Can Probate Be Avoided?

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Presentation Description

This presentation talks about probate as well as the different probate avoidance strategies in Indiana.

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Can Probate Be Avoided?

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Myth

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You may have seen a fictional depiction

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Someone dies, and after the funeral there is a “reading of the will”

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The assumption is that the person who reads the will distributes the property directly to the heirs to the estate

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Reality Reality

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If you use a will to transfer your assets , you choose an EXECUTOR

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This is the person who administers the estate

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When you pass away, the executor is bound by the laws of the state of Indiana

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He or she must admit the will to probate before any inheritances are distributed

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Probate Probate

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What Is Probate?

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It is a legal process

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The probate court determines the VALIDITY OF THE LAST WILL

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Final debts must be paid during probate

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Challenges to the estate could be presented during probate

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How Long Does It Take?

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The exact duration of the probate proceeding will vary on a case-by-case basis

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Simple cases will take months

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The more complicated the situation is , the longer it will take

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In some instances probate can go on for years

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Does Probate Cost Anything?

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There are expenses that can pile up during the probate process

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The court imposes a fee 1

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The court imposes a fee 1 The executor must be paid, and various professionals will usually be brought in 2

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These probate expenses will reduce the amount of the inheritances that are received by the heirs

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Can Probate Be Avoided?

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When you hear about probate you may wonder if it can be avoided

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The answer is yes, there are a number of different probate avoidance strategies that can be implemented

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One very commonly utilized solution would be the CREATION OF A REVOCABLE LIVING TRUST

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Indianapolis Probate Avoidance Consultation

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If you would like to discuss probate avoidance strategies with a licensed attorney, we invite you to contact our firm

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We would be glad to provide you with a free consultation . Frank & Kraft (317 ) 684-1100 www.FrankKraft.com

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