Probate can be a well-ordered, efficient, and relatively easy process that is over within a short period.
INDIANAPOLIS, IN, May 09, 2024 /24-7PressRelease/ -- Probate is the legal process of validating a will and settling the estate of a deceased person. In Indiana, probate is required in some situations but not in others.
First, probate is required if the deceased person owned property solely in their name that is worth more than $100,000. This property may include real estate, bank accounts, vehicles, and other assets. If the property is owned jointly with another person, probate may not be necessary.
Second, if the deceased person had a will, probate is required to ensure that the will is valid and that the deceased person's wishes are carried out. If there is no will, the probate court will follow Indiana's intestacy laws to distribute the estate.
Third, if there are outstanding debts or taxes owed by the deceased person, probate is required to ensure that these debts are paid before the estate is distributed to heirs.
There are some situations where probate may not be required in Indiana. If the deceased person had a living trust and transferred their assets into the trust, those assets will not need to go through probate. Certain assets may have named beneficiaries, such as life insurance policies or retirement accounts, and these assets will pass directly to the named beneficiaries outside of probate. Probate can be either simple or complicated, depending on how well you plan," says Attorney Larry Church of CLLB Law.
In summary, probate is required in Indiana if the deceased person owned property worth more than $100,000 solely in their name, had a will, or had outstanding debts or taxes owed.
About CLLB Law Firm
The attorneys at Church, Langdon, Lopp, Banet Law have years of experience providing quality representation across a range of legal practice areas. Through mediation and litigation, they have helped some of the most prominent individuals, businesses, cities, and schools in Indiana and Kentucky navigate legal matters involving elder care and estate planning, real estate, family disputes, and even criminal defense. For more info, call 812-725-8224.
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