Do you have an estate plan? If you have not done any estate planning, your probate assets (e.g., accounts and property without joint owners or designated beneficiaries) will pass “intestate,” which means that the laws of Indiana will dictate who receives those assets.
Although many people understand the importance of estate planning, some are not aware of the variety of mechanisms that are available in Indiana to protect their assets and direct how the assets are treated when they pass. Wills can be utilized to direct how your assets are distributed. One downside to Wills is that when assets are distributed pursuant to a Will, there will be some level of court involvement in the distribution. Testamentary Trusts can solve this issue, although setting up a Trust is more complicated than drafting a simple Will. One may be better than the other depending on your assets and what you would like to happen to them. Another mechanism to pass certain assets is the Indiana Transfer on Death Property Act. Under the Act, certain property can be set up so that it automatically transfers on death. Other types of assets can be set up to have death beneficiaries to prevent them from being subject to oversight.
Contact the Elder Law attorneys at McNeelyLaw LLP for all your estate planning needs.
This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.