Probate in Ohio
In Ohio, assets owned by the deceased may need to go through the probate court process. If an executor is named in the deceased’s will, they will oversee this process; however, the entire process is administered through a judge in the county courthouse of the person who passed away. If there is no will or the executor is not named, the probate court will appoint an administrator to manage the estate. In some cases, this could be a third party or family member.
This often lengthy and complex procedure raises several common questions, including what property is subject to probate, how long probate takes, and how much it costs. A probate attorney can provide valuable guidance to navigate these intricacies.
What property is subject to probate?
The assets subject to probate administration are referred to as “probate assets.” Some assets can be processed, or automatically passed on to a joint owner or beneficiary, without probate administration. These are commonly referred to as “non-probate assets.” Some examples of non-probate assets include:
- Assets held in a trust
- Joint-owned homes, or real estate
- Assets with a transfer-on-death designation
- Payable-on-death, or joint, bank accounts
All other assets that do not fall under one of the above would end up as a probate asset subject to court supervision.
How long does probate take?
On average, probate administration takes between 10 and 12 months to complete. The minimum time Ohio requires a probate estate to be processed is six months. The length of your process will depend on several factors, including:
- The size and complexity of the estate
- Possible contest of the will
- Number of beneficiaries named
- Statutorily mandated notice periods
How much does probate cost?
Probate administration costs are typically about 5 -10% of the gross value of an estate and includes, but are not limited to court fees, upkeep costs for assets, appraisal fees, fiduciary fees, attorney fees and taxes. Your costs will depend primarily on:
- the size and complexity of the estate,
- asset maintenance during probate, and
- difficulty with beneficiaries and creditors.
Your probate attorney will work with you to safeguard beneficiaries’ assets from being diminished by these costs.
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The Role of The Executor in Settling An Estate
Fundamentally, the executor is responsible for making sure that any and all debts and creditors of the deceased are paid, and that any remaining money and/or property of the estate is distributed according to the deceased’s wishes.
There are typically eight steps the executor will oversee in his or her role:
- Obtain a copy of the will and verify that it has been filed in the proper probate court.
- Communicate with beneficiaries and creditors.
- Start creating an inventory of assets and debts. Settling an estate will generally involve liquidating the assets, depositing them into one large account, paying debts, and then making distributions to beneficiaries. In order to accomplish this task an inventory of assets and debts must be assembled. This inventory will be helpful to your attorney during your first meeting with them, and they will help develop it throughout the probate process.
- Contact a probate attorney. During the free consultation, a probate attorney will give you an idea of what to expect. There is time, but ideally you will engage an attorney between 30-45 days from the date of death. They will help you “open the estate.”
- Open the estate. There are a myriad of probate proceedings available to open an estate, each with its own filing requirements and hurdles. Some may even be able to avoid probate altogether. Your probate attorney will advise you on the best way to probate your estate.
- Inventory the estate and seek appraisal for the assets. Once an estate has been opened, an inventory of the probate assets is required to be filed with the probate court. Assets might include:
- Real estate
- Vehicles
- Personal property
- Bank and retirement accounts
- Stocks and bonds
- Life insurance policies
Your probate attorney can assist with which assets are subject to probate and how to properly manage and value them. After all relevant investigations are completed, the inventory is submitted to the court and a hearing date is set.
- Pay off Debts and Taxes Owed. Creditors have six months to file a claim for payment. After all creditor claims have been received, you can pay off the deceased’s debt. Estate debt might include:
- Mortgage payments or rent
- Property taxes
- Utility bills
- State and federal income tax
- Loans
- Credit card debt
- Communicate With Beneficiaries To Distribute Remaining Property. Once all debts have been paid, the executor can ask the court to close probate and begin distributing the remaining assets to the estate’s beneficiaries. The distribution process will follow the terms outlined in the will. If there is no will, the assets will be distributed according to Ohio intestacy statutes.
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The Role of A Probate Attorney in Settling An Estate
Our attorneys have extensive knowledge of probate laws and can help you manage the administrative tasks required when dealing with probate court - from preparing legal documents and assisting with inventory to appraising assets and handling creditor claims.
Below are some key areas where a probate attorney can provide invaluable assistance.
Take Inventory
An inventory of assets is required to be filed with the probate court within 3 months of the executors appointment. Your attorney will assist with this filing and all events leading up to it, including identifying, taking possession of, and appraising assets.
After the inventory is filed with the court a hearing date is set. Your attorney will help you send the required notice to all interested parties of the estate, like beneficiaries, legatees and creditors. An inventory hearing cannot be undertaken unless receipt of formal notice for all interested parties is confirmed. While waiting for the notice period to expire and hearing date to arrive, interested parties can file exceptions to the inventory. As an exception can stall the probate process, having an attorney to help you navigate this hurdle can alleviate delays and ensure a smoother process.
During this time, your attorney may also assist with opening and managing the estate’s checking account. The executor is required to keep the estate’s funds separate from their own. Opening a bank account in the name of the estate makes it easier to document the inventory process, pay off creditors and distribute remaining funds to beneficiaries.
Manage Final Bills, Debts & Taxes
Your probate attorney will guide you as to which debts need to be paid and when (Ohio probate courts determine a hierarchy for creditors expecting payment). This will include an investigation and evaluation of all creditor claims and assistance with filing tax returns.
Manage Affairs
When the probate process starts to become an overwhelm of paperwork and appointments, your probate attorney can assist with tasks such as:
- Preparing and filing all court documents
- Canceling credit cards that may still be open
- Notifying banks or other financial institutions
- Notifying brokerage or financial advisors overseeing investments
- Contacting the Social Security Administration
- Contacting life insurance carriers to claim death benefits
- Canceling home and auto insurance carriers
- Contacting utility companies if services are no longer needed
Distribute Assets
A probate attorney will help you locate and contact beneficiaries to properly distribute assets. He or she can also assist with retitling assets in beneficiaries’ names.
Your dedicated probate team will be here to support you every step of the way. Don’t just take it from us—visit our testimonials page or check out our Google reviews to hear from past and current clients in the Cleveland area.