Probate Is Often Seen As A Necessity But Largely Ignored In Pre Planning Your Estate.
We at Jeff Jinks Law know the importance of this subject in Estate Planning and are well equipped to create a customized solution for you and your family.
PROBATE AT ITS MOST ESSENTIAL
Probate involves the court-supervised legal procedure that could happen after someone passes away. In order to see how probate administration works, we need to look at the parties involved, how long the process could take, the assets that can or cannot be included and when it is deemed necessary.
LET'S TALK TODAY!
Our Firm Looks Out For Our Clients
WHY WOULD PROBATE HAPPEN?
ESSENTIALS ON PROBATE
The reason why probate is necessary depends on what type of estate management and planning you’ve orchestrated, who will receive control of the estate (also known as the executor or personal representative) and if the deceased person had assets in their name.
When discussing how probate would happen, you must know about the different types of administration. To get a clear understanding of both:
- MINIMAL (SMALL) ESTATES
The type will be substantially determined how your general estate plan was created and if the estate was solvent (no bankruptcy/debts) and the will that served as instructions for everyone involved to follow and adhere to.
COMMON PROPERTY TYPES
Determination In or Out Of Probate
The real and personal property, life insurance, bank accounts and other resources will or will not be included in the probate administration process based upon a number of factors.
- LIFE INSURANCE: If you have life insurance, your proceeds will skip probate.
- ASSETS (PERSONAL PROPERTY / BANK ACCOUNTS): Provisions such as “payable/transferable-on-death” can be included in your estate plan to be excluded from probate if beneficiars are named for such assets.
- RETIREMENT FUNDS: These accounts may or may not be included in probate if the deceased had designated a beneficary.
HOW WE APPROACH PROBATE IN INDIANA
KNOWING IF IT IS NECESSARY OR NOT
The chance of whether or not there is a probate court procedure happen is primarily based on how the personal representative (PR) or whoever the beneficiary is outside of the will uses the assets to pay debts. How the PR finds each creditor and fully executes the state and Federal mandates to complete the probate can be confusing and exhausting and having the right guidance is paramount on how you can wrap your deceased’s affairs in the most timely and cost-effective manner possible.
Call or Email Our Indianapolis Estate Planning Attorneys Today!
Our attorneys know that the property navigation of Probate will make all the difference in balancing your security for the future and the wishes of the decedent.
To schedule an evaluation of your estate, please contact an Indiana estate planning attorney from our firm today!
LET'S TALK ESTATE PLANNING TODAY!
You Built Your Life The Way You Wanted. Now Create Your Legacy.
JEFF JINKS FIRM NEWS
WEBSITE USE AND DISCLAIMER. By using this site, the User understands and agrees that Attorney Jeffrey J. Jinks is licensed only in the State of Indiana and information on the site may not be valid in other jurisdictions. All information is for information purposes only and is not legal advice to the user.
No attorney client privilege or relationship is created by the use of the site or the transmission and receipt of information without an express agreement between the user and Attorney Jeffrey J. Jinks. The information on the site should not be relied on, and the user should take no action, nor refrain from taking action, without first seeking legal or other professional advice for their specific situation. Do not send confidential information through this site, nor through email.
Any links to other sites are intended as possible aids to the user and are not intended or implied that the firm sponsors, is affiliated or associated with, endorses or is legally authorized to use any any trade name, mark, logo, seal or copyrighted symbol that may be reflected in the links. Those sites are not under the control of Attorney Jeffrey J. Jinks and he is not responsible for the content on or through those sites.
The information on this site may not reflect the most current legal developments, verdicts, case law, code revisions, regulatory updates, private letter rulings or other changes in the law and is not guaranteed to be correct, complete or up to date. The information on this site should not be taken as a promise, guarantee or indication of future results or benefits.
IRS CIRCULAR 230 NOTICE. We are required by Treasury Regulations (Circular 230) to inform you that, to the extent that this communication concerns federal tax issues, this communication (including links, attachments and enclosures) was not written or intended to be used, and cannot be used, for (1) avoiding federal tax penalties, or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein.