Agreements among family members for the settlement of an intestate's estate will be upheld in the absence of fraud and when the rights of creditors are met. Intestate means that the decedent died without a valid will. The termination of any family controversy or the release of a reasonable, bona fide claim in an intestate estate have been held to be sufficient consideration for a family settlement.
Indiana Agreement Between Heirs as to Division of Estate
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While the timeline can greatly vary, it typically ranges from several months to over a year, depending largely on factors like the size and complexity of the estate, the clarity of the will, and whether or not the probate process is contested.
Joint Tenancy With a Right of Survivorship A deed that lists joint tenants with the "right of survivorship" avoids the probate process. Without a "right of survivorship" clause, other family members could inherit the deceased person's share. The surviving spouse could co-own the home with other family members.
Indiana allows for small estate exceptions, where any estate valued at less than $50,000 can avoid the probate process. There are specific details regarding property in real estate though, so you need to make sure you fully understand the process here.
Even without a statutory guideline on executor fees in Indiana, the common understanding among legal professionals suggests that an executor can expect to receive about 2-5% of the estate's value. However, this percentage can vary based on the specifics of the estate and the executor's duties.
In Indiana, smaller estates can escape the need to go through probate. If a person's estate is worth less than $50,000, it may not be necessary. Affidavits must be filed, however, swearing to this.
Transfer-On-Death (TOD) assets. Indiana residents can use a transfer-on-death form to name beneficiaries for vehicles, securities, and real estate to bypass probate. Cars, small boats, stocks, bonds, brokerage accounts, land, and houses all qualify.
Who Gets What in Indiana? If you die with:here's what happens:children but no spousechildren inherit everythingspouse but no descendants or parentsspouse inherits everythingspouse and descendants from you and that spousespouse inherits 1/2 of your intestate property descendants inherit 1/2 of your intestate property5 more rows
Beneficiaries May Request an Accounting There are situations when a beneficiary will request that the executor or trustee provide an accounting. This may be a formal or informal accounting, depending on the request. Regardless, the fiduciary has a responsibility to provide an accounting when requested.
Any estate worth more than $50,000 is subject to probate in Indiana.
