In spite of the fact that estate planning is one of the foundational responsibilities that go along with adulthood, only around half of Americans have any type of an estate plan in place.
The term that is utilized to describe the condition of dying without a will or any other type of estate planning document directing the transfer of your assets is “intestacy.”
If you were to pass away intestate, the probate court would be charged with the responsibility of sorting out your final affairs. The individual who would be in line to inherit your assets would be your spouse if you are married, and your children would be next in line if you are a parent who is not married.
The probate process can be long and arduous, and creditors and other interested parties could make claims against the estate. There are also expenses that go along with probate and these costs can swallow up a significant portion of the resources that you leave behind.
If you die intestate, your family has to deal with this process without knowing exactly what your wishes would have been at a time when they will be grieving, and this can make a difficult situation that much worse.
Taking action to put an estate plan in place is a relatively simple step that is well worth the effort when you consider the alternatives. If you’re ready to do the right thing for the sake of those that you love, pick up the phone right now and arrange for a consultation with a good Indianapolis Estate Planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.