What Happens if You Die Without a Will in Indiana
If your estate plan is still unfinished, you’ve probably heard well-meaning friends and family members urge you to start. These people may not have explained why an estate plan is so important. The State of Indiana creates an estate plan for you if you don’t have one. To help you better understand the importance of estate planning, the Indianapolis attorneys at Frank & Kraft explain what happens if you die without an estate plan in Indiana.
Indiana Intestate Succession Laws
When you die without an estate plan, referred to in legal terms as dying “intestate,” the Indiana intestate succession laws effectively create your estate plan for you. Intestate succession law determines who will inherit your estate, and what percentage. If you have children but no surviving spouse, your children will inherit your entire estate.
- Parents: If you do not have a surviving To give you an idea of how the Indiana intestate succession laws work, consider what would happen if you were survived by the following people:
- Spouse: If you are married at the time of your death, your surviving spouse will inherit a significant portion of your estate; however, the exact share depends on whether you have surviving children or parents as follows:
- With Children: Your spouse will receive one-half of your estate, while your children will inherit the other half.
- Without Children: If you have no children but have surviving parents, your spouse will inherit three-quarters of your estate, and your parents will receive the remaining one-quarter.
- No Children or Parents: If you have no surviving children or parents, your spouse will inherit your entire estate.
- Children: If you have children but no surviving spouse, your children will inherit your entire estate.
- Parents: If you have no surviving spouse or children, your parents will inherit your entire estate.
- Siblings: If you have no surviving spouse, children, or parents, your siblings will inherit your estate.
Extended Relatives:
If you have no surviving spouse, children, parents, or siblings, your estate will be distributed to more distant relatives such as aunts, uncles, cousins, and so on.
Consequences of Dying Without an Estate Plan in Indiana
Dying without an estate plan can have several unintended consequences of which you should be aware. You lose control of who inherits your assets if you don’t have an estate plan. The state’s distribution plan may not reflect your preferences and may not honor promises you made to friends and family members regarding the disposition of valuable and/or sentimental assets.
Another serious problem may arise if you die intestate and you have minor children with no surviving spouse. In this case, the court may appoint someone to be their guardian, who may not be your choice. These disputes can strain relationships and lead to costly legal battles. These disputes can strain relationships and result in costly legal battles.
Finally, leaving behind an intestate estate often results in a more time-consuming and expensive probate process as well as leaves assets vulnerable to creditors and claims against your estate, potentially further diminishing the value of the estate passed down to loved ones.
Do You Have Additional Questions about Indiana Estate Planning?For more information, please join us for an upcoming FREE seminar. If you would like to know more about why it is important to have an estate plan, please contact the Indianapolis estate planning attorneys of Frank & Kraft Read More! Latest Posts by Paul A. Kraft Estate Planning Attorney
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