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Importance of an Executor in a Last Will and Testament in Indiana
If you are doubtful about the need to create a will while in your 20s, you are in the right place. In this article, we explore the importance of creating a last will and testament, and we also take a look at what happens when you don’t have a will. You will also learn that you may have to appoint an executor of the will (in the same way you appoint an agent to enforce a power of attorney) but, do you know the actual roles of the executor. Well, let’s get started.
A free last will and testament in Indiana refers to the legal instrument which gives you control over what happens to your estate after you pass away. While engaging and paying a lawyer is an option when creating that last will, there is a simpler option. Option 2 (should be option 1) refers to the use of a last will form to create a will. The form meets the requirements of code section §29-1-5-1, et seq. on wills and all you need to do is to fill out all those blanks with accurate information.
Besides following the structure given by the state, the free Indiana last will and testament is only deemed valid if created an individual of sound mind, aged 18 or older. The individual creating the will (testator) should be of sound mind, and they should create the will out of their own volition. It should be in writing, dated, and signed by the testator.
It is also essential to have two competent adult witnesses sign the will alongside the testator.
The testator also needs to name the beneficiaries of the estate, as well as a guardian for the children (if any), and an executor of the estate.
What does the last will do?
- It protects your children by allowing the creation of testamentary trusts which are irrevocable. You could also use it to institute measures that keep the business in the family ensuring that your business never lacks. For this, your business must have a perpetual succession planning. But, that is not all: you can protect your minor kids using the will by naming a guardian to take care of your minor children upon your demise. The guardian will also protect the inheritance you give your kids so that it is not mishandled.
- It creates specific gifts, called bequeaths in the will, and it names who receives the gift. If you wish to gift a charitable organization or a friend, you can indicate that in the will.
- It facilitates the distribution of your estate to loved ones and other parties you may want to help
- You could also use the will to name an executor of the estate. The executor is the person who will serve as the administrator and the representative of your estate after your demise. You also have to use the will to waive a surety bond for the executor. The executor will easily be the main person after your demise but, you have to outline their roles (though the state can).
Some of the roles of the executor include:
Initiating probate: The executor completes and files the petition, as well as the original will with the probate court. In the probate petition, executor lists the details of the deceased person, including their legal rights and assets. It also includes giving details of the executor. Here, an executor could hire a lawyer to expedite the process. Once complete, the executor gets Letters Testamentary which authorize him or her to perform their duties when the probate proceedings kick off.
Management of the estate: the executor handles the deceased’s accounts and protects the assets. Before distribution of assets, the executor has to access the financial accounts of the executor. An executor could petition the court for the opening of safety deposit boxes and to pay off bills that threaten the assets of the deceased.
Paying taxes and debts: the executor filed tax returns and debts for the estate. They could also challenge the validity of debts. Paid taxes include the state and federal returns, as well as outstanding tax liabilities.
Asset Distribution: after paying off debt and taxes, the executor gets to transfer the assets and money of the deceased from the estate to listed beneficiaries and as per the directives given. The estate must obtain a signed release from all the named beneficiaries once the process comes to an end.
The absence of a last will and testament
If you don’t create a will and testament, the state of Indiana takes over asset distribution. The outcome may not be anything you wished for.
Intestacy laws are initiated if you die without a will. These laws state that the share allocated to the spouse will depend on whether you had children or if you have surviving parents.
If you have kids, your surviving spouse inherits half your property, as well as 1/4 the market value of any real estate (this is after deduction of liens or any encumbrances). Your children will inherit the rest of the real estate.
On the other hand, if you’re survived by parents and a spouse and no kids, the spouse inherits 3/4 of the estate and parents get the rest.
When you don’t have surviving kids, spouse, or parents, your estate goes to your siblings, or grandparents, or aunts or uncles.
Would you like to create a will today? Get out last will and testament forms from us today.