If you don’t have a will or some other estate planning document directing the distribution of your assets, the condition of intestacy will result. Under these circumstances, assets that were in your personal possession would become probate assets.
The probate court would supervise the estate administration process, and after debts were paid, your probate assets would be distributed in accordance with intestate succession laws of the state of Indiana.
You need a will or a trust to make sure that your own true wishes are carried out regarding the transfer of your property. For example, let’s look at one possible scenario. If you are married and you have children from that spouse, your surviving spouse would inherit half of your probate property if you died intestate, and your children would inherit the other half.
Is this the way that you would want your property distributed?
This is just one scenario, but there are other possibilities that would not sit well with many people when you look at the intestate succession laws.
Estate planning should be viewed as one of the core responsibilities of adulthood. If you are going through life without a will or some other estate planning document directing asset transfers, you are doing yourself a disservice, but you are also doing your family a disservice.
Even if you have a last will or a trust, there is another type of will that everyone should have called a living will. This type of will is an advance directive for health care.
You would use a living will to state your preferences regarding the use of life-sustaining measures. Doctors can sometimes keep people alive for indefinite periods using artificial means, even if there is no hope of recovery.
Different people have different ideas with regard to the way that they would want the doctors to proceed under these circumstances. If you execute a living will, the physicians would be required to follow your instructions, and they would act in accordance with your wishes.
Free Estate Planning Report
We have prepared a special report that spells out fifteen compelling reasons why you should put an estate plan in place. If you need more convincing, you should certainly absorb the information that is contained within this comprehensive report.
There is no charge for the report, and you can visit this page to access your copy: Estate Planning Report.
Our firm can help if you are going through life without an estate plan. To set up a free consultation, send us a request through this link: Indianapolis IN Estate Planning Attorneys.
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.