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It is very important to make the decision between a formal or informal probate process early on. Most estates will be supervised, meaning that permission from the courts is required for any major transactions conducted through the administration process.
This can include fee payments, distribution of assets, property sales, and claim settlements. This supervision is put into place to ensure that all parties behave fairly and that the beneficiaries can all receive what they are owed.
Alternatively, an unsupervised (or informal) probate process allows for probate administration without gaining permission from the courts. Informal proceedings are a more recent development and require the personal representative to work with the attorney to provide courts with an account of everything that was done to close the estate.
Unsupervised administration is only allowed if it is specifically authorized in the will or if all beneficiaries sign consent forms authorizing an informal probate. Otherwise, formal probate is generally the assumed procedure.
When you initially evaluate your case with your attorney, you will need to evaluate the assets and standing of the estate to determine which form of probate will be best for your situation. If the net probate assets equal more than $100,000 after the payment of funeral costs and administration fees, formal probate is required under the supervision of the courts.
If the net probate assets are less than $100,000, the estate can be administered without formal oversight from the courts. This is done through the use of affidavits for small estates. During this process, your attorney can prepare affidavits to distribute assets and transfer property to prove that the estate’s assets are going to the intended beneficiaries.
The primary benefit of informal probate is the ease and efficiency of the process not being overseen by the courts. This will generally lead to lower legal fees, as less of the attorney’s time will be required for the process. On the flip side, informal probate means that the beneficiaries will not be made aware of the steps taken to settle the estate until the process is concluded. This can lead to several issues in the event that objections arise after assets have already been distributed.
In a formally supervised administration, the court will oversee and approve every step of the process. This method allows the beneficiaries to formally object if they have issues with any transactions through the process. This way, all parties are made aware of the happenings of the estate, enabling them to advocate for fair distribution and voice their objections.
Attorney Thomas E. Scifres is a seasoned lawyer based in Washington County, IN who has helped countless clients just like you navigate the intricacies of estate settlement law. With three decades of experience in the field, Thomas is prepared to assist you through your probate process so that you can return your focus to your family.
Still have questions? Ready to get started? Contact Thomas E. Scifres today to schedule an initial consultation.
If you choose unsupervised administration, you run the risk of the beneficiaries coming forward to petition the court after the distribution of assets has occurred because they feel the distribution was unfair. This can open a can of worms, as undoing this administration can be rather difficult.
The inherent risk in supervised administration is that of going through the legal process with the courts and your attorney. Formal probate can be a far costlier endeavor that may take extended periods based on the number of objections leveled along the way.
It is certainly not uncommon to see a will that calls for informal probate but is moved to a formal proceeding due to concerns about certain beneficiaries causing problems. Rather than going through the asset distribution prior to providing an accounting of transactions, it may be deemed a wise tactic to simply engage in formal probate.
While the formal process may require more time and a greater expense on behalf of the beneficiaries, it may ultimately save you from having issues arise after the settlement has been approved. Ironically enough, taking the extra time to go through a formal probate process may ultimately save you time in the long run.
I prioritize consistent communication amongst all beneficiaries to avoid any potential pitfalls due to the highly emotional nature of an estate settlement. The loss of a loved one can be difficult enough to handle, and the legal process can be greatly impacted by the emotional weight of the passing of a loved one.
While the common trope is that family members can get greedy when a loved one dies, I have typically found that this is not a money issue so much as an emotional response. Traumas and past resentments can resurface during difficult family events, causing beneficiaries to act out in ways that they normally wouldn’t.
Additionally, thrusting a family into an unfamiliar legal situation can lead to unwarranted distrust due to a lack of understanding. People fear what they do not understand, so it only makes sense that the legal process of settling an estate can be a very mentally and emotionally taxing undertaking.
To ensure all parties are aware of and properly updated on the estate settlement process, it is crucial to maintain transparent communication with any beneficiaries involved. To keep administration smooth and preserve relationships amongst the beneficiaries, the expense of formal probate can be worth its weight in gold. Working closely with your attorney and the courts can also help diminish the fear of the unknown by keeping communication open.
If you are struggling with Understanding The Differences Between Formal And Informal Probate In Indiana, an initial consultation with attorney Thomas E. Scifres can help point you in the right direction. Get the information and legal answers you are seeking by calling (812) 359-8007 today.
Attorney Thomas E. Scifres is a seasoned lawyer based in Washington County, IN who has helped countless clients just like you navigate the intricacies of estate settlement law. With three decades of experience in the field, Thomas is prepared to assist you through your probate process so that you can return your focus to your family.
Still have questions? Ready to get started? Contact Thomas E. Scifres today to schedule an initial consultation.
