Probate is a legal process used to validate a Will. It appoints the Personal Representative or Executor who will oversee the administration of an estate after the passing of an estate owner.
[Need help with probate? We offer helpful probate services and will work with you to find the plan that meets your needs.]
Not all estates in Indiana have to go through probate, but the majority of them will need to. It can be helpful to understand the costs associated before you begin the process so there are no surprises. Here, we’ll cover everything from attorneys fees, to when and how you can avoid the probate process in Indiana.
The cost of probate can fluctuate, depending on several things, such as:
How comprehensive and strategic the Estate Plans are
If anyone contests any part of the Will
Whether or not a probate attorney is used
How big and complex the estate is
How many assets there are, and how many beneficiaries need distributions
How Much are Estate Attorney & Lawyer Fees in Indiana?
Probate fees in Indiana will range, but some common costs associated with it can include:
Filing fees for the courts to start the process
Additional miscellaneous court costs
Probate attorney fees
Personal Representative compensation – Indiana is a reasonable compensation state
Other professional fees (Appraisers, Land Surveyors or Accountants, etc.)
Probate/Administrator/Executor Bonds are typically required in Indiana
Etc.
While the final total can fluctuate, the average cost to probate an estate in Indiana could range anywhere from two to four percent of the estate’s total value.
Common Questions About Probate in Indiana
How Long Does Probate Take in Indiana?
Typically, probate in Indiana will take six months to one year. It can take longer if there are any complicated issues related to either inheritors or assets.
There are three options to settle an estate in Indiana:
Supervised probate
Unsupervised probate
Small estate (see below)
How Much Does a Probate Lawyer Cost in Indiana?
Just like most things related to probate, probate attorney fees in Indiana depend on how complicated the case is. Attorney fees can be based on an hourly rate or a percentage of the estate value. Some lawyers may choose to bill a flat fee.
How to Avoid Probate in Indiana
There are a number of ways you can try to avoid probate in Indiana.
Create a Living Trust
Update any assets that have beneficiary designations (and be sure you have contingent beneficiaries designated as well)
Create Payable on Death (POD) or Transfer on Death (TOD) accounts and assets
Have a small estate (more information below)
Etc.
What is Considered a Small Estate in Indiana?
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.
Who Pays Probate Fees in Indiana?
Regardless of how complex or simplified the probate process is in Indiana, all costs and fees can be paid for out of the estate. This would even include probate lawyer fees in Indiana.
Related Topic
Share this article