Legal Question in Wills and Trusts in Indiana
Probate
My divorced father has 3 children and no will, he says he does not need one because everything will be split up between us three anyway. However, if no will must his estate go to probate and whow much does that cost?
1 Answer from Attorneys
Re: Probate
Your father -- this time -- is right in the sense that if he dies without a will, in an unmarried state, and with three living children, then his probate estate will be divided among his three children after expenses, debts and taxes are paid. Whether or not he has a will, his assets have to be probated (with exceptions for small estates) to be legally transferred. It cost about one hundred fifty dollars for the court filing fee, and attorney fees would vary depending on the size of the estate, the work involved and the degree of family disunity. If your father ever dies, you could meet with a lawyer at that time and get a better idea of the cost. Your father could transfer his assets into a trust before he dies, which could avoid probate, but living your life through a trust is a bit like pushing a wet noodle. It's possible your father would prefer to live without a trust and leave the aggravation to his three children. Good luck.