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

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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 5 years 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 5 years 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.


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