Everyone should have an estate plan in place to prevent intestacy. This is the condition that results if you do not express your wishes regarding the way that you want your assets distributed after you die. If you were to pass away without a will or any other estate planning documents expressing your final wishes, the probate court would be forced to sort things out. The court would ultimately order the distribution of the assets using intestate succession laws. Our firm … [Read more...] about How Is My Property Transferred If I Die Intestate?
Probate
What Is Probate?
Briefly and succinctly defined, probate is the legal process of estate administration. Let's look at some of the details, and some of the implications. Personally Held Property You may decide to maintain personal possession of your property throughout your life and arrange for its transfer through the terms of a last will. This is certainly an option that is available to you, and the majority of people go this route. When you create a will you name an executor or personal … [Read more...] about What Is Probate?
Why Would I Need a Pour-Over Will?
You may want to consider the use of a revocable living trust to serve as a vehicle of asset transfer instead of a last will. Let's look at some of the reasons why this may be a better choice. Trust vs. Will When you state your wishes regarding the transfer of personally owned property through the terms of a last will, the heirs to the estate don't receive their inheritances right away. The will must be admitted to probate first. The estate must be probated before the inheritances will be … [Read more...] about Why Would I Need a Pour-Over Will?
How Long Does the Probate Process Take?
If you want your loved ones to receive their inheritances in a timely manner, you should be aware of the process of probate. The executor that you choose must admit your last will to probate if you do in fact use a will to record your final wishes. Probate is a legal process, and it takes place under the supervision of a court. The process of probate takes time. The exact length of time will vary depending on the circumstances. State laws allow creditors a certain amount of … [Read more...] about How Long Does the Probate Process Take?
February Living Trust Seminars Scheduled
The last will is the most commonly executed estate planning document. It may be natural to assume that a last will is going to facilitate a very simple and direct transfer of assets to the heirs. There are even websites on the Internet that will sell you do-it-yourself last will downloads. You fill in the blanks and go forward with the assumption that everything will go smoothly after you pass away. As they say, a little bit of information is a dangerous thing. There is nothing inherently … [Read more...] about February Living Trust Seminars Scheduled
Does Probate Present Any Difficulties?
The process of probate is something to consider when you are planning your estate. To understand probate, look at your estate as a business entity of sorts. There are various different parties that have an interest in this entity. Probate gives these parties the opportunity to conduct business with the estate. When you think about parties that have an interest in an estate, the heirs to the estate are certainly going to come to mind. However, they are not the only … [Read more...] about Does Probate Present Any Difficulties?
What Is a Payable on Death Account?
You may hear about the subject of probate avoidance when you are looking around for information about estate planning. Some probate avoidance strategies are more effective than others. With this in mind, let's look at payable on death accounts. POD and TOD Accounts Payable on death accounts are often referred to as POD accounts. You may also see the term TOD account. This stands for a transfer on death account. These are essentially two different names for the … [Read more...] about What Is a Payable on Death Account?
Why Should I Have a Living Trust in Indianapolis?
If you don't know a lot about estate planning you may be under the impression that you should use a last will to arrange for the distribution of your property after you die. This may be a perfectly good choice. However, before you make a final decision you should consider the possibility of using a revocable living trust instead. Probate Let's say that you retain direct personal possession of your property through to the time of your death. You arrange for its transfer … [Read more...] about Why Should I Have a Living Trust in Indianapolis?
What Is the Cost of Probate in Indianapolis IN?
You should have at least a basic understanding of the probate process when you are planning your estate in Indiana. When you know some of the facts, you may decide to take actions that you would not have taken if you knew nothing about probate. Probate is a legal process. If you use a last will to arrange for the distribution of property that you own personally after you die, the estate must be probated before the heirs receive their inheritances. When you draw up your last … [Read more...] about What Is the Cost of Probate in Indianapolis IN?
Probate in Indianapolis IN: Can It Be Avoided?
In the city of Indianapolis, your estate must be probated before the heirs will receive their inheritances (assuming the probate assets in question exceed $50,000 in value). Probate is a legal process, and it takes place under the supervision of the probate court. During probate in Indianapolis IN, the executor or the personal representative will administer the estate. While this process is underway anyone who wanted to contest the will could present arguments before the probate … [Read more...] about Probate in Indianapolis IN: Can It Be Avoided?
