Inheritance laws can be tricky, but the basic concepts include children, property, and tenancies:
Children: Indiana law does not allow minors to inherit any property directly; if you wish to leave property to minor children, it must be managed by an adult until the child turns 18. A trust is one of the most popular methods for achieving this, as it allows the appointment of a Trustee to manage the inheritance of the child.In the event that you die without a will, the division of your assets via intestate succession laws will depend on your relationship to the child in question.
Joint Tenancy Property: Indiana recognizes the validity of any property held in “joint tenancy.” This means that the property will automatically go to the surviving tenant upon your death, under the rules of survivorship. This step helps to avoid the risk of your will going to probate and is popular with married couples, parents and children, or even siblings.
Life Insurance: Life insurance policies operate in a slightly different way to wills, but still need to be a regular part of planning your estate. In Indiana, the life insurance payout will go to any named beneficiaries on the policy.