How to Make a Will in Indiana

Drafting a last will and testament is essential for strategizing the allocation of your estate following your demise. Wills in Indiana additionally allow you to choose a guardian for your children and an executor to oversee the distribution of your estate.

What are the steps to create a will in Indiana?

The steps to create an Indiana will include:

1. Assets evaluation

Creating an inventory of your assets to draft a will involves thoroughly listing all your valuable items. It is essential to consider and include your debts and obligations.

2. Beneficiary selection

Beneficiaries may include family members, acquaintances, or charitable institutions. Please provide precise information on the assets you intend to assign to specific individuals.

3. Executor selection

An executor is the designated person responsible for managing and distributing your assets after your demise.

4. Guardian selection

A guardian will be responsible for the welfare of your children. Ensure that you choose a person you have confidence in and who can fulfill the responsibilities of a guardian.

5. Fiduciary selection

It is often advisable to appoint a fiduciary independent from the guardian to monitor the administration of your children’s assets for optimal supervision of their inheritance.

6. Will drafting

You can draft it, use Do-it-yourself (DIY) tools, or consult an attorney.

7. Will execution

By affixing your signature, you indicate your commitment to the will’s provisions.

8. Will storage

Effective will storing involves achieving a harmonious equilibrium between security and availability. It is essential to securely preserve your will in a location that your loved ones or executors can easily access after your demise.

What happens if I don’t have a will?

Where you don’t have a last will and testament, intestate succession will be utilized to distribute your estate at your demise. To obtain guidance on how to make a will in Indiana, seek assistance from the knowledgeable professionals at LegalPen.

What are the requirements for writing a last will and testament in Indiana?

The requirements for writing a last will and testament in Indiana dictate that the testator should be:

1. 18 years or older

Anyone drafting a will must be at least 18 years old, although they can be as young if members of the armed forces, merchant marines of the US, or its allies.

2. Of sound mind

The testator must be capable of understanding the impact of drafting the will and its scope.

How often should you review and update your Indiana will?

You should review and update your Indiana will when you go through a significant life transition, such as marriage, divorce, or acquiring new assets. Regardless of whether there have been substantial changes, it is advised that you revisit and revise your will at least every three to five years. Contact us for further details on codicils and how to write a will in Indiana.

How to revise and update your will in Indiana

In Indiana, a codicil is used to revise and update your will. It is an addition or modification to an existing will that must be performed with the same formalities as a will to be legal. Contact us for further details on codicils and how to make a will in Indiana.

What makes a will valid in Indiana?

A will is valid in Indiana if:

1. The testator is 18 years or older unless such testator is a member of the armed forces or merchant marines of the US or its allies.
2. The testator is of sound mind.
3. The testator or someone else executes the will in the testator’s presence and directions.
4. At least two witnesses witness the will.

Can a handwritten will be valid in Indiana?

Yes, handwritten wills can be valid in Indiana. Holographic wills, often referred to as handwritten wills, must be completely written by the testator and signed in order to be deemed legitimate. Two disinterested witnesses should additionally witness the will. A handwritten will is an example of a Do-it-yourself (DIY) will.

How do I sign my Indiana will?

When signing an Indiana will, you must either sign it in the presence of two witnesses or confirm that you have already signed it. Additionally, you must inform your witnesses that the document is your will, and they must sign it in your presence and in the presence of each other. Even if the will is created electronically, witnesses must be in “actual presence,” according to Indiana law.

What can I include in an online will in Indiana?

In Indiana, you can include any probate asset in your online will. All provisions contained in a traditional will can be incorporated into an online will.

Types of assets covered in an Indiana will

The types of assets covered in an Indiana will are probate assets. Probate assets need to undergo probate in order to be transferred to the beneficiaries, unlike non-probate assets. Most probate assets are solely owned by the testator, such as real estate and vehicles, while non-probate assets already specify the direct beneficiary of the asset upon the testator’s demise such as life insurance policies.

Can I revoke or change my will in Indiana?

Yes, you can revoke or change your will in Indiana.

How do you revoke or change your will in Indiana?

In Indiana, a will can be revoked or changed by creating a new will, physically destroying the previous will, or writing and signing a document that explicitly revokes the will. How often should one update a will has additionally been covered in this article.

Can I make a digital or electronic will in Indiana?

Yes, you can make a digital or electronic will in Indiana.  Digital or electronic will authorization was made in 2019 when the Indiana General Assembly enacted a law that authorized the use of electronic wills in the state.

Who can witness a will in Indiana?

In Indiana, people who are at least 18 years old can witness a will. The witnesses should additionally be disinterested and not stand to gain from the will. Witnesses who are potential beneficiaries under the will face the possibility of losing the gifts designated for them in the will.

