Disclaimer: This article is for informational purposes only and does not constitute legal advice. If you need legal guidance, consult a qualified attorney in Indiana.
Detailed Answer
1. Identifying and Inventorying Assets
When someone dies without a will in Indiana, the appointed personal representative (administrator) must locate, value, and list all real and personal property of the estate. The process ensures creditors and heirs understand what assets exist and their value.
1.1 Identifying Real Property
- Real property includes land, buildings, and fixtures attached to land. (See IC 29-1-1-12.)
- Review county land records for deeds, mortgages, and liens.
- Check the decedent’s title insurance policies, survey reports, and tax assessments.
1.2 Identifying Personal Property
- Personal property covers vehicles, bank accounts, securities, furniture, and other tangible and intangible assets. (IC 29-1-1-12.)
- Examine bank statements, brokerage accounts, safe deposit box contents, life insurance policies, and retirement accounts.
- Survey closets, garages, and attics to catalog household goods, collectibles, and personal effects.
1.3 Filing an Inventory
Under Indiana law, the administrator must file an inventory within 30 days of appointment. (IC 29-1-7-4.)
- The inventory lists each asset, its description, and its fair market value at the date of death.
- If an asset’s value changes, the administrator files a supplemental inventory.
- The court uses this inventory to settle debts and distribute the remaining assets.
2. Distribution Under Indiana Intestacy Law
After paying valid claims and administrative expenses, the estate’s remaining assets pass according to Indiana’s intestate succession statutes (IC 29-1-2).
2.1 Surviving Spouse Shares
- If the decedent leaves a spouse but no descendants or parents, the spouse inherits everything. (IC 29-1-2-1.)
- If the decedent leaves a spouse and descendants all of whom are also descendants of the spouse, the spouse inherits the entire estate. (IC 29-1-2-2.)
- If there are descendants not of the surviving spouse, the spouse takes half of the intestate estate, and the descendants share the other half.
2.2 No Surviving Spouse
- If no spouse survives, the estate passes to descendants equally. (IC 29-1-2-3.)
- If there are no descendants, the estate passes to parents or, if none, to siblings or their descendants. (IC 29-1-2-6.)
- If no siblings or parents survive, more remote kin inherit according to degrees of kinship. (IC 29-1-2-8.)
Helpful Hints
- Start asset searches early: delays can increase costs and complications.
- Obtain professional appraisals for real estate and unique personal property.
- Keep detailed records of communications with heirs and creditors.
- File timely inventories and accountings to avoid court sanctions.
- Consult an Indiana probate attorney for complex estates or disputes.