Probate & Estates

     Probate is the court process of determining the owner of certain assets after the initial owner is deceased. In particular, a probate estate is opened when a person passes away with assets in excess of $25,000, which are titled in their individual name, with no beneficiary.

     If the decedent leaves a will, the will should be taken to an attorney for review. The will outlines the manner in which the estate should be distributed. In addition, the will states the executor. The executor is simply the person who is responsible for ensuring that the debts and taxes of the estate are paid. They are also responsible for distributing the net proceeds.

     The attorney for the estate will prepare a petition for the executor to sign to be appointed as the personal representative. The court will then issue “letters of testamentary” to the personal representative. These letters simply state that the Court has appointed the nominated executor as the official personal representative to handle the estate.

     The attorney will then assist the personal representative in locating all assets, paying debts and taxes, and distributing the remaining monies.

     The time period for administering an estate can range from six months to one year.

     If the decedent does not leave a will, then the distribution of the estate will be according to Indiana statute. Indiana statute outlines the division of the net proceeds according to a person's relationship to the decedent.

     In the event that a person passes away with less than $25,000 in their estate, then the process for distribution is greatly simplified. Distribution can be made using a small estates affidavit and can occur after forty-five days from death.