Indiana Code 29-1-7.5-4. Closing estate; procedures; termination of appointment of personal representative
(1) Published notice to creditors as provided in IC 29-1-7-7(b), and that the first publication occurred more than three (3) months prior to the date of the statement.
Terms Used In Indiana Code 29-1-7.5-4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
(3) Fully administered the estate of the decedent by making payment, settlement, or other disposition of all claims which were presented, expenses of administration and estate, inheritance, and other death taxes, except as specified in the statement. If any claims remain undischarged, the statement shall:
(A) state whether the personal representative has distributed the estate, subject to possible liability, with the agreement of the distributees; or
(B) detail other arrangements which have been made to accommodate outstanding liabilities.
(4) Executed and recorded a personal representative’s deed for any real estate owned by the decedent.
(5) Distributed all the assets of the estate to the persons entitled to receive the assets.
(6) Sent a copy of the statement to:
(A) all distributees of the estate; and
(B) all creditors or other claimants of whom the personal representative has actual knowledge whose claims are neither paid nor barred and has furnished a full account in writing of the personal representative’s administration to the distributees whose interests are affected, unless waived in writing.
(7) Provided the court with the names and addresses of all distributees, creditors, and claimants to whom the personal representative has sent a copy of the statement under subdivision (6).
(b) If no proceedings involving the personal representative are pending in the court three (3) months after the closing statement is filed, the appointment of the personal representative terminates and the estate is closed by operation of law.
Formerly: Acts 1975, P.L.288, SEC.11. As amended by P.L.154-1990, SEC.7; P.L.130-1992, SEC.7; P.L.252-2001, SEC.15; P.L.194-2017, SEC.2.