Legal Question in Wills and Trusts in Indiana

Property and debts of surviving spouse

We have been married for 10 years. My husband has no children. In that 10 years we have accrued a hardware store and have built 5 log homes , which are on property owned previously by my husband. All of this is in husbands name mostly with bank in loans. Also is equipment, etc. Without will, what would happen as far as my responsibility to pay loans and as far as what I would be entitled to since it is all in his name? Should we do a will or should I have my name put on these loans? My health is not good and ability to work much longer looks bad.


Asked on 4/21/02, 7:13 pm

1 Answer from Attorneys

Mary Ann Wunder Wunder & Wunder

Re: Property and debts of surviving spouse

If your spouse dies intestate, a resident of Indiana, you are entitled to a portion of his estate determined by whether his parents survive him or not. For this purpose you said he had no children, and I assume that means he had no children with you and had no children prior to your marriage.

When there are children the spouse gets 1/2 of the estate.

When there are no children but parent(s) survive the spouse gets 3/4 of the estate.

When there are no children and no parents surviving, the spouse gets the entire estate.

The probate property you inherit (that is property in your spouse's name alone) is liable for the debts on it before it is paid to you, but you are not liable for any debt on such property if the property is not sufficient to satisfy the debt.

If you are liable on a debt with your spouse, you remain liable for the debt after his death.

A surviving spouse pays no inheritance tax in Indiana. But if the net estate is valued at more than $675,000, there may be estate tax due the federal government.

If you are not currently liable on debts I would not suggest that you become so. As to a will? Is there anyone else to share in the estate and if so, remember you get the first $25,000 as a survivor's allowance (amount may change with future legislation).

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Answered on 4/21/02, 7:41 pm


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