317-426-9334             445 N. Pennsylvania St., Indianapolis, IN   46204

Distribution of Assets if there is No Will

 

No one likes to think about the day when they are gone. However, many of us also like to know what will happen to our assets and properties after we pass away. In the state of Indiana, there are ways that the court will decide to deal with  your  estate  if  there  is  no  will,  and  these  ways  could  be  counter  to  your wishes. It is crucial that you make your true wishes known by creating a will with the  help  of  experienced  Indiana  estate  planning  attorney  Barbara  J.  Baird.  Serving  the  Indianapolis-area,  she  has  the  experience  and  skill  to  make  the process simple, and one that will save your family and loved ones heartache after you pass.

 

Indiana’s Intestacy Law

In the state of Indiana, if there is no will and an individual has assets that need to be distributed, Indiana courts will rely on Intestacy Law to determine how to distribute assets and property. Intestacy law is a method that represents how an “average person” would want his or her probate estate to be distributed. In other words, there are assumptions made about how a typical person would want the money to be split, or the property left, or other such determinations. But this may not produce the result you expect or want. For instance, many people assume that  a  surviving  spouse  automatically  inherits  the  property  of  the  deceased spouse, but Indiana’s Intestacy  Law can give more  than  half  of the estate  to other heirs, depending on circumstances such as surviving descendants, prior marriages, and the like.

 

“Will  substitutes,”  such  as  retirement  plans,  joint  tenancy  and  life  insurance policies  with  specific  individuals  designated  as  beneficiaries,  often  work  to maintain  a  large  part  of  what  many  individuals  have  left  behind  out  of  the probate  process.  However,  many  people  make  the  mistake  of  relying  almost exclusively on will substitute arrangements with or without a will to take care of the distribution process, but this only covers a percentage of that needs to be dealt with. While “will substitutes” take precedence over the law of intestacy, it is still a matter of chance if any of your assets come up in the probate process with no will to make clear your wishes.  Don’t let the courts decide what happens to your estate.

 

There  are  also  a  number  of  financial  incentives  to  creating  a  will—not  only saving  your  estate  from  heavy  taxes,  but  also  avoiding  a  lengthy  probate process from draining your estate.

 

 

 

 

 

 

 

© Copyright 2018 Barbara J. Baird   •  Advertising Material

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Barbara J. Baird Attorney at Law

445 N. Pennsylvania St

Indianapolis, IN   46204

317-426-9334

© Copyright 2018 Barbara J. Baird  |  advertising material

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