Do we need to go through probate if only a small checking account and truck are the only assets?

The truck has lein that can be paid off from the account.

Asked on December 28, 2018 under Estate Planning, Indiana

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

IN has simplified the procedures regarding the disbusements of small estate assets, so it is not necessary to go through probate. Thses estate procedures are available when the gross estate, less liens and encumbrances, does not exceed $50,000. The calculation includes all property owned by the decedent. The value of the gross estate is determined by subtracting any outstanding debts of estate property. One of the procedures created in IN to simplify the probate process for small estates is allowing for the transfer of assets through an affidavit. A person who is legally entitled to property, can present an affidavit to the current property holder 45 days after the death of the decedent requiring the transfer of the property. A common use of such an affidavit would be in obtaining funds from a decedent’s bank account. If a small estate affidavitis presented to the bank then the funds in the decedent’s bank account can be turned over immediately. For further information, you can check online or contact the appropriate probate court.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

IN has simplified the procedures regarding the disbusements of small estate assets, so it is not necessary to go through probate. Thses estate procedures are available when the gross estate, less liens and encumbrances, does not exceed $50,000. The calculation includes all property owned by the decedent. The value of the gross estate is determined by subtracting any outstanding debts of estate property. One of the procedures created in IN to simplify the probate process for small estates is allowing for the transfer of assets through an affidavit. A person who is legally entitled to property, can present an affidavit to the current property holder 45 days after the death of the decedent requiring the transfer of the property. A common use of such an affidavit would be in obtaining funds from a decedent’s bank account. If a small estate affidavitis presented to the bank then the funds in the decedent’s bank account can be turned over immediately. For further information, you can check online or contact the appropriate probate court.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.