Can Probate Be Avoided?
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Transcript of Can Probate Be Avoided?
CAN PROBATE BE AVOIDED?
Myth
You may have seen a fictional depiction
Someone dies, and after the funeral there is a “reading of the will”
The assumption is that the person who reads the will distributes the
property directly to the heirs to the estate
Reality
Reality
If you use a will to transfer your assets, you choose an EXECUTOR
This is the person who administers the estate
When you pass away, the executor is bound by the laws
of the state of Indiana
He or she must admit the will to probate before any inheritances
are distributed
ProbateProbate
What Is Probate?
It is a legal process
The probate court determines the VALIDITY OF THE LAST WILL
Final debts must be paid during probate
Challenges to the estate could be presented during probate
How Long Does It Take?
The exact duration of the probate proceeding will vary on a case-by-
case basis
Simple cases will take months
The more complicated the situation
is, the longer it will take
In some instances probate can go on for years
Does Probate Cost Anything?
There are expenses that can pile up during the probate process
The court imposes a fee
1
The court imposes a fee
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The executor must be paid, and various professionals will usually
be brought in
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These probate expenses will reduce the amount of the
inheritances that are
received by the heirs
Can Probate Be Avoided?
When you hear about probate you may wonder if it can be
avoided
THE ANSWER IS YES, there are a number of different probate
avoidance strategies that can be implemented
One very commonly utilized solution
would be the CREATION OF A REVOCABLE LIVING TRUST
Indianapolis Probate Avoidance Consultation
If you would like to discuss probate avoidance strategies with a licensed
attorney, we invite you to contact our firm
We would be glad to provide you with
a FREE CONSULTATION.
Frank & Kraft (317) 684-1100
www.FrankKraft.com