Compassionate and dedicated support during the probate process.
Losing a loved one is never easy, and the process of handling their affairs can be overwhelming, especially when it comes to probate. Probate is the court-supervised process of settling a deceased person’s estate, which includes distributing their assets and paying off debts. The Law Office of Paul A. Rossi, LLC is here to help you navigate the probate process efficiently and effectively. Here is a brief guide to the typical probate process in Indiana.
The first step in the probate process is to contact the court and file a petition for probate. If there is a will, it must be submitted to the court. The court will then appoint a personal representative to manage the estate.
The personal representative must create an inventory of all assets, including real estate, personal property, bank accounts, investments, and any other assets. The assets must be secured and protected during the probate process. Once the assets are identified, they must be valued for tax purposes and to determine how they will be distributed.
The personal representative must notify all potential creditors of the probate process and give them the opportunity to file claims against the estate. The claims must be paid off before any assets can be distributed to beneficiaries.
Sometimes, disputes arise among beneficiaries or creditors during the probate process. This may include challenges to the validity of the will, disputes over the value of certain assets, or claims of undue influence. The personal representative may need to litigate these disputes in court with the assistance of an experienced probate litigation attorney.
The personal representative must prepare, file, and pay (from the estate) any estate taxes that are due. Indiana does not have an estate tax, but it does have an inheritance tax. If the estate is worth more than $11.7 million, federal estate taxes must be paid.
Once all debts are paid, and taxes are filed, the personal representative must submit a final accounting to the court. This accounting shows how the assets will be distributed and provides a detailed breakdown of all expenses incurred during the probate process.
After the court approves the final accounting, the personal representative can distribute the assets to the beneficiaries according to the will or state law. This may involve transferring ownership of real estate, investments, and personal property.
The final step in the probate process is to close the estate. This involves filing a petition with the court to show that all debts have been paid, taxes have been filed, and assets have been distributed. Once the court approves the petition, the estate is officially closed.
At The Law Office of Paul A. Rossi, LLC, we understand that the probate process can be overwhelming. Our experienced attorneys can help you navigate the process efficiently and effectively. Contact us today to schedule a consultation, and let us help you settle your loved one’s estate with compassion and dignity.
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Great guy who really wants you to see what separates him from the rest.
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I've retained several attorneys in the past for multiple issues. I retained Attorney George for my divorce and ended up hiring him to handle my real...
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I needed help with a legal matter, and Paul Rossi was very diligent and knowledgeable while helping me with this situation. He followed up with me...
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