Happy New Year!  To start 2014 out on the right foot, resolve to set in place your plans for the future.  It's never too soon to start planning your estate.  No matter your age, by planning ahead, you will feel better prepared to face the twists and turns life can take with confidence.  To begin, it can be helpful to discuss those "what if" situations with family and loved ones.  Including family in your decisions regarding the distribution of your assets and the care of your dependent children after death can help to reduce chaos should an unexpected event occur.

By setting up a Will, Living Will, Durable Power of Attorney, Health Care Power of Attorney, and life insurance policy now, you ensure that your assets will pass according to your wishes and not according to a probate court order.  In addition, you are able to provide some financial security for dependent individuals, including a spouse or children.  Establishing an estate plan is a simple way to gain peace of mind today and to protect your assets and your family in the future.

Best wishes for a safe, happy, and healthy 2014!

The answer is YES!  An estate plan is essential for all individuals regardless of wealth, property ownership, or familial status.  While a Last Will and Testament can provide your loved ones with a roadmap for distributing your assets after you pass away, a good estate plan can do so much more. 

As part of your estate plan, you can utilize Power of Attorney documents to appoint an individual to manage your financial affairs in the event that you become incapacitated.  Additionally, a Power of Attorney appointment can be used to designate an individual to manage your healthcare decisions should you become unable to do so.  Further, you can direct your loved ones on how to manage your end of life medical care through a Living Will.   Establishing a plan for your end of life care ahead of time through a Living Will can relieve some of the stress your family and loved ones will experience during your final days.

So, although an estate plan can be utilized to distribute your assets by will, an estate plan can also establish who will take care of your financial and healthcare decisions when you are unable to do so, and how you wish to live out your last days.

I wish you and your family safe and happy holidays!

The probate process is the court-supervised administration of a decedent's estate.  This process can take months or even a year to complete.  Only property included in the "probate estate" will be handled through the probate process.  The probate estate is comprised of any property owned by the decedent alone and not distributed before death or through automatic transfer at death.  Good planning can simplify the distribution of your assets at death by minimizing or even eliminating the probate estate.

Certain property will transfer automatically at death, including property held in joint tenancy with right of survivorship, or property held by a married couple as tenants by the entirety.  Additionally, bank accounts and other assets registered as payable-on-death or transfer-on-death will pass automatically at death.  Life insurance proceeds and retirement accounts will also pass without court intervention as long as a beneficiary has been named.  Finally, property held by the trustee of a living trust will not become part of the probate estate.

By taking the time to arrange your affairs today, you will save your family and loved ones time, energy, and money in the future.

Although death can be an uncomfortable subject to consider, planning for the distribution of your property upon your death can save your family and loved ones time, money, and confusion in the future.  Unfortunately, estate planning often gets put on the back burner, for many until it is too late.  So what happens to your property if you die without a will or trust?

Individuals who die without a will are considered to have died "intestate."  When an individual dies intestate in Indiana or Ohio, it is up to the probate court to distribute the decedent's property according to the state's intestacy laws.  The probate court will assign the role of executor to an individual of its choosing to carry out the property distribution.  Under Indiana and Ohio's intestacy laws, the property of a deceased individual passes first to the individual's spouse or children.  If a spouse or children do not survive, the court will look to the decedent's parents and then to the decedent's siblings.

When the probate court becomes involved in the distribution of a decedent’s property, the distribution process is often delayed and can become very expensive.  Additionally, the court’s choice of executor and property distribution decisions may become points of contention for family members and loved ones, further prolonging the process.  Creating a will is the best way to appoint a trusted executor and to make sure that your property is distributed according to your wishes.

In May of this year, Indiana Governor Mike Pence signed into law Indiana House Enrolled Act 1001, repealing the Indiana Inheritance Tax.  This new law applies retroactively to January 1, 2013.  This means that for individuals who pass away after December 31, 2012, there will be no Indiana tax imposed on asset transfers at death.

Although the Indiana Inheritance Tax is no longer a concern, planning for the future is still important for you and your family.  By preparing a will, you ensure that your assets will pass according to your wishes upon your death without the interference of a probate court.  Additionally, estate planning eliminates stress and confusion for your family and loved ones as to how your property should be distributed, and as to who should provide care for your minor or dependent children.

Thank you for visiting my website!  I look forward to providing updates and helpful information relevant to your estate planning needs.