• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Probate
      • Power of Attorney
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Why You Should Avoid Dying Intestate

Why You Should Avoid Dying Intestate

February 15, 2022Estate Planning

Indianapolis estate planning attorneys

Every adult should have at least a rudimentary estate plan in place; yet, over half of all Americans do not. This is the case despite most of those without a plan acknowledging the need for one. Often, failing to understand why an estate plan is so important is the problem. To help keep you from making that mistake, the Indianapolis estate planning attorneys at Frank & Kraft explain why you do not want to die intestate.

What Is an “Intestate” Estate?

If you leave behind a valid Last Will and Testament when you die, the estate you leave behind will be referred to as a “testate” estate. On the other hand, if you fail to leave behind a Will (or a trust that distributes your estate) the estate you leave behind is referred to as an “intestate” estate.  Leaving behind a testate versus an intestate estate will dramatically impact what happens after you are gone.

Consequences of Dying Intestate

To encourage you get started on your estate plan, consider the following negative consequences of dying without an estate plan:

  • You allow the state to create your plan.  Even if you do not have valuable assets in monetary terms, you probably care what happens to the assets you do have. You may, for example, have family heirlooms that have been in the family for generations that you intend to pass on to someone specific or maybe you have a collection that you promised to a favorite niece or nephew. You give up the ability to make those decisions if you leave behind an intestate estate. If you die intestate, the state intestate succession laws determine how the estate assets are distributed. Those laws typically dictate that assets be passed down to close family members only.
  • Your loved ones will have to wait to receive assets.  Probate can be costly and time consuming which is why many people actively try to avoid it within their estate plan. If you die intestate, however, it means that no effort was made to avoid probate. Assets that might have been distributed immediately to loved ones often end up tied up in probate for months, even years, before being distributed.
  • Increased likelihood of disputes.  If you fail to leave behind even a basic Will it is impossible to know how you intended to distribute your estate assets. It also makes it impossible to know who you intended to handle the administration of your estate. Heirs often squabble over the assets and over how the assets can be used. If estate assets need to be sold to pay creditors or to divide the estate according to the intestate succession laws, heirs often disagree over which assets should be sold. Not only can these disputes be expensive in monetary terms, but they can also cause a division among family members.
  • Your estate may lose assets. There are typically costs involved in probating an estate. Those costs often increase when you leave behind an estate. The entire process often takes longer, and disputes are more likely, both of which increase the costs involved with the process. The higher the cost of probating your estate, the less assets left at the end to distribute to your loved ones.
  • Someone not of your choosing could oversee the administration of your estate. If you die intestate, someone may petition the court to be appointed to oversee the probate of your estate and a judge will ultimately determine who is appointed to that position. That individual will be responsible for safeguarding your estate assets, defending your estate during litigation, and ensuring that assets are transferred to your heirs. If you execute a Will, on the other hand, you appoint your Executer instead of letting a judge decide who handles the administration of your estate.

Contact Indianapolis Estate Planning Attorneys

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about why you should avoid dying intestate, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

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.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • How to Recognize Nursing Home Abuse - August 4, 2022
  • Do You Have the Right Type and Amount of Life Insurance? - August 2, 2022
  • The Problem with Relying on the Unlimited Marital Deduction - July 28, 2022

Other Articles You May Find Useful

Indianapolis estate planning lawyers
Estate Plan Updates for a Surviving Spouse
Indianapolis estate planning lawyers
Is It Better to Gift Assets Now or After You Are Gone?
Indianapolis estate planning lawyers
How to Include Out of State Property in Your Estate Plan
Indianapolis estate planning lawyers
How to Include Cryptocurrency in Your Estate Plan
Indianapolis estate planning attorneys
What Is Portability?
Indianapolis estate planning lawyers
How Does Divorce Impact Your Estate Plan?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2022 American Academy of Estate Planning Attorneys, Inc.

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us