Legal Question in Real Estate Law in Indiana

Re: probate

It is usually a good idea to take the time and expense to prepare a will, so there is clarity about the disposition of your assets. But assuming you procrastinate like the rest of us, here is what will happen. First, I assume your father's will doesn't have a "take back" clause that requires a beneficiary to outlive him by a certain number of days or that you have survived long enough and that your children belong to both you and your husband. Now that the stage is set, you die. Your interest in your father's estate is an asset that has to be probated, so another estate has to be opened. Your husband and children are entitled to $25,000 family allowance, but only if there is enough money to take care of the most important claims of all, your estate's attorney fees. After that, your husband gets half and your children share the other half. Indiana inheritance taxes are zero for your husband, but 10% on amounts to a child (after deducting $100,000.) Now you could make a will that gives everyting to your husband, or gives it to anyone else in the world. Be aware, though, that a spouse can claim the family allowance and his intestate share, in this case 50% (unless he killed you.) You can also provide in a will for the nomination of someone to be the guardian of your children. That's another thing people take their time thinking about. Good luck.