If you are like many Indiana residents, you might not have given much thought to your estate planning. Whether you think your estate is not large enough to bother or you have decided you are too young to think about creating a will, you may feel that such matters are not very important right now. At the office of Miller Flannery Law LLC, we have seen numerous instances in which unfavorable outcomes could have been avoided with proper estate planning.
Dying without a will, legally known as dying intestate, can present complications, according to FindLaw. If you have no formal legal document to dictate how you want your assets to be divided after your death, the probate court will do so according to state law. Therefore, your bank accounts, home, vehicles, personal possessions and other assets will either go to your spouse or other surviving relatives, including your parents and siblings, without regard to your preferences. If you planned on disinheriting a relative or giving certain possessions to an older child, for example, this would not be done without a will to outline your wishes. Also, if you are living with someone but unmarried, it is important to consider the fact that your unmarried partner would not stand to inherit property if you die intestate.
For these reasons and others, it is important to write your will, no matter how old you are or how little you feel you have to offer your loved ones. In this way, you ensure your wishes will be met, rather than having the decision fall to the court. To learn more about estate planning, visit our website.