October is the perfect time for haunted houses, ghost stories… and a few frightening facts about estate planning. At Martz & Lucas, we’ve seen how “scary” things can get when families skip making a solid plan. So grab your pumpkin spice latte and settle in, these are the real estate planning nightmares you don’t want to come true.
☠️ Dying Without a Will (a.k.a. the “Intestate Horror”)
In Indiana, if you die without a will, your assets don’t automatically go to your spouse. That’s right, your estate could be split between your spouse and your kids… even if your kids are minors.
That could mean your 14-year-old suddenly becomes a part-owner of your home, bank accounts, or other assets, leaving your spouse in a complicated and stressful situation. Talk about scary.
🧛 Pay-on-Death Accounts That Leave People Out
Many people assume that their will covers everything, but these days, a large portion of your estate may pass through Pay-on-Death (POD) or beneficiary accounts.
If you’ve added only one child to a bank account, and forgot to update it, the others may be left out entirely, no matter what your will says. The result? A family feud worthy of a horror movie.
🧟♂️ Ex-Spouses (and Other Ghouls) Who Still Have Access
Forgot to update your beneficiaries after a divorce? That ex-spouse could still receive your life insurance payout or retirement savings. Spooky, right?
Reviewing and updating your estate documents regularly is a simple way to keep unwanted ghosts of the past out of your future.
🪦 Minor Children Without Guardians Named
What happens if something happens to you… and you haven’t named a guardian for your children? The courts will decide.
Even worse, your children could end up in a temporary foster placement until a decision is made. Naming a guardian is one of the most important (and loving) things you can do as a parent.
🕸 No Power of Attorney = No Control in a Crisis
If you become incapacitated without a Power of Attorney or Health Care Directive in place, your loved ones may need to go to court just to pay your bills or make medical decisions.
This process is slow, stressful, and expensive, especially during a medical emergency. It’s like being trapped in a horror film without a way out.
Don’t Be Haunted By Regret
Estate planning doesn’t have to be spooky, with the right help, it’s actually empowering. Whether you need a simple will or a full estate plan, we’re here to help Indiana families protect what matters most.
🕯 Contact us today to schedule a consultation and make sure your estate plan won’t come back to haunt your loved ones.