Intestate in Indiana: what happens if you die without a will?
Author | Cole, Stacy |
Position | Estate Planning - Brief Article |
No one likes to plan for his or her own death. But leaving the planning to the state may be a fate worse than death.
Dying intestate--or without a will-can lead to serious problems for heirs and result in distribution of your estate in a way you may not have wanted. "Having a will doesn't guarantee there will be no dispute, no will contest," says Jay Seeger, partner with Seeger & Forbes in Lafayette, "but it's the best evidence of what the deceased wanted done with his or her property."
Intestate law is set up by the state to be as fair as possible in the case of death with no will; however, it cannot take into account close friendships outside of family, estranged relationships within the family or any other special circumstances.
"Even if you weren't married," says R.J. McConnell, partner with Bose McKinney & Evans in Indianapolis, having a will "is still important if you want your property divided up in a way other than what the state does."
Without a will, the personal representative is appointed by the court to administer the estate. The surviving spouse has preference for the role for only 30 days, after which anyone with an interest in the estate can come forward, including children from a former marriage, even creditors.
"The wrong personal representative can take longer than they should, can cause confusion and they may not sell the assets at the best price, especially a family business," says Morris Sunkel, partner with Hoeppner Wagner & Evans, Valparaiso.
Children--even minors--under intestate law receive all their inheritance outright. The surviving spouse is then limited in what he or she can do with that money, even if the...
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