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.
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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.
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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!
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