Wills - Kent A. Jeffirs, Attorney at Law, Crown Point, Indiana

Wills
	What is a Will? A will is a document that provides for the way in which a person's probate property will be distributed upon death. To be valid, it must meet certain formal requirements as provided by the laws of Indiana. A properly drawn will assures you that, upon your death, your property will be distributed as you intended. If you have a will, it is important that you review your will periodically with your attorney in order to keep it up to date. A will also allows you to choose the personal representative (formerly known as executor) who will see to it that the provisions of your will are carried out through the probate process. A will also will allow you to choose a guardian to care for any minor children upon your death. A will can also dispense with the requirement of a surety bond which the personal representative might otherwise have to pay and allow for "unsupervised" administration in probate, both of which can save money for you and your family. All wills must be filed in the probate court upon death.
How is a Will made? Anyone who is at least 18 years of age and of sound mind may make a will. Generally, a will must be in writing and witnessed by at least two persons who are not receiving anything under the will. A will must be signed by the person making the will and the witnesses in strict accordance with the law. The easiest way to ensure that these conditions are met legally is to have the signing of the will supervised by an attorney. May a Will be changed? A will may be changed as often as the person who wrote it wishes. Changes are frequently made an amendment to a will called a "codicil." However, all amendments on codicils must be signed and witnessed in strict accordance with the law the same as with the original will. Therefore, changes should not be made without the assistance and advice of a lawyer to ensure changes will be legally valid and not affect other portions of the will. How long does a Will last? A will is generally effective until it is changed or revoked. Changes in circumstances after a will has been made, such as tax law changes, marriage, birth of children, divorce or even changes in the kind or amount of a person's assets, may raise questions about the adequacy of that will. All changes in circumstances require a careful analysis and reconsideration of all the provisions of a will and may make it advisable to change the will to reflect the new situation. A will must be filed in the Probate Court upon death to be acted upon. If a will is not filed in Probate Court within three years after a person dies, the will will not be allowed into probate. Does a Will increase probate expense? No. It costs no more to probate an estate when you die with a will than when you die without a will. Often it will cost less if you have a properly prepared will. When there is a will, the personal representative formerly called "executor" distributes the assets to the parties named in it. When there is no will, the probate court must hold proceedings to determine who the legal heirs are and then distribute the assets to them. By providing so in your will, you may also allow the personal representative to serve without the requirement of a surety bond and may allow for "unsupervised" administration in probate both of which can save money for you and your family. May a person dispose of property in any way by making a Will? Almost, but not quite. For example, a married person can make a will that completely excludes his or her spouse, but Indiana law still provides the surviving spouse with an "elective share" where the surviving spouse may claim a portion of the estate regardless of what is provided for the spouse in the will. Also, a divorce revokes the portion of a will that refers to leaving property to the spouse who has been divorced. There are certain other restrictions a lawyer can explain. Does a Will let me avoid federal estate taxes and Indiana Inheritance taxes? Whether or not there will be a federal estate tax depends primarily upon the value of a person's estate. Indiana inheritance taxes, on the other hand, are determined by the value of the assets inherited by each of your heirs and how closely they are related to you. Estate and inheritance tax deductions are also available for debts, expenses of administration, and distributions to a surviving spouse or charity. However, a properly drafted will might reduce the amount of taxes that have to be paid. Wills written without consideration of recent federal tax laws should be re-examined in light of the major tax law changes made in 2001. An estate-planning lawyer must be skilled not only in the laws of wills and property, but also must be familiar with both state inheritance and federal estate tax problems. If I decide a Will may be right for me, how should I set one up? If you decide that the use of a will may be right for you or if you are uncertain whether a will would be beneficial, please contact our office. At Kent A. Jeffirs, Attorney at Law, we offer a FREE half hour consultation to discuss what type of estate plan is right for your particular situation. You can also call or e-mail us to request this FREE half hour consultation. After reviewing information at your initial consultation concerning the nature, title and value of your assets and liabilities, and following discussions with you concerning your goals for the use of your property during lifetime and following death, we will provide you with an estimate of legal and other expenses involved with the drafting and implementation of a will plan. The drafting of a will, like most other legal documents, requires professional judgment if the best results are to be ensured. We can help you avoid the pitfalls and help you choose the legal instruments and plan best suited for your situation.