When is probate required for real estate?

In Indiana, probate may be required for real estate depending on the circumstances and estate size. Generally, probate is required when an estate includes real estate, money, or other assets owned by someone who has passed away. If the deceased had a will, the probate court will generally appoint an executor to manage the estate and distribute the assets to the beneficiaries. If the deceased did not have a will, the probate court will appoint an administrator to manage the estate. Under Indiana probate law, estates consisting of real estate that have a total value of more than $50,000 must go through probate. However, if the estate is worth less than $50,000, it is possible that the real estate can be transferred without going through probate. If the deceased owned real estate in multiple states, probate may be necessary in each state. In some cases, it is possible to transfer real estate without probate if it passes directly to a surviving spouse or other heir. It is also possible to transfer real estate without probate if the deceased had a life insurance policy or a trust in place that covers the real estate. In these cases, a small estate affidavit may be required. Finally, if the real estate is held in joint tenancy, it will pass to the surviving tenant without the need for probate.

Related FAQs

What is the difference between probated and non-probated assets?
What is a probate estate?
What are the duties of a trustee?
What is an estate inventory?
What is the difference between an executor and a trustee?
What are the tax implications of probate?
How long does probate take?
What is a fiduciary duty?
When is probate required?
Who pays for the cost of probate?

When is probate required for real estate?

Related FAQs

Related Blog Posts