Indiana Last Will and Testament Lawyers

“All You Need Is A Will.”

We have heard that mantra for years. While it is true that a Last Will is part of most Estate Plans, it is often only a part. So, what is a Last Will and Testament? A Last Will, sometimes called a Last Will and Testament, guides the Probate Court (or Magistrate in some Indiana counties) overseeing the probate of an estate (for more information about probate). It nominates a person to be appointed by the court as the personal representative to supervise the probate estate. 

Call Rice & Rice today at (219) 240-0450 or contact us online to schedule a meeting with our last Will and testament attorneys in Indiana!

What is an Executor of a Will?

One of the most common terms when discussing managing affairs after someone dies is “Executor.” Unfortunately, it is often overused or improperly used. The executor of an estate is a person nominated in a Last Will and appointed by the court. Sometimes, people with trust or who go through probate without a will refer to the person in charge as executor. Legally, that is not the case. 

As a side note, a person who is not officially appointed executor should be careful about using the term. An Executor has a level of responsibility to the estate, which includes beneficiaries AND CREDITORS! Unless you have authority and responsibility to creditors, you do not want them to think you do. They tend to hold a person to that to try to be paid for outstanding balances. 

How Your Last Will Determines Asset Distribution

A Last Will also gives the court guidance on who you want to be an heir of a portion or specific item(s) in your estate. A properly prepared Will provides a staggered plan of distributing assets to specific people – My Son, John – or groups of people – My Then Living Nieces. The Will provides “What if…” directions if one of those named people is not living or disclaims a distribution. 

Ultimately, the Will provides a plan for the “residue” of the estate. The residue is any asset(s) not covered in the prior distribution plans or that slip through for several reasons. Wills are a very old (think Old England) method of a person controlling the transfer of assets at his/her death. Because of that, they are a very formal document. There are specific components, particular order, and execution required to be found valid.