Wills and Estates
Each and every person should consider disposition of their property upon their death. A simple Will can control the disposition of houses, personal property, cars, stocks and bonds, and other items upon your death. Failure to do so can result in unpredictable results. The State of Indiana prepares a Will for you in the event you have not completed one of your own. Indiana’s Intestate Succession Statute provides a Will in the event a Will cannot be located. The Intestate Succession can result in bizarre distributions and should be avoided.
Power of Attorney
Equally important in my opinion, is a Power of Attorney. A Power of Attorney grants authority to another individual to sign your name in the event you become incapacitated. Think of the consequences of being unable to execute pay checks, tax documents, deeds, and other papers in the event you become incapacitated. If you fail to prepare a Power of Attorney prior to your incapacity, then a much more extensive guardianship proceeding must be conducted.
Living Will
Finally, a Living Will provides that in the event a physician determines that you cannot survive absent life prolonging medical procedures, your wishes in this regard can be expressed in advance.