What will become of your estate at the end of your life? Who will handle your affairs if you cannot? These are important questions that an estate planning lawyer can answer.
It’s vital to partner with an experienced estate and elder law attorney to guide you in handling these complex issues. Arshad, Pangere & Warring, LLP helps Indiana families with estate planning and elder law. Our estate planning lawyers can assist you with the skill and understanding you deserve.
An Indiana estate planning attorney can help you or your loved ones with these issues:
Estate planning involves legal processes to protect your loved one’s assets near the end of life. This may include preparing for your loved one eventually being unable to make their own decisions or care for themselves.
Estate planning with your attorney may involve paying for nursing home expenses. Or, you and your attorney will help you decide what happens to your estate and assets after you pass away. Making sure your family can benefit from your estate after you’ve worked hard for so many years is critical.
Managing your or your loved one’s estate involves handling many issues. These are some areas you will need to think about soon:
This is a legal process overseen by the court that ensures the assets in your estate go to the correct beneficiary. Probate usually involves freezing assets as the probate court checks that the will is valid.
After the probate process is finished, other estate matters can be settled. During probate, financial assets are analyzed, appraised, and used to pay for any unsettled debts, which may include taxes.
Next, the probate court allows assets to be distributed as the will dictates.
The creditors’ rights are prioritized over beneficiaries’ rights to ensure that every debt is paid before the assets are distributed. The following tasks need to be done during this process:
Note that Indiana does not have an inheritance or estate tax, so these are things the executor doesn’t need to worry about. But tax returns could need to be filed, including state and federal returns.
Indiana inheritance laws can be complex, but these are the main points involved in the inheritance process:
Children – State law doesn’t allow minors to inherit property directly. If you or your loved ones want to leave assets to children, they must be overseen by an adult until the minor is 18. Establishing a trust is one of the most effective ways to achieve this result.
Joint Tenancy Property – Indiana state law recognizes joint tenancy. This means your loved one’s property will go to the surviving tenant, according to survivorship rules. This can avoid the risk of the will entering probate. It’s a popular choice for parents and children, married couples, and siblings.
Life Insurance – Life insurance policies should be part of the estate planning. According to Indiana state law, any life insurance payout will go to beneficiaries named in the policy.
If you are concerned about estate planning or elder law, Arshad, Pangere & Warring LLP can help you and your family plan for the future. Contact us today for a consultation to find out more.
We understand that life doesn’t always go the way you plan. That’s why we accept credit cards and offer payment plans.
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