All Indiana wills must go through the probate court first. The process allows the court to research the property and assets of the estate owner. The first step of probate is to identify the property listed in the estate owner’s will and verifying that they are the legal owner.
Validating the Will
Under Probate Law in Angola Indiana, the court must validate all wills. The court must research the document to ensure that the estate owner created on their own accord. They must establish if the estate owner made any alterations while under duress. The court contacts the administrator and the attorney who helped the estate owner produce the will.
Appraising the Property
The probate court must acquire an official appraisal for all real estate property identified in a will. The purpose of the appraisal is to present the actual value of the property. The total value of the property helps the court to assign inheritance tax for the new owner. When the will is administrated and the title is transferred, the new owner must pay these taxes according to Indiana laws.
Debt and Tax Settlement
The next step is to address any outstanding debts. Creditors will file a lien against the estate to collect these balances. The probate court researches the debts to determine if they are valid. Once the debts are verified, the creditors collect these balances from the estate. The probate court won’t release any portion of the estate until all debts are settled.
Administrating the Will
The distribution of all items listed in the will is performed by the administrator. If an administrator is not identified, the court performs this task for the family. At this time, all new owners may acquire their inheritance according to the terms of the will.
Probate Law in Angola Indiana dictates how an estate owner’s property and assets are distributed. The will enters probate at the time of the estate owner’s death. It must proceed through the proper channels before the family acquires their inheritance. This includes ensuring that all debts are settled and that the will is valid. To learn more about these concepts, visit yoderandkraus.com or their Facebook now.