Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
Gathering essential information and documents before a loved one’s passing helps streamline Indiana probate. Under Indiana Code Title 29, an efficient estate administration requires a clear inventory of assets, liabilities, and testaments. Below are key items to collect in advance:
1. Last Will and Testament
Ensure you have the original signed will. Indiana formal requirements appear in IC §29-1-2-4 and IC §29-1-2-5. Confirm witnesses met state standards and the testator signed properly.
2. Financial Account Information
Compile statements and account numbers for bank, investment, retirement, and brokerage accounts. Record institution names, branch locations, and online access credentials.
3. Real Estate and Vehicle Titles
Gather deed copies for all real property, mortgage statements, and vehicle titles. Include address, legal description, and lienholder details.
4. Insurance Policies
Locate life, health, homeowner’s, auto, and disability insurance policies. Note policy numbers, insurer contact information, and beneficiary designations.
5. Digital Asset Inventory
List login credentials for email, social media, cloud storage, and cryptocurrency. Provide clear instructions for accessing or memorializing accounts.
6. Debts and Liabilities
Itemize outstanding debts: credit cards, personal loans, mortgages, and tax obligations. Include creditor names, account numbers, and balances.
7. Tax Records
Collect federal and state tax returns for the past three to five years. Indiana requires tax filings for estate administration and possible inheritance tax filings.
8. Small Estate Affidavit Eligibility
If personal property totals under $50,000, executors may use the small estate affidavit under IC §29-1-7.5-2 to bypass formal probate for certain assets.
Helpful Hints
- Store originals in a secure, accessible location and provide copies to your executor.
- Maintain a central digital folder with scanned documents and password manager logs.
- Review and update beneficiary designations after major life events (marriage, divorce).
- Discuss your wishes with the appointed personal representative or executor before passing.
- Consult an estate planning attorney to ensure compliance with Indiana Code Title 29.