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How to avoid probate. Property defined by and held in a living trust. An Indiana estate trust is an arrangement that allows your loved ones to avoid probate while giving you added controls over how your assets are distributed. Probate simply means a judge determines that your Will is valid and authorizes the person you have named in your Will to begin settling your estate.
Once you've made a list of assets of items that will pass to heirs or beneficiaries according to the will or state intestacy laws, you can proceed. As with POD designations, TOD designations may provide for joint beneficiaries, but not successor beneficiaries. Call Barnes Caldwell Law today. Unsupervised administration is the simplest type of probate administration. Probate court is notoriously costly and time-consuming. Our Deed Generator gives several options for dealing with the consequences of transfers to multiple beneficiaries and what happens if a beneficiary dies before the owner. Indiana assets that don't have to go through probate include: - Items owned in joint tenancy (by two or more people), including bank accounts and real estate. Good planning can help your estate avoid formal probate procedures. In Indiana, these laws are found in the Indiana Code § § 29-1-2-1 to 29-1-2-15. Your Indiana estate plan typically includes a variety of legal documents, such as: - Last Will and Testament. Indiana only requires court-supervised probate when the deceased person was the sole owner of more than $50, 000 in assets. In some instances, long term care insurance is a better option and we work with professional certified financial planners that can assist with such a purchase as part of an estate plan.
The probate process differs depending upon the existence of a will. No Surviving Spouse, Descendants, or Parents Here is what will happen under the Indiana intestacy laws if the deceased person is not survived by a spouse, any descendants (children, grandchildren, great-grandchildren, etc. ) A will does not avoid probate, but it is an important part of a plan to minimize the cost of probate. He or she can revoke the deed, change the beneficiaries, or sell, mortgage, or lease the property. Some examples include life insurance policies and retirement plans with beneficiaries, bank accounts with POD, and vehicles with TOD. A probate dispute can be both acrimonious and legally complicated. Good estate planning can help to avoid a lot of the time hold-ups that can occur in probate. Any owner that makes a TOD deed may pass his or her interest to the beneficiaries named in the TOD deed. The court appoints someone to ensure that all debts are paid, and that the remaining property is transferred to the proper parties. The process is fast and easy and you decide how much of your inheritance you'd like to receive immediately. Special Considerations.
The average cost of probate can vary widely depending on the size of the estate and whether or not you opt for "supervised" versus "unsupervised" administration. Following are some important documents that are often part of an estate plan: Last Will and Testament. Each state, and often individual counties, has specific documents that must be filed before someone can be appointed as an executor. There are also specialized trusts including: - Pet Trust – provides for beloved animals. For example, if the deceased was the victim of a car accident or medical malpractice, the estate may be able to bring a wrongful death action and collect money for the benefit of surviving family members.
There may be real property or personal property that must be inventoried, appraised and sold. Review available probate exemptions and consider estate planning strategies to qualify for simplified probate. The beneficiary does not have to consent and need not know that the TOD deed even exists. After creation and review, you should keep the original document in a safe but easily accessible place, give a copy to your healthcare representative and discuss your wishes with your family. The purpose of a consultation is to determine whether our firm is a good fit for your legal needs. While this can be a useful tool in some estate plans, be careful with this approach. Can also be set up in the same way.