Merrillville, Crown Point, Schererville, Munster, Dyer, St. John
The basic purpose of a will or trust is to determine how your property will be distributed to your beneficiaries after you die. If you die without a will or trust in Indiana, you are allowing the State of Indiana to decide how your assets will be distributed under our state's law of intestacy. It is likely that the way the state will distribute your property will not be what you would have wanted. For example, your spouse is entitled to only one-half of your individually owned property and your children would receive their entire inheritance at age 18 to spend as they wish.
At Dugan, Repay & Rybicki, P.C., in St. John, our Northwest Indiana estate planning attorneys draft estate plans, including wills and trusts for individuals and families in Lake County, Porter County and throughout northern Indiana. We offer a free initial consultation to answer your questions.
Do I Need a Will or Trust?
If you do not have significant assets or special needs, a basic will together with a transfer on death deed for your real estate may be all that is necessary to distribute assets efficiently to your beneficiaries.
If you are in a second marriage, or if you have significant assets or special concerns, a trust can do much more than determine who will receive your assets:
- Placing assets in a trust enables you to avoid the time and expense of a probate proceeding. By avoiding probate, you can also keep your family's financial affairs private.
- A special needs trust can provide assets to a disabled family member without making them ineligible for government benefits.
- An irrevocable life insurance trust can remove assets from your estate, minimizing or eliminating estate taxes.
Many people believe that trusts are only for the wealthy. However, many people who do not consider themselves wealthy can benefit from trusts.
For More Information About Wills and Trusts
For more information or to schedule a free consultation with our Porter County and Lake County wills and trusts attorneys, call (219) 227-4266 or fill out the contact form on this website.
