In Indiana, estate owners become familiar with probate laws that apply to their estate. These laws provide them with the opportunity for asset protection and management of assets for their heirs. The laws also indicate what will happen to their estate after they pass. The following are concepts that are managed through probate law in Angola, Indiana.
Administrating an Estate
The estate will enter into probate when the estate owner dies. This process allows creditors to seize property and assets if they have a valid claim for any outstanding debts. When planning out their wishes, the estate owner must assign an administrator to manage their estate. The estate owner can create a plan that addresses these debts and eliminates any excessive duration in which the estate remains in probate. This could include a special account to pay off their debts.
Setting Up Estate Plans
The estate plan can address a variety of conditions that are associated with the estate. This includes whether or not the owner wants to create trust funds or an irrevocable trust. These opportunities can help the estate owner to separate assets from the estate entirely. All assets transferred into these accounts are no longer a part of the estate and have a new owner.
Health Care Directives and Proxy Assignments
A health care directive provides details about the estate owner’s health-related requirements. This includes the doctor that they want to use as well as answers to common health questions. The estate owner can also assign a health care proxy, who addresses the health concerns of the estate owner. This includes whether or not the estate owner acquires any life-saving measures.
The Creation of a Will
Estate owners can create a will that defines exactly which family members receive their assets and properties. It may also include certain provisions to reduce complexities. They can also lower the risk of a dispute between family members.
In Indiana, estate owners follow laws that apply to their case and that provide them with the legal avenues and rights to make certain decisions about their estate. This may include transferring the assets into a trust. Estate owners who need assistance through probate law in Angola, Indiana should contact Yoder & Kraus today.