Probate law is quite intricate and if you’re considering drafting a new will or creating a trust, there are some differences to note and it all begins by consulting with a highly experienced probate lawyer. A probate attorney can assist in answering any legal questions regarding each one, as well as drafting up the paperwork for your chosen will or trust. It is most important to consult with a probate lawyer before signing any documentation, to ensure all forms are correctly completed to your wishes, so that when the time comes the appointed beneficiaries receive the designated property.
Probate is a term for the legal process involved when a person has passed and leaves assets to be distributed such as real estate, property, financial investments or funds, etc. Probate law includes the distribution of a will or in some cases the distribution of the estate of a deceased person even without a will. In either case, it is the probate attorney or executor’s legal duty according to Indiana state law to first and foremost settle the deceased’s debts and taxes (should they have any), then proceed with equally distributing all remaining property. Legally, there are many obligations and requirements that arise from within the probate process and it is essential to have a practiced probate lawyer at your side to assist you in the entire course.
Let’s begin with what a will is, a will assists in identifying all property a person owns and appointing beneficiaries that will receive said property. A will can name beneficiaries for property, estates and financial funds. In a will, you can name an executor or retain a probate attorney, whom will be responsible in distributing all of the property, fully and correctly, to the beneficiaries listed according to the requirements stated within the will. Prior to distributing any assets, it is vital to authenticate the document, has that not already been done. Once all debts are legally paid, then the executor or probate attorney distributes the remainder of the property per the instructions contained within the will. If the deceased owns property, yet does not have a will, it still has to go through the probate process.
Trusts are different from wills, they must always have a beneficiary, which can be an estate, a charity, holding property, etc. There are two different types of trusts, more commonly known as revocable and irrevocable trusts. An irrevocable trust cannot be dissolved or modified, once set, it runs until the property or funds are gone. A revocable trust, also known as a living trust, can be dissolved within time and can be modified should the benefactor choose to do so. Trusts are a good way to manage your property for the benefit of others and in some instances, it eliminates the need to go through a probate lawyer!
Whether you are seeking legal assistance with drafting up a new will, educating yourself on the importance of a trust or needing a probate lawyer to act as an executor, you can turn to The Law Offices of Eugene Mogilevsky, LLC and contact us to schedule a consultation! You can contact the office by submitting an online Contact Form at Contact Us | The Law Offices of Eugene Mogilevsky (egmlegal.com) or call directly at (317) 743-7958 and one of our receptionists will be happy to schedule you for a consultation!
Disclaimer: This blog post if for education and information purposes only and is not to be taken as legal advice in any capacity. Reading this blog does not constitute or establish an attorney-client relationship.