When a loved one dies in Indiana, you’ll already have enough on your plate to deal with. Going through the Indiana probate process can add even more stress to the equation. Contact Rockpoint Probate Funding to see how we can assist you in securing the funding you need during this difficult time.
The Indiana Probate Process
The Indiana probate process can prevent you and your family from accessing inheritances from a loved one quickly. However, this process serves an important purpose, as it seeks to legally validate a loved one’s will to prevent fraud and theft while distributing their assets. The probate process in Indiana is also designed to ensure that any outstanding debts a loved one had are taken care of before their assets are distributed to heirs.
Indiana has put together probate laws that determine how the process will play out after families present wills to probate courts. Find out more about this process below.
Does Indiana Require Probate?
Yes, Indiana does require probate, though there are some exceptions to this rule. If, for instance, your loved one died with assets worth less than $50,000, you and your family can steer clear of the usual Indiana probate process. Indiana allows families in your situation to file a small estate affidavit and avoid the formal probate process.
How Long Do I Have To File Probate Following a Loved One’s Death in Indiana?
To start the Indiana probate process, the person in possession of your loved one’s will must present it to a probate court in the state. Generally speaking, Indiana gives families about 45 days to present a person’s will so the probate process can begin. If your family doesn’t present a loved one’s will in a timely fashion, the probate court in your county may send you a court order asking for it.
Is There Any Way To Avoid Probate in Indiana?
Many families have to go through the Indiana probate process before they can distribute assets from a loved one’s will. You may be able to skip this process in certain cases, though. If, for example, your loved one created a living trust while doing estate planning, it could be the key to you avoiding probate.
You can place life insurance policies, bank accounts, vehicles, retirement accounts, and other assets into a living trust. At the time of a person’s death, the terms of a living trust will call for ownership of these assets to transfer to the appropriate heirs automatically.
How Long Does the Probate Process Take in Indiana?
The Indiana probate process typically takes six months to a year to play out from beginning to end. But some factors can extend the probate process in Indiana, including:
- The size of a loved one’s estate
- The value of the assets in a loved one’s estate
- Disputes that arise among heirs over assets in a loved one’s estate
In some cases, the probate process can last for years and cause unnecessary stress for you and your family.
How Can I Steer Clear of Delays During the Probate Process in Indiana?
If your family wants to move through the Indiana probate process as fast as you can, there are steps you can take to avoid delays. Check out several things you can do to keep the process moving along:
- Present a loved one’s will to a probate court in Indiana as soon as possible.
- Appoint the right person to serve as the executor of a loved one’s will and provide them with the proper executor compensation.
- Talk through any disputes you and your family members have about a loved one’s will outside of court.
You don’t necessarily want to rush through the probate process in Indiana, but you should take action to prevent the process from dragging on for too long.
What Should I Do If a Loved One Died Without a Will in Indiana?
Unfortunately, it isn’t that uncommon for people in Indiana to die without wills, as millions of people in the state don’t ever bother to create them. In this case, Indiana’s intestate succession laws will determine how a person’s assets are distributed to their families. The intestate succession laws in the Hoosier State are slightly more complex than the ones other states use.
A person’s spouse is usually entitled to many of their assets when they die without a will. But other surviving family members, including parents, children, grandchildren, and great-grandchildren, are also entitled to a percentage of a person’s assets. A probate court in Indiana will decide what to do with these assets.
Is There an Estate or Inheritance Tax in Indiana?
No, Indiana does not have an estate or inheritance tax. The state does, however, require families to file final federal and state income tax returns for those who pass away. They must also file separate federal estate and trust income tax returns.
Do I Need To Wait Until the End of the Indiana Probate Process To Access an Inheritance?
You might think you need to wait until the Indiana probate process is over before you can gain access to an inheritance from a loved one, but this might not be the case. Rockpoint Probate Funding allows you to secure a probate cash advance to keep you afloat financially throughout the probate process.
Here is how you can apply for this type of cash advance:
- Schedule a free consultation with a representative from Rockpoint Probate Funding to go over your probate cash advance options.
- Send Rockpoint Probate Funding information about yourself and copies of your loved one’s will and their probate paperwork.
- Give us time to review your application and receive funding in as little as 24 hours if approved.
Call Rockpoint Probate Funding To Learn More About Our Probate Cash Advances
Does your family want to make dealing with the death of a loved one easier? Let Rockpoint Probate Funding provide you with an Indiana probate cash advance. Contact us today at (888) 263-8588 for more information.
