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

MARRIED OR NOT YOU NEED A WILL

 

Why you need a will even if you are married.

 

If you have children:

 

To name responsible guardians to raise your children if you die.

 

To create a trust for your children and name a Trustee to manage your children’s funds until they are responsible enough to handle the money on their own.

 

To  avoid  the  unintended  consequences  of  intestate  succession  (to decide who gets your stuff when you die, rather than the State deciding for you).

 

If you have children together, surviving spouse gets half of net estate.

 

If deceased spouse has children from a previous marriage (or that have not been adopted by surviving spouse), surviving spouse gets only 25%of equity in real estate and half of personal property.

 

If couple has no children (or issue), but parent(s) of deceased spouse are alive, surviving spouse gets 75% of net estate.

 

To  receive  advice  of  attorney  as  to  how  to  title  property  and  name beneficiaries  on  assets  in  order  to  avoid  probate Transfer  on  Death, Payable on Death, naming contingents.

 

To  have  power  of  attorney  for  financial  matters:  no  automatic  right  of spouses to have access to or control over other spouse's accounts and assets that are not jointly titled (all retirement accounts are individual); to avoid guardianship; to name a back-up trusted person if in a common accident.

 

To name a healthcare representative: spouses DO have right to make decisions in absence of a power of attorney (POA), but especially if there  are  any  family  issues,  a  POA  establishes  priority  of  spouse; otherwise equal to parent, sibling or adult child; can disqualify family or others from right to make decisions.

 

To have a Living Will with instructions about life-prolonging procedures inthe event of terminal illness or permanent coma.

 

 

 

 

 

 

 

© Copyright 2018 Barbara J. Baird   •  Advertising Material

 

Understanding The Law

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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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