Indianapolis probate needs to take place after most deaths. If you are planning ahead for what happens after you pass away, you need to know about Indianapolis probate. If your loved one has died, you also need to know about the probate process so you are fully prepared for what you can expect after the death has occurred.
Frank & Kraft can help. We know the ins-and-outs of probate law and we can provide representation during the estate planning process to help you decide if you want to try to avoid probate. We can also help you after your loved one has passed away to make sure the probate process goes as smoothly as possible. Just give us a call today to find out about the assistance that we can offer. You can also read on to learn some key facts that you need to know about probate.
Probate Takes a Long Time
One of the first things that you need to be aware of when you are planning your legacy or when your loved one passes away is that the probate process takes a long time. In fact, Investopedia estimates that the probate process takes around a year to complete. The probate process takes so long to transfer wealth because you need to wait for court hearings, for creditors to have a chance to make claims, and for all estate assets to be properly accounted for.
It can be burdensome and frustrating for heirs or beneficiaries to have to wait so long to receive an inheritance through the probate process. This is one big reason why many people take steps to try to avoid the probate process -so their loved ones do not have to wait so long to inherit and move forward with their lives.
There Can be Significant Costs Associated with Probate
Investopedia also estimates that the probate process can cost around three percent to seven percent of the value of the estate. It’s important that those who stand to inherit are aware of the fact that the probate process takes so long so they can plan accordingly.
And, if you are making plans to facilitate the transfer of your wealth, you may wish to work with Frank & Kraft to develop an estate plan that allows assets to transfer outside of the probate process so your loved ones do not have to go through this lengthy process.
The Executor is in Charge of Overseeing the Probate Process
It’s also important to understand the role of the executor of an estate in probate. You need to know what an executor does when you are making your estate plan and determining who should be named as executor of an estate. You also need to understand the role of the executor if your loved one has passed, whether you are asked to serve as executor of an estate or whether you are one of the potential heirs or beneficiaries.
The executor of an estate has a lot of responsibility during the probate process. The executor needs to provide notice to interested parties of probate proceedings, manage the transfer of wealth, file court paperwork, take care of estate assets, and handle tax issues. This is why it is so important to choose the right executor of an estate.
The potential heirs or beneficiaries also need to make sure that the executor of an estate is fulfilling his fiduciary duty so that no assets are lost and so the value of an inheritance is not reduced as a result of mismanagement.
Getting Help from Indianapolis Probate Lawyers
Indianapolis probate lawyers at Frank & Kraft are prepared and ready to help you if you are making an estate plan and you want to help your loved ones inherit outside of the probate process. We can also provide you with representation if your loved one has passed on and you are going to inherit or you have been asked to serve as the executor of an estate.
To find out more about the assistance we can offer, give us a call at 317-684-1100 or contact us online. You can also join us for a free seminar to learn more about all of the services our compassionate and knowledgeable legal team can provide.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.