Do I need a will?
Having a Will is one of the most important things you can do for yourself and your family. In addition to protecting your spouse, children and assets, a Will can also spell out exactly how you want your affairs handled upon your death. In your Will, you can indicate what should happen to your assets and who is to be guardian of any minor children.
Without a Will, Indiana law determines the distribution of your estate assets and the guardianship of your children. If you die without a Will in Indiana, your assets will be divided between your spouse, children, and/or parents which may not be how you would choose to distribute them. Further, if you are unmarried without children or parents, your assets pass to your next closest relatives. If no relatives can be located to inherit yours assets, Indiana receives your assets.
Without a Will, a judge will determine who would care for your minor children and who will manage your children’s financial affairs if there is no other parent. Having a Will allows you to select the person you want to raise your children, or more importantly, make sure it is not someone you do not want to raise your children.
We hope this information will be useful to you as you consider your estate plan. If you have any will, trust, or estate planning related questions, contact Steven Knecht for a consultation.