If you are an heir of an estate in probate or trust in Indiana, you will want to make sure you are on the same page as your attorney – and be well aware of any new probate laws in Indiana. Moreover, if you are motivated to receive rapid inheritance advance funding, with low inheritance advance or probate advance rates – you will want to choose your estate advance or inheritance cash advance funding company with great care.
Inheritance Advance Funding and “Probate Loans” in Indiana
A lot of heirs of Indiana probate estates and trust beneficiaries would rather receive an advance on inheritance from their parents, or remaining parent, if they are still living. Yet when inheritance advance funding from parents, or the one surviving parent, is not possible due to the death of both parents – heirs of Indiana estates frequently will get an advance on inheritance, typically a large advance inheritance, from a so-called “estate loan” or “inheritance loan” company. An estate advance, or inheritance cash advance transaction, that heirs often (incorrectly) refer to as “borrowing against inheritance”, or getting an “inheritance loan” or “probate loan”. A lot of impatient heirs will get inheritance advance funding through an advance inheritance or probate advance firm; usually a probate cash advance company with a positive reputation – typically one of the more established inheritance advance funding companies that has been funding heirs like this for over a decade, or for decades. Many heirs will look towards something like a 48 hour estate advance, or 72 hour probate cash advance; which is what a lot of heirs see as the best inheritance advance funding option – which usually also means highly inexpensive probate cash advance or inheritance advance funding from an extremely fast online inheritance advance company.
How Do You Gain Fast Access to an Inheritance Advance in Indiana?
Even though probate in the state of Indiana is not a fast process… there are definitely ways to access inheritance money in Indiana faster than a year or two, waiting for probate to close out. Inheritance cash advance funding is, on the other hand, a typically rapid process, as well as a simple one. That is, as long as the estate in question has enlisted an experienced and reliable inheritance advance funding company, with a mature probate cash advance staff. As far as My Inheritance Cash is concerned, inheritance advance funding clients typically get their inheritance money within a few days. No up-front fees; no hidden charges; plus no monthly payments or compounding interest; and no credit report or credit score required. Rather than waiting for 12 to 18 months or more to get access to inheritance money, generally fast probate cash, heirs usually wait only for 2 or 3 days with My Inheritance Cash to get funded.
How Do You Get Approved For a Probate Advance, or What Heirs Incorrectly Refer to as an “Inheritance Loan” or “Probate Loan”?
Paperwork requirements for a probate advance are brief and simple compared to invasive paperwork requirements for an interest bearing personal loan from a bank or credit union. My Inheritance Cash furnishes inheritance cash advance assignments, technically speaking, not interest based loans, even though many heirs and even attorneys refer to these assignments as inheritance loans, estate loans or probate loans. To get approved for a probate advance in Indiana, heirs of estates in probate or trust fund beneficiaries simply need a valid Photo I.D., documents proving status as a valid heir of a Indiana estate or trust, proof of all inheritance assets to be received – real property, liquid assets, and personal property… along with the amount of advance inheritance money being requested by the heir as an advance on inheritance (again, what many heirs and beneficiaries, and even inheritance advance companies, refer to as “estate loans”, “inheritance loans” or “probate loans” or getting a “loan on inheritance”, or “borrowing against inheritance…” ) Generally, heirs will happily see their inheritance cash in their bank account within days, as opposed to months or years waiting for probate to close.
Which Indiana Counties Allow Inheritance Cash Advances?
Indiana allows inheritance cash advances or, as many heirs (incorrectly) refer to as “estate loans”, “inheritance loans” or “probate loans” – in every county in the state of Indiana. Both discounted estate cash advances, probate advances with regular pricing, and 48 hour probate advances or 72 hour probate cash advances… for heirs of Indiana estates and trusts; generally without much effort on the part of the heirs or beneficiaries.
How Do You Know If You Qualify for Inheritance Advance Funding in Indiana?
