Estate Administration Attorneys in Anderson, Indiana

If you have been named the executor of a loved one’s estate, known as a “personal representative” in Indiana, it is important to know what will be involved when that person passes away. Having this knowledge can be helpful as you choose the executor of your own, will, as well, so that you can choose the person best suited for the task.
Estate administration is a serious fiduciary responsibility, and making mistakes can get you in trouble. Our experienced estate administration attorneys are here to guide you through the process of administering an estate or help you choose an executor for your estate who will do a good job and make sure that your wishes are followed.

What Does an Executor Do?

When someone creates a last will and testament, they must choose a person or a state-authorized financial institution or bank to make sure that the terms of their will are carried out. This involves filing with the probate court if necessary, assessing the value of the estate, paying all debts, filing taxes, and distributing the estate to the heirs named in the will.

Who Can Be An Executor in Indiana?

Most people name an individual to be the executor of their estate. A person named as an executor in Indiana must be 18 years of age or older, of sound mind, and never convicted of a state or federal felony. In Indiana, an authorized financial institution or bank may be named in place of an individual executor, which may be a good choice if you do not have a trusted loved one who is likely to still be alive and of sound mind when you pass away, or if there are tensions amongst family members that could be made worse if a family member were named executor.

When considering an individual as executor of your estate, it is important that they be someone you trust to carry out your wishes in an honest and accurate fashion. Additionally, it is a good idea to choose someone young enough that they are likely to be alive and capable of completing the sometimes complicated steps involved in administering your estate once you pass away. Choosing someone close to your own age makes it likely that they may pass before you do or may not be physically or mentally capable of carrying out the duties of an executor, assuming you live to a ripe old age, as most of us wish to. It is recommended to name at least one, if not two or more, backup executors in the event that your first choice is unable or unwilling to serve. This brings up an important point if you have been named executor of someone else’s estate: you can refuse to serve if you feel that you are not suited to the task. Ideally, this conversation would have been held at the time the will was drafted, but a named executor can step aside even after the testator (maker of the will) is deceased.

Are Executors Typically Paid?

Indiana allows the executor of an estate to be paid, whether a personal representative or estate planning attorney serving as executor, though payment is not required to be accepted. When payment is made, an appropriate amount is determined by looking at the size of the estate in question, the amount of work involved, and the “going rate” for such services in that geographical area. Many counties in Indiana have also adopted the “Hamilton Scale” for executor compensation, which sets the fees for attorneys serving as executors as follows:

• 6% for the first $100K
• 4% for the next $200K
• 3% for the next $700K
• 1% for everything more

Professional executors would most likely be paid on the same scale, while amateur executors, such as family members, are limited to one-half of the above-listed amounts.

Call Beeman Heifner Benge Today

When it comes to estate administration, the experienced estate planning attorneys at Beeman Heifner Benge have the knowledge and skill to guide you through the process while keeping headaches to a minimum. Call us today at (765) 234-8024 for a free consultation.