Settling a person’s financial affairs after they pass is a tedious process if the proper paperwork is not drawn ahead of time. Any items that are not listed as part of an estate will likely transition into probate, and the state that the assets are in will determine how they are to be distributed based on the next of kin principle. The following takes a look at the benefits of planning by utilizing wills, trusts and estates in Angola, Indiana, and how it will ensure a person’s final wishes are carried out.
Named Heirs
If a person dies without a will, then any possessions they have will automatically pass to the next of kin. A will prevents this from happening by allowing the owner of the assets to list individual heirs to the property they own. Also, they may create specifications and requirements that must be followed for a person to remain eligible to receive the inheritance.
Probate Avoidance
The probate process is long and frustrating, not to mention expensive, but if a person does not designate who their heirs are via a legally binding document, then the state will take control of the assets and distribute them according to state law. The average time it takes to settle an estate that is in probate will vary but is usually between four and six months.
Tax Ramifications
Creating wills, trusts and estates in Angola, Indiana may help to reduce the tax liability of an estate upon a person’s passing. Inheritance taxes are some of the highest, and if the right protections are not exercised, it may lead to an exorbitant tax bill that will quickly swallow up any assets. Don’t let federal and state taxes absorb the value of an estate when a trust may offset these fees and allow a family to retain a more substantial portion.
Failing to plan for the end of life will only lead to headaches and frustration for those who are left behind. Fortunately, the legal team at Yoder & Kraus PC offers a variety of planning services that will give a person peace of mind. Call today to schedule an estate evaluation. Like us on Facebook.