It is generally a simple matter to determine whether or not you qualify for inheritance cash advance funding, for a standard inheritance advance, probate advance or an estate advance in Indiana, based either on probate property or liquid assets. Besides relevant documentation, you must be an heir to an estate within the United States of America or Canada; you must be at least 18 years old – with an inheritance valued at $15,000 or more, with some exceptions on a case by case basis. Once you qualify, and actually receive advance inheritance money, you can, as a valid heir to the estate, use probate advance cash or inheritance advance funds in any way you wish.
The critical matter for heirs of estates in Indiana is determining what the true value of their inherited real estate is – whether it’s possible to be approved for inheritance advance funding based on enough liquid assets in the estate… or, if there is probate property that is for sale, determining if it will sell at all, and if so approximately when the property may reach a closed deal with a serious buyer. Usually with a fast paced, comparatively low-cost inheritance advance or estate advance company. Or, as is occasionally the case, with several inheritance advance companies with inheritance advance service that offers not only affordable rates, compared to other similar online services – yet also provides advance inheritance funds viewed as “fast inheritance cash advance funding”. Typically, inheritance advance funding takes no more than a day or two, sometimes as much as 3 days – so the speed factor is rarely an issue for heirs these days.
These are the type of questions that most heirs of estates in Indiana ask prior to signing a probate advance or inheritance advance agreement with an inheritance advance funding company, frequently and inaccurately referred to as an “inheritance loan” or “probate loan” provider. Probate advances are organized and structured so heirs are able to get inheritance money very quickly, typically in a day or two – a 72 hour probate cash advance would be about average, 48 hours perhaps a more common time-frame for My Inheritance Cash. This gives heirs the ability to hire their own personal estate lawyer (if there are legal issues between heirs or with the will); or to pay for critical medical services… Or to pay off debts; whatever the case may be. Uses heirs have for advance inheritance money are basically unlimited.
Is an Indiana Inheritance Advance a Cash Advance Assignment, or is it “Borrowing Against Inheritance” as Many Heirs Refer to it?
Inheritance cash advance assignments in Indiana are not interest based loans, so there is never a risk of “recourse for non-payment”. Heirs getting advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Commonly, consumers will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.” Fast inheritance advance companies, or discounted probate advance firms, do not technically provide inheritance loans or probate loans to clients. Their probate cash advance service is in effect providing non-interest bearing, non-recourse, inheritance cash advance assignments with zero risk.
Inheritance and Succession Law in Indiana
Does Indiana Have an Inheritance Tax or Estate Tax?
Indiana does not have a state tax on inheritance or estates. However, the following will still need to be filed:
- Final (individual) state and federal income tax returns, due Tax Day of the year after the individual’s death
- Federal estate/trust income tax returns, due Tax Day of the year after the individual’s death
- Federal estate tax return, due nine (9) months after the decedent’s passing, with six-month extensions available if requested prior to the conclusion of the nine-month period
At the time of writing, this pertains to individual estates that exceed a gross asset and prior taxable gift value of $11,180,000.
To complete a tax return for the decedent’s estate, apply online, by fax, or via mail for an employer identification number (EIN) with the IRS. This will be used for all tax-related purposes.
Dying With a Will (Testate) in Indiana
In Indiana, to be considered valid, a will must be handwritten or printed, with both the decedent’s signature and that of two witnesses. Should the testator be physically unable to sign the will, another person can sign, so long as it is done (1) at the testator’s explicit direction, and (2) in the testator’s presence.
When done properly, a valid will makes an Estate testate, allowing assets, property, etc to be distributed, in most cases, according to the decedent’s Last Will and Testament. As named in the will, an Executor will manage the Estate, including distributing assets and settling debts.
Dying Without a Will (Intestate) in Indiana
In Indiana, dying without a will makes an Estate intestate. In this case, an Estate will be distributed according to Indiana State Intestacy Succession Law. In Indiana, property is considered to be either real (land, a house) or personal (valuables, cars, etc). A Probate Court will determine who inherits what, and appoint an Executor to manage the Estate.
