When is probate not necessary in the state of Indiana?
However, in the state of Indiana, estates that fall under a certain value level are defined as “small estates” and may not require probate at all. 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
How long does it take to get a probate in Indiana?
Related Products. Conducting a probate in Indiana commonly takes six months to a year, depending on the situation. It can take longer if there is a court fight over the will (which is rare) or unusual assets or debts that complicate matters.
How does a will have to be filed in Indiana?
Indiana code requires the will to be filed with the court. This allows the court to verify the will as valid or to handle disputes if anyone contests the will. Even if the estate doesn’t need to go through formal probate, the will must be presented to the court.
When does an estate not need to go through probate?
An estate worth less than $50,000 will not need to go through probate. Instead, they will use the small estate administration to transfer ownership of the assets to the heirs. This means they will need an affidavit to prove they are entitled to the assets, which they can present to whoever holds the asset.
Do you have to go through probate in Indiana?
Probate is not necessary in all cases for all estates. In Indiana, if your estate is “small” or worth less than $50,000, you may be able to avoid probate altogether. Certain assets will simply pass to heirs and beneficiaries upon the death of the owner. The following assets do not need to go through probate:
An estate worth less than $50,000 will not need to go through probate. Instead, they will use the small estate administration to transfer ownership of the assets to the heirs. This means they will need an affidavit to prove they are entitled to the assets, which they can present to whoever holds the asset.
Who is the executor of an estate in Indiana?
The executor is also given the authority to pay any debts and taxes. Since Indiana has not adopted the Uniform Probate Code (UPC), the probate process, especially for smaller estates, is relatively complicated.
Can a living trust trustee avoid probate in Indiana?
Living trust assets: Assets that are held in the name of the living trust trustee while the trustee is still alive. In Indiana, these assets will avoid probate if other assets outside the trust exceed the state’s small estate threshold.