothing more than a Last Will and Testament. In time, that simple estate plan may expand, incorporating additional strategies and tools such as a trust agreement, jointly held assets, retirement accounts, and various other inter-related components that help achieve numerous estate planning goals and objectives. As your estate plan becomes more complex, it becomes even more important that the plan be well thought out and professionally drafted to ensure that it works as intended.
How Might You End Up with an Intestate Estate?
Another important benefit of creating an estate plan is knowing that you will not leave behind an intestate estate. Dying “intestate” refers to dying without at least a basic Last Will and Testament in place. If you do leave behind a Will (or trust), the terms of that Will dictate how your estate assets are distributed after your death. In the case of an intestate estate, the state intestate succession laws govern how estate assets are distributed, typically meaning that only close relatives will inherit from the estate. Despite your intention to avoid leaving behind an intestate estate, you could unintentionally do so if you make one of the following common mistakes:
- Going the DIY Estate Planning Route: It can be tempting to rely on do-it-yourself (DIY) estate planning forms found on the internet in an effort to save time and/or money. Unfortunately, however, doing so exacerbates the likelihood of documents failing to harmonize effectively, thereby augmenting the risk of asset exclusion and the subsequent creation of an intestate estate. Ultimately, this frequently costs your loved ones more time and money.
- Failing to Execute a Pour-Over Will: While a trust can be used to distribute all or some of your estate assets after you are gone, the possibility of inadvertently overlooking certain assets or failing to transfer recently acquired assets into the trust before your death must be considered because if they are not addressed, those assets could inadvertently create an intestate estate. To guard against this possibility, a Pour-Over Will should be included in your estate plan. A Pour-Over Will does exactly what it sounds like it would do – it “pours over” overlooked or late-acquired assets into a trust following your death to prevent the creation of an intestate estate.
- Failing to Plan for Predeceased Beneficiaries: When you name beneficiaries throughout your estate plan, be sure to name contingent beneficiaries as well to avoid leaving behind an intestate estate. If a named beneficiary predeceases you, and your estate plan does not contemplate this possibility and direct the distribution of the assets to someone else, those assets could wind up being distributed using the state’s intestate succession rules. To mitigate this risk, work with an experienced estate planning attorney to ensure that all possible outcomes have been considered within your plan.
Can We Help You Prevent Leaving Behind an Intestate Estate?
For more information, please join us for an upcoming FREE seminar. If you would like assistance ensuring that you do not leave behind an intestate estate, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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