Should my will name an Executor?

Yes, your will should name an executor. Where you do not name one, the court may choose an executor who does not match your preferences.

What are the Indiana will executor requirements?

Indiana’s executor requirements mandate that an executor must possess the following qualities:

1. Attainment of 18years

The age requirement is meant to ensure that one appointed is mature enough to take up the role.

2. Sound mind

The individual named as executor must not have been deemed incompetent by a court.

What happens to a will after death in Indiana?

After death in Indiana, a will is submitted for probate. This is done by filing a petition for probate. Probate is the process through which a will’ validity is proven in court.

What is the impact of marriage and divorce on your Indiana will

Indiana law stipulates that, upon the finalization of a divorce, any provision in a will that designates a spouse as a beneficiary or executor is immediately revoked. This legislation affects clauses in the will that involve the previous marriage; it does not influence the overall legality of the will.

It is advisable to update your will despite this automatic revocation. Specific individuals may want to keep their former spouse as a beneficiary or executor. Moreover, even if the desired outcome is the automatic revocation, it still creates a gap in your will. Should you fail to modify your will, any assets assigned to your former spouse will be dispersed as if you had died without a will.

On the impact of marriage on your Indiana will, a will does not supersede spousal rights. Spousal rights refer to the legal entitlements that a married partner possesses concerning their spouse’s possessions and wealth. These rights can be codified in legislation or may originate from customary law. When a person tries to exclude their spouse from inheriting their assets, the spouse can reject the terms of the will and claim their rightful share.

According to Indiana law, a spouse can receive 50% of the total value of the testator’s personal and real estate assets after deducting any debts or liabilities. An exemption applies if:

1. The surviving spouse is a second or subsequent spouse.
2. The spouse did not have children with the decedent.
3. There are surviving children or grandchildren from the decedent’s former spouse.

Where the specified circumstances are met, the surviving spouse that follows is eligible to receive one-third of the inheritance, in addition to 25% of the remaining fair market value of the estate, after deducting any liens and encumbrances on the decedent’s real property.

A legally binding marriage agreement has the power to supersede the rights of a spouse, but a will cannot achieve this. Hence, it is recommended for individuals to consult with a legal professional if they are contemplating entering into a marital agreement since this might potentially impact their rights as a spouse. Select LegalPen as your favorite online platform for any will for married couples, ensuring superior services.

Do all wills in Indiana have to go through probate?

Yes, all wills in Indiana have to go through probate. Prior to the acceptance of the provisions of a will, the will must be established as valid in a probate court. After the probate court confirms the will’s validity, the executor is authorized to settle any outstanding bills and taxes the estate owes. Subsequently, the executor can proceed to divide the testator’s property per the instructions outlined in the will.

Is Indiana a community property state?

No, Indiana is not a community property state but an equitable distribution state with some unique interpretation. Judges in jurisdictions that use the equitable property distribution concept divide a couple’s assets and debts according to what’s fair given the circumstances, which isn’t always 50/50. When deciding how to divide a couple’s assets, judges in Indiana must first assume that an equal split is “just and reasonable.” To get around that assumption, an objecting spouse needs to prove that a 50/50 split would be unfair.

How is Indiana intestate succession done?

Indiana intestate succession is done as follows:

1. In Indiana, the distribution of a decedent’s estate to a surviving spouse is conditional upon the existence of any other living parents or children. In the event that there are surviving children of the decedent and the surviving spouse, the spouse is legally entitled to receive 50% of the intestate property and one-quarter of the fair market value of any real estate after deducting any liens or encumbrances. The children inherit the remaining portion of the estate.
2. In the absence of a surviving spouse, children, or parents, Indiana intestacy rules allocate portions of the decedent’s inheritance to siblings, grandparents, aunts, and uncles. The priority to inherit increases as the relative’s proximity to the decedent increases.

How is estate and inheritance tax in Indiana done?

Estate and inheritance taxes are not imposed in Indiana.

The estate tax is levied on the estate of the decedent or the individual transferring assets before their distribution to beneficiaries, and it is computed based on the overall worth of the assets at the time of transfer. An inheritance tax is levied on transferring assets from one individual to their beneficiaries, with the beneficiaries responsible for paying the tax. The tax is assessed on the valuation of the assets at the time of gifting, and the tax rate is generally determined by the value of the assets received by the beneficiary, the familial connection between the estate owner and the beneficiary, and the state jurisdiction.

Why should young adults consider a will?

Young adults should consider a will because the young adults will guarantee proper distribution of their priced possessions, including pets, according to their desires and ensure that their loved ones are appropriately provided for.