When you think of estate planning goals, the first thing that comes to mind is likely the distribution of estate assets after your death or providing for loved ones after you are gone. While these are certainly common – and important – estate planning goals, there are several additional goals that you may also choose to include in your estate plan. Probate avoidance, for example, is a common secondary estate planning goal. To understand why probate avoidance is such a common estate planning goal, however, you need to know more about the probate process. To get you started, the Carmel probate attorneys at Frank & Kraft explain how long it typically takes to probate a Will in Indiana.
What Is Probate?
At the time of your death, you will leave behind an estate that consists of all assets owned by you, or in which you had an ownership interest, at the time of your death. Those assets must now be transferred to new owners; however, before that can occur several other steps must take place first. All these steps occur during the process known as probate.
Common Probate Steps When You Probate a Will
Although every estate is unique, there are some steps that almost every estate must take as it makes its way through the probate process, including:
- Identifying and locating assets. The person named as the Executor in the decedent’s Last Will and Testament oversees the probate of the estate. One of the first things the Executor must do is to identify and locate all estate assets. Those assets must then be secured.
- Categorizing estate assets. Not all assets are required to go through the probate process. For this reason, the Executor must categorize all assets as probate or non-probate assets.
- Initiating the probate process. To get probate started, the Executor will need to submit an original copy of the decedent’s Will along with a petition to probate the estate to the appropriate probate court in the county where the decedent was a resident at the time of death.
- Notifying creditors. All creditors of the estate have the right to file claims against the estate. To notify creditors that probate is underway, a notice of probate must be published in a local newspaper. Creditors then have a statutory time period during which they may file a claim. Failing to file within that time period forever bars them from making a claim against the estate.
- Reviewing creditor claims. Each claim filed must be reviewed by the Executor and approved or denied. Approved claims are paid out of available estate assets. If sufficient liquid estate assets are not available to satisfy all approved claims, estate assets may need to be sold to raise the necessary funds.
- Litigating challenges. If anyone challenges the validity of the Last Will and Testament submitted for probate, that challenge must be fully litigated before the probate process can move forward.
- Calculating and paying taxes. Every estate is potentially subject to federal estate taxes and some estates are also subject to state estate taxes. All taxes owed by the estate must be calculated and paid.
- Transferring assets. Finally, the remaining assets need to be transferred to the intended beneficiaries and/or heirs of the estate.
Factors that Impact the Time It Takes to Probate a Will
Because of the unique nature of the probate process, it is impossible to provide a universal answer to the question “How long does it take to probate a Will?” In the State of Indiana, however, probating an estate will usually take a minimum of four to six months because creditors have three months from the date of notice to file a claim against the estate so you cannot conclude the probate process until that time has elapsed. Beyond that, the two major factors that will impact the amount of time it takes to probate an estate are the size and complexity of the estate and the choice of Executor. Generally, the larger and more complex the estate is the longer it takes to probate. In addition, the right Executor will move the probate process along in an efficient manner whereas the wrong Executor will cost the estate both time and money.
Contact Carmel Probate Attorneys
For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about probating an estate, contact the experienced Carmel probate attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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.
- What Happens to an Inheritance If No One Claims It? - March 16, 2023
- How to Protect Your Blended Family Using a QTIP Trust - March 14, 2023
- Estate Planning Tips to Prevent Sibling Disputes - March 9, 2023
