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Wills & Estates

General & Civil Law

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Divorce & Family Law

Criminal Law

Wills & Estates

General & Civil Law

Wills & Estates

• A "Will" is a document that directs how a person's property and money will be disposed of after death.
• A "Estate" consists of a deceased person's property in the person's name at the time of death
• A "Residuary Clause" is a clause that names and gives the remainder of property not specifically mentioned in the will to a person and / or other entity of the decedent's wishes.
• A will is good forever.
• Oral wills are valid only for a small amount of property for a person who is in immediate danger of death and the person dies soon afterward from the impending danger.
• A "Trust" is a legal entity to which property may be transferred and through which property may be managed.
• A will can be changed or revoked by adding a "Codicil" which acts like an amendment to the will, or by writing a new will. The will with the latest date controls how the property passes.
• If a divorce occurs, all parts of the will giving property to the ex-spouse may be automatically canceled.
• The "Executor" or "Administrator" has the responsibility to locate, take possession, preserve and protect all the decedent's property.
• A spouse can elect to "take against the will." This means the spouse can take a share specified by law rather than what is given by the will.
• Indiana law requires two witnesses to a will. The witnesses must be at least 18 years old and not receiving any property under the will.
• An estate can be supervised or unsupervised, dependent on which is dictated by certain conditions. In a supervised estate the activities of the personal representative are reviewed and approved by the courts; in unsupervised estates the court does not oversee the estate. A unsupervised estate is less time consuming and less expensive.
• The Circuit Court in most Indiana counties has a will depository for a small fee.
• The laws governing wills and estates are complicated and it is easy to produce a will that is invalid. The Court may disregard an invalid will. If you wish to establish a trust or if the division of your estate property is complex, it is advisable to have an attorney write the will to assure your wishes will be followed after your death.
  

The above is for informational purposes only and does not constitute legal advise or representation by this law firm.

Before you make any legal decisions you should consult an attorney in person to determine any legal rights or obligations your decisions may have.