YOU MEAN THIS COULD HAVE ALL BEEN AVOIDED? 

By Shane Toland, Indianapolis South LIVING WELL Magazine

What made the situation even worse was that they had not taken the time to consult with an attorney prior to Sally’s death and now Bill was left in quite a bind.

When the closing date of their house purchase was delayed and rescheduled to the date of Bill’s annual fishing trip, his wife, Sally attended the closing alone and the house was titled solely into her name.

A well-meaning but misinformed neighbor told them that it didn’t matter because if Sally died Bill would inherit everything anyway. However, the truth is, in Indiana, if you die without a will only a portion of your property passes to your spouse and the rest passes to your children.

The home would not pass entirely to Bill. Now Bill was going to have to sell his home and move into a small apartment. This is not something that either Bill or his wife wanted. “You mean this all could have been avoided?” Bill kept asking.

Failure to properly plan for death with a will or trust can cause excessing probate fees and court cost, property to pass to unintended beneficiaries, and the inability of a surviving spouse to be able to support himself.

The loss of a loved one is sad enough but when coupled with poor planning and misinformation the result can be devastating. It you have not met with a knowledgeable attorney regarding a will, trust, and power of attorney, please do so immediately. Do not leave your family in a situation where they are asking: “You mean this all could have been avoided?”

Shane Toland, attorney at law, MBA assists individuals and families in estate planning, business succession planning, and probate issues. Mention this article for a free consultation. Shane can be reached at 317-921-0094.