When someone dies, there is a flood of emotions. In addition, there is concern regarding what needs to happen, worry about things to do, and confusion.
In my upcoming eBook “What to Do When Someone Dies,” I breakdown the logistical things to do in the immediate, then weeks, and months after a person’s passing. The first thing to do is very little. The funeral is enough to work through both emotionally and time-wise.
When it is time to begin the evaluation, the decedent’s property is reviewed. We look at
In Indiana, if the total property value is greater than $50,000, Probate becomes a possibility. We apply some expenses called Administrative Expenses to the value, which may put the estate value below the $50,000 threshold. However, if value remains greater than $50,000, the Probate Court should be involved. (Read more about specifics of Probate)
So, the estate value answers the question “Do I need Probate?”.
So, we understand what triggers a need for Probate. But, what is the process.
Probate involves a process of:
Seems pretty straight forward. The process allows the State to protect the interests of the various parties with claims or interest in the estate. The process, defined in Indiana Code, sets the priority. Secured interest such as mortgages and loans for the purchase of property get paid first as those items as the estate sells them. Expenses and fees defined as “Administration” or “Administrative” have first position for payment from estate property. This year, Indiana Medicaid positioned itself as a very