Payable on death may have some scary characteristics that only this brief summary and others like it would be able to dispel, as it isn’t just a simple stating of whom gets what as it might have been, but courts and creditors make it very difficult to leave money to those left after death. A payable on death bank account is a regular bank account, except that the account names a specific person as the beneficiary in the case of the account holder’s demise, and is one of the easiest and safest … [Read more...] about Wondering About a Pay-On-Death Bank Account
Probate
What Does it Mean to be Named Executor in Someone’s Will?
The short answer to this question is that the person who has named you as executor trusts you to see that the bequests made in the will are carried out. The more complicated answer is that the executor has many duties to the estate and can be liable if such things as the estate taxes are not paid. Some of the duties of the executor are Distributing assets according to the dictates of the willPaying debts of the estate and final debts of the deceasedMaintaining assets of the estate such as a … [Read more...] about What Does it Mean to be Named Executor in Someone’s Will?
Common Probate Questions
Typically, estate probate cases are a straightforward procedure, especially when an experienced attorney handles the probate. It does get more complicated if a beneficiary contests the Will. Although the legal aspects of probate are not complicated, probate can be an emotionally taxing and lengthy process your loved ones must endure during an already difficult time in their lives. Some of the most common questions people ask include: Q. How long do probate proceedings take? A. … [Read more...] about Common Probate Questions
Do Small Estates Have To Go Through Probate?
Fortunately, no, small estates in Indiana do not have to go through probate, which is good, because that saves a lot of time and money. There are some restrictions on what makes an estate small, however. In Indiana, a small estate is one where the gross estate, less liens and encumbrances, does not exceed $50,000, the costs and expenses of administration, and reasonable funeral expenses. In such cases, the personal representative for the estate may immediately disburse and distribute the … [Read more...] about Do Small Estates Have To Go Through Probate?
Can I Avoid Probate?
Yes, you can avoid probate with a little advance planning. Many people are interested in how to set up their assets in order to avoid probate (court proceedings to transfer their property to their beneficiaries) after their death. These vehicles will help you achieve that goal: Insurance policies—insurance proceeds will go directly to a beneficiary and avoid probate, unless the beneficiary is your estate401Ks—money from a 401k will go directly to beneficiaries, avoiding probateLiving … [Read more...] about Can I Avoid Probate?
How Do I Update My Will?
Any time there is a major change in your life—marriage, divorce, birth of a child—it is a good idea to update your will. Or there may come a time when you want to change your beneficiaries, or add or subtract property to be devised. For minor changes such as changes to specific bequests or a name change or change in personal representative, you would probably just want to make a codicil. With a codicil, you can make specifics changes to certain items while leaving the rest of the will … [Read more...] about How Do I Update My Will?
Ease Estate Settlement for Your Loved Ones
Settling an estate takes time and money. You can ease the settlement process for your own estate by planning ahead. Here are three ways to help your family member’s navigate your affairs when you pass away. Safe Storage of Documents Upon your death your family will have to gather up all of your estate documents and meet with an attorney. You can make this process easier by storing your documents in a safe but easy to find location. Some common storage places include: safe deposit boxes, … [Read more...] about Ease Estate Settlement for Your Loved Ones
Choosing Your Executor: Paid or Unpaid?
An executor is a person or institution tasked with carrying out your wishes and handling your estate after you pass away. The executor is legally obligated to meet your wishes and act in the best interest of your estate after you die. Normally, an executor is chosen and named when preparing a Will or estate plan. Should you die without a Will, the court will appoint someone – known as a personal representative - to perform the duties normally assigned to an executor. Since the executor’s … [Read more...] about Choosing Your Executor: Paid or Unpaid?
What is Probate?
Probate is a legal process the courts use to take inventory of your estate and distribute your assets after you pass away. In addition to dispersing your belongings, it also ensures that all your outstanding debts have been paid and when probate is complete, that your estate is completely dissolved. To accomplish this feat, the probate court relies on the executor you named in your Will or on a personal representative designated by the court if no Will exists. This person is responsible for … [Read more...] about What is Probate?
Solvent vs. Insolvent: What's the Difference?
When your estate gets to probate court, it can be classified in one of two ways: solvent or insolvent. Solvent means that there are still assets left over after all the debts have been paid. These assets are then distributed to the heirs as outlined in your Will or if there is no Will, in accordance with state law. An insolvent estate on the other hand, is one where the debts exceed the value of the assets. In this instance, all the assets are sold off but cannot completely cover the … [Read more...] about Solvent vs. Insolvent: What's the Difference?
