Probate Attorney in Indianapolis, Indiana
What is probate and can I avoid it?
What is probate and can I avoid it?
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what is probate is a very common
question So how we get to probate is
assets that are in the individual’s
names that are not jointly held that do
not have beneficiary assets Those assets
fall into that individual’s estate If
they have a will that will is going to
govern that individual’s estate If they
don’t have a will then we’ll be looking
to Indiana’s intestasy statutes to
determine who the beneficiaries are and
what those distribution percentages are
There are lots of strategies that you
can use to make your assets bypass
probate So either they are a non-probate
transfer due to beneficiary designations
um by titling issues or creation of a
trust because the trust itself is a
nonprobate transfer So you can take your
assets out of your name which would then
fall to the estate and create that trust
and you can fund that trust either
during lifetime or with beneficiary
designations at your passing and then
you can by bypass probate There’s a lot
of advantages to that It’s a lot um it’s
a lot quicker estate administration
There’s some creditor things that makes
it easier but you do need to consider
those options carefully There’s some
other non-probate transfers that we can
use maybe for real estate that if you
utilize them improperly without
considering all the options You may be
taking that asset that could have been
protected and then you’ve transferred it
to the individual and maybe they have a
creditor issue and those creditor issues
can attach to that asset immediately or
maybe that individual is looking at a
divorce and then it’s going to be
subject to those divorce divorce decrees
and then again they’ve lost the assets
So while there’s lots of options not
everything is a one-sizefits-all and
that’s what we do We take care of our
clients on an individual basis and make
sure that everything’s tailored for
their exact situation Not just their
situation but the child or the or the
beneficiaries who are going to inherit
it We’ll look at all the all the
characteristics that’s going on around
to make sure that the plan that we’ve
drafted actually fits
Indianapolis, IN estates & probate attorney Jessica Williams talks about probate and how to avoid it. She discusses that one of the most common questions people ask is: What is probate? Probate generally applies to assets titled solely in an individual’s name that are not jointly owned and do not have designated beneficiaries. Those assets become part of the decedent’s estate. If the individual left a valid will, that document governs how the estate will be distributed. If no will exists, the estate is distributed according to Indiana’s intestacy statutes, which determine beneficiaries and distribution percentages by law.
There are, however, a number of strategies available to help assets bypass probate. These include non-probate transfers through beneficiary designations, joint titling, or the use of a trust. A trust functions as a non-probate transfer vehicle because assets placed in the trust during life, or transferred to it at death through beneficiary designations, avoid probate entirely. Bypassing probate offers several advantages, such as quicker administration and, in some cases, easier handling of creditor claims.
That said, non-probate transfers must be considered carefully. For example, if real estate is transferred improperly, the asset may lose potential protections and become subject to a beneficiary’s creditor claims or divorce proceedings. In such cases, assets intended for protection could be exposed and even lost.
Because every family and financial situation is unique, estate planning should never be approached with a one-size-fits-all mindset. A tailored plan must take into account not only the client’s own circumstances but also those of their heirs and beneficiaries. Proper planning ensures that the strategy put in place truly meets the needs of the client and protects assets for the next generation.
