When an individual dies, a determination has to be made regarding the handling of their affairs and the settlement of their estate. If the individual dies with a properly prepared and executed will, that instrument controls the disposition of all probate property. If an individual dies without a will, the laws of the State of Indiana govern the disposition of all probate property.
The term “probate property” applies to all property a person holds in his or her own name which cannot be disposed of in some other manner, such as a beneficiary designation or a payable on death (POD) account.
There are several types of estate administration, starting with no formal administration to a full- blown supervised administration with full court involvement. A competently informed lawyer can save a family a great deal of frustration, time, and cost by choosing the proper manner of handling the settlement of one’s affairs and assisting the family to insure that the wishes of their loved one are carried out.