Learning that you are set to receive an inheritance can bring a mix of emotions. While it may represent financial security or sentimental value, it also follows the loss of a loved one. Once you have been informed of your inheritance, a common question often arises. You may wonder how long it will take before you receive your inheritance. To help answer this, the Indianapolis attorneys at Frank & Kraft explain the typical timeline for receiving an inheritance in Indiana.
Does Your Inheritance Include Probate Assets?
The length of time required to receive an inheritance depends largely on whether the assets that make up the inheritance must go through the legal process referred to as “probate.” The reason for this is that assets subject to probate must be legally transferred through the court system, while non-probate assets bypass this process and can be distributed quickly. Non-probate assets may include those held in a living trust, jointly owned property that passes to the surviving owner, life insurance proceeds, and accounts designated as “payable on death” (POD) or “transfer on death” (TOD). These assets can be transferred directly to beneficiaries, usually without delay, making them available to the beneficiaries shortly after the decedent’s death.
The Probate Process in Indiana
When probate assets are involved, they must go through the legal process of estate administration before distribution. This involves gathering and valuing assets, verifying the validity of a Will (if one exists), and paying debts and taxes before beneficiaries receive their inheritance. If there is no Will, Indiana’s intestate succession laws determine who inherits from the estate and the percentage of the estate to which there are entitled. Indiana law requires the estate’s Executor or Personal Representative to notify known creditors who then have three months from the date of publication to file claims against the estate. If a creditor was not given notice, they have up to nine months from the decedent’s date of death to file a claim. The Executor/Personal Representative must then review each claim and approve or deny the claim. Approved claims are paid using estate assets.
How Long Does It Take to Receive an Inheritance in Indiana?
There is no set timeline for probate in Indiana, as each estate is unique; however, the process generally takes at least six months for even a relatively simple estate because of the time creditors have to file claims. Furthermore, the timing largely depends on whether any disputes arise, how many creditors need to be paid, and the complexity of the assets involved. Only after the time to file claims has expired and claims have been reviewed can the Executor/PR begin distributing assets, provided that all valid claims and taxes have been settled. Even in straightforward cases, the court must allow time for all necessary steps to be completed before probate can close. More complex estates, such as those involving business interests, contested Wills, or tax complications, may take a year or longer before beneficiaries receive their inheritance.
Small Estate Administration in Indiana
Indiana provides an alternative for smaller estates, which can significantly reduce the time it takes to receive your inheritance. If the estate’s value falls below a certain threshold ($100,000 as of 2025), heirs may be able to use a simplified probate process through the use of an affidavit or even bypass probate altogether. This allows assets to be transferred faster than through traditional probate. To determine whether an estate qualifies for an expedited process and to gain a clearer understanding of how long probate may take, consulting a probate attorney is highly recommended.
Do You Have Questions about When You Will Receive Your Inheritance in Indiana?
For more information, please join us for an upcoming FREE seminar. If you are expecting an inheritance in Indiana, and you have questions about how long it will take to receive that inheritance, contact the experienced Indianapolis probate attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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