Passing away without a will can put your family in a difficult predicament, especially if you are leaving behind a substantial amount of assets. According to the Thompson Law Firm’s Andrew Thompson, an estate planning attorney in Indianapolis, Indiana, putting together a will is one of the best things that a person can do for his family.
In the state of Indiana, as well as in many other states across the country, the rules regarding the distribution of assets after death are extensive and complex. Without having a will in place, it is up to the state to determine what will happen to a person’s assets after he passes away. Thompson explains that it is a judge who will be deciding what happens to all the wealth that a person accumulated during his lifetime, rather than that person himself. Because of this, a will is a vital piece of the puzzle in letting loved ones know what should be done with a person’s properties and other financial assets after death.
Meeting with an estate planning attorney and putting together wills enables people of all ages to ensure that their assets will be distributed in the matter that they desire. Putting together a will takes the control out of the hands of the state judges and puts it back in the hands of the person whose assets are being discussed.
Wills can also be used as a way to minimize federal and state tax liability and shield heirs from having to pay large portions of their inheritances to the IRS. Individuals risk a much greater exposure to state inheritance taxes if they die without a will, according to Thompson.
For people in Indianapolis with minor children, another major reason to meet with an estate planning attorney is to put together a plan for what will happen with guardianship should both parents die without warning. If both parents were to die suddenly without a will, then the determination of guardianship of their children would be left in the hands of the state, explains Thompson. By putting together a will beforehand, the parents can decide who they would like their children to live with if they pass away early, and possibly designate a certain amount of assets to be used for their care.
Thompson says that it should be noted, however, that the state still has the final say over the guardianship over minor children even in cases where a will has been made. Because circumstances can change after a will has been drafted, the state retains control in determining guardianship based on the best interests of the children at hand. Nonetheless, the burden of proof would be on the state to overthrow a guardianship designation made by a parent during his or her lifetime, and these instances are somewhat rare.
The process of setting up a will is fairly simple, according to Thompson. After having a preliminary conversation with an estate planning attorney to talk about his particular objectives with the will, a client will be asked to come in with a comprehensive overview of all of his assets. Any past wills, life insurance policy designations, and retirement account designations (including pensions) should be brought to this meeting for the attorney to review. Thompson explains that it is important that clients offer up a comprehensive view of all of their assets, since leaving anything out could be a problem later on in the process.
A client will then need to determine where he would like his assets to go if he dies, and where they should be directed under the will. Any beneficiaries should be named, along with anyone who the client is expecting to act in any type of agency under the will or advanced directive. This is also the time when the client may want to appoint a healthcare representative to ensure that his wishes are followed regarding end-of-life medical care. The process as a whole should take between four and six weeks, after which time the entire will should be finalized.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.