Experienced Guidance From Bloomington Estate Planning And Probate Attorneys
Estate planning is a subject many people don’t like to think about. When you’re young, you assume you have plenty of time to get your estate in order. When you’re older, you may not want to contemplate your own mortality.
Although these attitudes are completely understandable, the truth is that none of us knows what life has in store. Therefore, planning your estate now is important. It is one of the best ways to ensure that your wishes will be known and honored and that your family will be financially secure.
We Can Craft All Of The Estate Planning Documents You Need
McCrea & McCrea is a full-service Monroe County law firm offering help with nearly any estate planning needs you may have. Our Bloomington attorneys are ready to guide you through all documents and processes, including:
- Wills: A will explains how you want your property distributed and can name a guardian for minor children.
- Trusts: Revocable and irrevocable trusts allow you to distribute assets to beneficiaries outside probate. Certain irrevocable trusts may also provide added protection from creditors.
- Living wills: A living will records your wishes about life-sustaining medical treatment so your family and physicians know your preferences.
- Financial powers of attorney: This document names someone you trust to manage your finances and legal affairs if illness or injury leaves you unable to do so.
- Appointment of a healthcare representative: This document names someone to make medical decisions for you if you cannot communicate your wishes. It works alongside your living will to help guide your medical care.
We believe in building long-term relationships and earning your business again in the future. We are happy to help you update your estate plan over time, even if we didn’t write the original documents.
How We Can Help Following The Death Of A Loved One
In Indiana, if an individual has $100,000 or more in assets (after subtraction of liens and encumbrances) in their name at the time of death, it is likely that his or her estate will need to be probated in court.
If you are a personal representative (sometimes called an executor) overseeing an estate that needs to be probated, you will need the assistance of an experienced lawyer. At McCrea & McCrea, we have handled hundreds of probate estates and can take care of everything for you. We are efficient, detail-oriented, organized and thorough – the very skills that probating an estate requires. We work to ensure that the process is completed as quickly and accurately as possible.
Frequently Asked Questions About Estate Planning And Probate In Bloomington
Estate planning and probate can be complicated, especially without the right legal help. It is only natural to have questions about the proceedings. Here’s answers to some common questions from clients:
When should I create or update an estate plan in Indiana?
Review your estate plan every three to five years and after major changes in your life, family or finances. Marriage, divorce, a birth, adoption or the death of a beneficiary or decision-maker may also require you to update your plan. Buying property or a business, experiencing a major change in wealth or retirement status or moving to or from Indiana also call for revisions.
How long does probate take in Indiana, and what should I expect?
A standard, uncontested probate case in Indiana often takes about six months to a year. Smaller estates may qualify for simplified procedures and settle within weeks, while complex or contested estates may take more than a year. Probate generally involves opening the estate, notifying creditors and heirs, inventorying assets, paying valid debts and taxes and distributing property.
What happens if I die without a will in Indiana?
If you die in Indiana without leaving a will, state intestacy laws will determine how your property passes to surviving family members. Your primary beneficiaries will include your spouse, children, parents or siblings. Your estate may also go through probate, where a court-appointed personal representative will manage the estate. Creating a will lets you state your wishes instead of relying solely on Indiana’s intestacy laws.
Planning ahead can give your family clearer direction and help your property pass according to your wishes. Our estate planning attorneys can review your circumstances and help you create or update a plan that fits your needs.
Take The First Step To Creating A Comprehensive Estate Plan
Located in Bloomington, Indiana, McCrea & McCrea serves clients in Monroe County and surrounding communities. To take advantage of a free initial consultation, contact us via email or call 812-650-4425.