In Indiana, a probate attorney assists with preparation for the estate owner’s death. The estate owner must follow necessary steps for preventing seizure of their assets through the probate process. All estate are required to go through the probate process before any new ownership assignments are legalized. The following is information about what is managed through a probate attorney in Angola, Indiana.
Reviewing the Probate Process
The probate process begins with an assessment of the estate owner’s assets. The probate court must notify creditors about the estate entering this phase. Any creditors who have a claim against the estate owner may submit their claim to the probate court. The court must validate the creditor’s claim. If the claim is valid, the probate court processes these requirements and takes the value from the estate.
Asset Protection for Owners
Asset protection is available through estate planning measures. The estate owner can separate assets from the estate to lower its value. They can also use these same measures to reduce the tax liability for their family members. They also maintain control over their estate through these measures.
Acquiring an Estate Plan
The estate plan begins with a will. The will identifies who receives the owner’s assets, and it may also assign a new guardian for minor children. In addition, the owner has access to irrevocable trusts, trust fund opportunities, and health care plans for the future. The attorney helps them navigate through the legalities of these endeavors.
Administration of the Owner’s Will
The probate attorney can act as an administrator of the estate. In this role, they distribute and coordinate the transfer of certain properties to the new owners. They also provide assignments based on the estate owner’s wishes, which may include monetary as well as real estate-based assets.
In Indiana, probate attorneys may play several roles. They can help the estate owners to manage asset protection and lower risks during probate. They also act as an administrator of the estate as well. Owners who need help can contact a probate attorney in Angola, Indiana through Yoder & Kraus for more information today.