How to Pass On Your Property
Indiana has established Probate laws and Probate Courts to supervise and administer the transfer of assets upon a person’s death. The Probate Code provides the rules and requirements to ensure that creditors are paid and that heirs can receive their inheritance if funds are available.
What Should I do First?
The first step is to determine if someone left a will. You will need the original copy of the will. If you do not have an original, it may not be possible to probate the will. Even if the court accepts a copy, it will result in unnecessary stress, uncertainty, and expense. If there is not a valid will, the court will use a set of default rules called “Intestacy” to determine who gets your assets.
In order to administer probate, someone will be designated to carry out the objectives of the will and probate the will if necessary. This person is called the “Personal Representative.”
Once you have determined if there is a will, you should contact a lawyer. An attorney can help streamline the process and may be required depending on your particular circumstances.
How Does Probate Work?
There are three main ways that assets can pass after death. “Small Estate” administration, Unsupervised Administration, and Supervised Administration. The best method will depend upon the assets in the estate, debts, and each family’s personal situation.
Small Estate is the least formal and fastest method, but only available in limited circumstances. Unsupervised Administration allows probate to be administered with minimal court supervision and less expense. Supervised Administration involves more court oversight and safeguards, but tends to take longer and cost more.
Supervised and Unsupervised Administration require publication in the newspaper, a waiting period, and several legal filings. Creditors will have an opportunity to file claims with the court if they believe they are owed money. If someone objects or you dispute a claim, an attorney can help resolve the dispute through negotiation or a contested hearing.
What if There Is not Enough Money?
Sometimes, there is not enough money for everyone to get their share. As such, Indiana has a law to prioritize who gets paid. Heirs do not receive anything until taxes and creditors are paid. However, a spouse or children can sometimes take up to $25,000 before other creditors get paid. Once creditors are paid, the law’s priority list will dictate who receives funds and if those funds will be a reduced share.
Contact a Cloverdale Probate Attorney Today
Contact Benjamin Waite at Waite Law Office LLC to discuss how we can help your family through this difficult time. We seek to provide compassionate and efficient representation to navigate the process quickly and with minimal expense. A knowledgeable attorney can provide peace of mind for your family. Call us today.