The Probate Process in Indiana Inheritance Law
When a decedent passes away intestate, Probate Court is designed to ensure that his/her Estate is allocated appropriately. In Indiana, there are three types of Probate:
- Supervised Probate, where court approval is required for any inheritance/distribution of the Estate
- Unsupervised Probate, where court supervision is not necessarily required. All heirs and the Estate’s Executor must consent to this process.
- Small Estate, which is not actually Probate, but a process whereby Estates valued below $50,000, not including personal property, can be distributed by the Executor, and officially closed.
Spousal Inheritance Law in Indiana
In Indiana, a spouse is entitled to receive the decedent’s Estate, so long as there are no surviving children. If all of the decedent’s children are also the surviving spouse’s children, the Estate will be divided between the spouse and children. When at least one child is from a previous relationship, the spouse will inherit (1) half of the decedent’s personal property, and (2) 1/4 of the market value of the decedent’s real estate, minus the value of liens on it; in this scenario, the decedent’s children will inherit the remainder of the Estate.
If there are both a surviving spouse and parent(s), but no children, the Estate will be divided 3/4 to the spouse, and 1/4 to the parents.
In Indiana, if a spouse is found (1) to have been living in adultery while separated from the decedent, or (2) to have abandoned the decedent without just cause, (s)he will lose spousal rights to the Estate.
Children and Inheritance Law in Indiana
In Indiana, a decedent’s children will inherit his entire intestate Estate if there is no surviving spouse. If there is a spouse, and all of the decedent’s children are from said spouse, the Estate will be divided equally between (1) the surviving spouse (1/2 of the Estate), and (2) the decedent’s children. When at least one child is from a prior relationship, the children will inherit the remainder of the Estate after the spouse’s inheritance of (1) 1/2 of all personal property, and (2) 1/4 of the market value of the decedent’s real estate, minus liens, etc.
In Indiana, biological and legally adopted children share equal inheritance rights, as do half- and full-blooded siblings. Children conceived before, but born after, your death are considered to be yours, as are those born out of wedlock, so long as paternity has been proven and/or recognized. Foster and Step children will not automatically receive a share of your Estate, unless you legally adopted them.
Inheritance Law in Indiana for Unmarried Individuals With No Children
First and foremost, an Estate will go to the decedent’s surviving spouse and/or children. Where neither are alive, an Estate will typically go to (1) parents, and/or (2) siblings, and/or (3) next of kin. Where none of these persons are alive, an Estate will escheat, meaning that it will be turned over to the State of Indiana.
Non-Probate Inheritance in Indiana
In Indiana, most Estates will go through Probate. Regardless, certain assets, property, etc are not required to undergo the Intestate Succession process; specifically, those with a named beneficiary, such as:
- Life insurance policies
- Retirement accounts (IRAs, 401Ks)
- Transferable/Payable-on-death accounts, including vehicle titles, investments, real estate, bank accounts, etc
- Joint/Co-Tenancy real estate
- Living trust properties
Further Notes on Inheritance Law in Indiana
In Indiana, if one of the decedent’s parents is found to have caused the death of the decedent’s other parent, that parent becomes ineligible to inherit his/her child’s Estate, if applicable.
In Indiana, half-blood relatives are afforded the same inheritance eligibility as full-blooded kin (e.g., siblings).
In Indiana, immigration, residency, and citizenship status do not affect one’s eligibility to receive a share of the decedent’s Estate.
Children conceived before, but born after, the decedent’s death, are considered eligible to receive their share of the Estate, if applicable.
After a loved one passes away, it can be heartbreaking to manage his/her Estate, not to mention complex and difficult. Rather than struggle alone, turn to the trusted experience of an expert in Indiana Inheritance Law. Our Financial Advisors are on call and ready to help! Call today.