How To Manage Out-Of-State Assets In Indiana Probate

In this article, you will discover:

• How you should handle probate if a deceased loved one has property in another state.
• How “ancillary probate” works for out-of-state assets.
• The risks of mishandling out-of-state assets.

What Should Indiana Families Do When A Loved One Dies Owning Property In Another State?

The first step is to schedule an appointment with an attorney in the decedent’s state of domicile, where the primary estate is opened. If there is real estate in another state, there’s a good chance that you’ll have ancillary probate in that state.

You should check to see if the out-of-state property is held in the decedent’s name or if a trust owns it. One of the reasons people will create a revocable living trust is to put real estate from different states into the trust. When they die, the property is owned by the trust rather than by the individual. Upon death, the person does not own the property in his or her name. Therefore, transferring the property into the trust dispenses with the need for having multiple estate administrations in different states.

Once that determination is made that the out-of-state property was owned in the decedent’s name, you should find an attorney in or near the county where that property was owned. Usually, you can ask the attorney handling the primary estate to take care of this. Each states has different laws and rules about opening an ancillary probate administration in that state, and the attorney you call for assistance can provide that guidance. If formal probate administration is required, that “ancillary” probate administration will be processed at the same time you’re working on the Indiana estate.

How Does The Ancillary Probate Process Work For Out-Of-State Assets?

You work with the attorney from the other state to understand what their processes are. While the process of probate and the concepts behind it are similar, every state has its own unique probate laws specific to that state. The attorney handling the probate proceedings must be licensed to practice law in that state. It’s not at all uncommon for attorneys to be licensed only in the state where they primarily practice.

Probate attorneys will have worked several times over their careers with attorneys in other states to get an estate settled. Because each state’s probate laws differ, each situation may look a little bit different. It’s about communication between your attorney’s office and the ancillary probate attorney’s office. Specifically, it’s about process, procedure, and working together to make sure the estate is handled as efficiently as possible.

Attorney Thomas Scifres is a seasoned lawyer based in Salem, IN, who has helped countless clients like you navigate the intricacies of probate law. With decades of experience, he is prepared to assist you with your out-of-state trust or probate administration so that you can legally and properly administrate your loved one’s estate.

Still have questions? Ready to get started? Contact Thomas E. Scifres PC - Attorney At Law today to schedule an initial consultation.

What Are The Legal Risks Of Mishandling Out-Of-State Assets During Probate Proceedings?

When assets are mishandled during a probate process in Indiana, you run the risk that the estate may have to be reopened at a later time. Fortunately, this is a rare occurrence. In egregious examples of mismanagement, another interested party may request that the court remove the personal representative and replace that person with someone else. Depending on the nature of the wrongdoing, the personal representative might even be held personally liable to the estate and its heirs.

For example, there are situations where you might discover an asset owned by your loved one years after the estate has been closed. There are ways of handling that. When you’re talking about an out-of-state property, the problem is compounded because it’s out-of-state. You may have to reopen two different estates to get that addressed.

When you deal with out-of-state property, you need an experienced attorney from that state who knows what they’re doing and can handle the estate properly. Your Indiana attorney should also be familiar with the probate laws of the other state to ensure everything the out-of-state attorney tells you makes sense. In this way, the risk of the estate being reopened later is minimized.

Still Have Questions? Ready To Get Started?

For more information on Indiana probate with out-of-state assets, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (812) 359-7569 today.