Indiana Summary Administration Package under 50,000 Personal Property Small Estates Form
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People also ask
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How to avoid probate in Indiana?
In Indiana, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
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Do all wills have to be probated in Indiana?
In Indiana if the value of a deceased person's estate exceeds $50,000, the estate must be admitted to probate. There are several reasons to avoid probate. First, probate is expensive. Lawyers love probate.
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What assets are exempt from probate in Indiana?
Indiana probate laws allow residents to use a transfer-on-death form to name beneficiaries for vehicles, securities, and real estate to avoid probate. Cars, small boats, stocks, bonds, brokerage accounts, land, and houses all qualify.
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What triggers probate in Indiana?
When a person dies owning assets in his or her name alone, a probate estate can be opened with the local court in the decedent's county of residence to distribute any assets (after the deceased's debts are paid).
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How much does an estate have to be worth to go to probate in Indiana?
In Indiana if the value of a deceased person's estate exceeds $50,000, the estate must be admitted to probate.
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Do bank accounts go through probate in Indiana?
Only assets in your own name, with no joint owners or named beneficiaries, pass through probate. Joint and pay on death bank and brokerage accounts pass directly to the joint owner or the named beneficiary by operation of law at your death.
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What is the small estate limit in Indiana?
Some limits and drawbacks of small estate affidavits in Indiana include: Estates must be valued under $100,000. All qualifying heirs and beneficiaries must be contacted and consent to the use of the affidavit.
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What size estate requires probate in Indiana?
Unless an estate's value is under $100,000, an Indiana probate court will oversee the distribution of an individual's estate. If you or your loved one have a proper will or trust, then the probate of your estate will be quicker and less involved.
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