Our team has the experience and knowledge to guide you through the probate process.
GAIN PEACE OF MIND KNOWING THAT YOUR ESTATE WILL BE EXECUTED AS YOU WISH
What is probate administration? Probate is the legal process that determines whether or not a will is valid. It can also validate new beneficiaries and executors if they are not already named or the original beneficiaries and executors predecease the decedent. Through probate administration, your will and the appointed executor implement the plan for your estate in the event you are unable to. Probate processes do not adhere to one singular process, as the laws vary from state to state. Therefore, it is important to consult with an estate planning lawyer to choose the proper plan for your assets.
Probate assets may include:
Individual assets are tangible items of value that you currently own. They commonly refer to financials such as investment accounts, stocks, bonds, bank accounts, vehicles, business interests, and real estate. Other miscellaneous property could also be included, such as artwork, coin collections, jewelry, or other items that hold some value.
Beneficiary assets also go through probate. These may include health savings or medical savings accounts, retirement accounts such as 401(k), IRAs, and annuities. If all named beneficiaries predecease the decedent, assets will become part of their probate estate. The same applies if a person dies intestate.
This generally applies to real estate, when unmarried owners share property. However, other types of assets can be titled this way, for example, bank accounts, investment accounts, stocks, and bonds. Tenancy-in-common is not the same as having joint bank accounts or other arrangements, instead, each owner can own an equal or partial part of the total property.
ASSETS OMITTED FROM A TRUST
In some instances, a person could create a living trust that includes their property, but any property that was omitted from the trust at the time of death will become probate assets. While up-to-date living trusts avoid this, the decedent may acquire additional assets in their lifetime that are not included in the trust, which will require probate administration.
FREQUENTLY ASKED QUESTIONS ABOUT PROBATE
DO I NEED TO PROBATE MY RELATIVE'S WILL?
A will is required when the descendant dies possessing assets of $50,000 dollars or more. It is also required if the decedent died leaving Real Property. Assets where a designated beneficiary is named, such as joint bank accounts, “in-trust-for” accounts, or insurance proceeds not payable to the estate, do not apply.
HOW LONG DOES PROBATE TAKE?
It can depend, however, a simple probate will likely take a few weeks depending on the Surrogate Court’s schedule. A more complex matter can be lengthy, and the Deliberato Law Center will oversee the process, making sure it is completed timely and efficiently.
WHAT IF MY RELATIVE DIED WITH ASSETS BUT DID NOT HAVE A WILL?
Sometimes a loved one passes away without a will. If they had assets at the time of death, the estate will need to be administrated in a procedure known as administration by the Surrogate’s Court. During this, the estate is allocated under rules of succession.
IS IT NECESSARY FOR AN ATTORNEY TO HANDLE MY PROBATE MATTER?
It is not required to hire an attorney to handle probate proceedings for you. However, probate matters can be complicated, and having an experienced probate attorney to handle your case will be beneficial. A probate attorney can help you locate interested parties for jurisdictional purposes, understand the language of the will, and aid with anyone who may contest the will.
HOW MUCH DOES PROBATE COST?
In Ohio, the cost to probate an estate is directly tied to the amount of time it takes to do. Most lawyers charge an hourly fee for probate work. With smaller estates in Ohio there, are less expensive options. If the total value of probate assets is less than $100,000, your attorney may be able to file a Release from Administration. If an estate’s value is less than $5,000, a probate attorney can file a Summary Release from Administration.
A more complex estate will be more expensive, because it requires more hours of work. On top of that, it may require the services of experts like accountants, insurance analysts, appraisers, experts in business valuation, real estate or other appraisers. If your lawyer suggests hiring an expert, be sure to understand why they believe their expertise is required.
Regardless of the size of the estate, it is smart to hire a probate attorney. Because probate laws are complicated and have strict deadlines, there are costly consequences if you are unable to adhere to the dates and deadlines. Hiring an attorney provides security that you will get everything done accurately and efficiently.
PROBATE ADMINISTRATION ARTICLES
The past year was full of big stories and so if you missed the most notable happenings in probate news we don’t blame you (yes, that’s a joke—who but lawyers follow probate news?). This being said, 2020 did leave us with headline-worthy stories about the tribulations...
Writing a will without planning for probate administration is like having a child without planning to be a parent. When the first happens, the second invariably follows and so, as the saying goes, failing to prepare is simply preparing to fail. A will is a legal...
While every adult needs an estate plan, the need is even greater if you own a business. Why? Because business owners’ assets are more complex than those of the average person and protecting them is a matter of maintaining one’s livelihood. This holds true for both...
CONTACT THE DELIBERATO LAW CENTER
If you are ready to get started with estate planning, Medicaid planning or any other elder law services, or just need to ask a question about how to protect your assets, please complete the brief form below and a member of our legal team with get in touch with you shortly!
LAW FIRM LOCATIONS
6200 Rockside Road
Independence, OH 44131
6000 Venture Dr.
Dublin, OH 43017