Our Estate Planning Attorneys Protect Your Legacy
It is common to focus on the here and now – growing a business, raising a family or enjoying the rewards of your hard work. Estate planning is about protecting what matters most—your family, your legacy, and your peace of mind.
At Parr Richey Frandsen Patterson Kruse LLP, we help clients prepare a thoughtful estate plan. With the right guidance, you can make confident decisions that legally protect your wishes and streamline the process for your family.
The Role Of A Will In Your Estate Plan
A Last Will and Testament is the foundation of any solid estate plan. It acts as your voice when you are gone, providing clear instructions on how your assets should be managed and divided, and who you trust to manage your affairs. Our attorneys work with you to prepare a Will tailored to your individual needs and circumstances.
What Happens If You Die Without A Will In Indiana?
If you pass away without a valid will (known as dying intestate), the State of Indiana dictates who receives your probate assets according to rigid state formulas. In this situation, your personal desires are ignored, which often leads to unintended consequences:
- Asset division: Depending on your family hierarchy, your estate may be divided between a spouse and children, your parents, or distant relatives in a way you never intended. Your spouse may only receive half (or less) of your probate estate if you leave surviving children, even if your children are minors.
- Family disputes: Without naming a personal representative, the court must pick someone to manage your affairs. This requires additional paperwork and often sparks arguments among relatives.
- Loss of control: Friends, unmarried partners, stepchildren, and favorite charities receive nothing under Indiana’s default rules.
By setting up an estate plan now, you ensure your wishes are carried out exactly how you intend.
Key Decisions You Make In Your Will
Drafting a Will allows you to stay in control of the most important parts of your legacy:
- Beneficiaries: You decide exactly who receives your assets, from your home and bank accounts to sentimental family heirlooms. You can also direct when your assets are distributed without the expense of setting up a standalone Trust.
- Personal Representative: You choose a person you trust to work with a probate lawyer in Indiana to carry out your final instructions.
- Guardianship: For parents, a Will is the most common legal document used to legally name who should raise your minor children.
Making these choices now prevents a judge who does not know your family from making them for you later.
Limitations of Wills And Additional Planning
While a Will is a great start, it has limits. It only takes effect after death and must go through a public court process. For families with larger estates or business interests, we often suggest looking beyond a simple will.
In some situations, it may be beneficial to set up a Living Trust or another type of trust instrument. Trusts keep your affairs private and avoid the court process entirely. Our experienced attorneys can work with you to help you decide if a Trust is better suited to your needs than a simple Will.
Why should I choose Parr Richey for my estate planning needs?
Since 1899, our firm has provided a steady hand for Indiana families. Our attorneys are experienced in preparing estate planning documents and defending them in court, giving us a broad perspective to draw from.
Can a Parr Richey attorney assist with advanced estate planning beyond a simple will?
Yes. We regularly help business owners, farmers, and families prepare sophisticated estate plans to meet their needs.
Secure Your Legacy With Parr Richey
Good planning requires a partner who knows the law and understands your goals. Whether starting from scratch or updating an existing estate plan, we make sure your wishes are reflected to bring you peace of mind.
Call our Indianapolis office at 317-269-2509 or contact us online to discuss your estate planning or probate matter.