Can Probate Be Avoided?

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