Avoid probate on your home in Indiana
How to avoid probate on your home in Indiana
Probate court proceedings can be long, costly, and confusing. However, you can take steps to protect your home and ensure that it goes to whom you choose without going through the probate process in Indiana.
Joint ownershipJoint ownership is the simplest way to avoid probate. If you own property jointly with someone else, and this ownership includes the “right of survivorship,” no probate will be necessary to transfer the property; the surviving owner automatically owns the property when the other owner dies. However, there will still be some paperwork to show that title to the property is held solely by the surviving owner.
Transfer-on-death deeds for real estateIndiana allows you to leave your home to whomever you choose using a “transfer-on-death” deed (aka “beneficiary deed”). Even though you can sign and record the deed now, it doesn’t take effect until your death. Since the beneficiary has no rights until your death, you still have complete control and can sell the property at any time.
Living trustsIn Indiana, you can make a living trust to avoid probate for virtually any asset you own: real estate, bank accounts, vehicles, and so on. You need to create a trust document, naming someone to take over as trustee after your death. Then, you must transfer ownership of your property to yourself as the trustee of the trust. Once all that’s done, the property will be controlled by the terms of the trust. At your death, your successor trustee will be able to transfer the property held in the trust to the trust beneficiaries without probate.
Several different options exist to help you avoid probate on your home in Indiana; using these strategies will ensure that your wishes are followed. You should consult an attorney to insure you find the best solution for you, and that your plans are carried out as you wish.