Non-Probate Assets Under Ohio Law
In this article, you will learn:
- How assets are affected by probate
- Common issues faced during probate
- What to expect during probate
Non-probate assets have beneficiaries named to the specific property. Different types of assets have different types of beneficiaries, and not all assets can have a beneficiary. For non-probate assets, the basic idea is that if you have a beneficiary, then it should pass to that beneficiary.
Typical Probate Clients And Common Dilemmas
Most people who call me are loved ones or a concerned family member about somebody else’s estate planning. Married couples come to me over time to make sure the surviving spouse is protected. We also do certain rounds of estate planning where a surviving spouse is brought in to update their estate planning documents. We also assist businesses. Overall, a wide variety of clients call for assistance, and we offer a variety of helpful services.
Common Questions Surviving Spouses Typically Ask
Many questions are the result of clients not knowing what estate planning is or what it entails. So, I always talk with them about our basic estate planning package that we offer at my office first, and then about their concerns, the assets they are trying to protect, and I gather as much information as possible from the client. Based on that, we can decide what is the best estate planning for them.
How Probate Is Impacted By A Surviving Spouse
If there are probate assets, then yes, we need to go to probate court. If there are non-probate assets, then we’ll go to the beneficiaries to see if the paperwork was done correctly and who the beneficiaries are. So, the clients need to dig into what is a probate and what is a non-probate asset and then from there, we can kind of determine what they need.
How Proper Estate Planning Can help Avoid Probate
If you have a proper estate plan in place, then the odds of you going to probate are pretty slim. But if you do have to go to probate, it’s going to be a very smooth and easy process for your loved ones. If it’s done correctly, you will have to go to probate, but the process will be a lot faster and easier on loved ones if a proper estate plan is put in place.
How Property Outside Of Ohio Is Handled
Every state is so different, and we have to see where the individual is domiciled. I’m not licensed outside of Ohio, but if there’s property located outside the state of Ohio, I would ask the client if it was in survivorship and was there a beneficiary. If not, then I tell them you need to contact an attorney where that property is located to see what the laws are there. If the person’s domiciled in Ohio, we would file in Ohio, but there might be a chance that we need to file another probate case in another state where the property is located.
Shortcuts Or Different Ways To Handle Probate For Smaller Estates
There are some shortcuts, but those depend on what type of assets and also the value of the assets. So the value of the assets are in a certain bracket, there are shortcuts which are shorter and easier probate cases. Every probate court is a little bit different, but basically every state or every probate court in Ohio has at least a summary release, and there’s other probate courts that have even faster shortcuts cases, but not every single probate court except those forums.
The Expense Of probate
The cost of probate depends on the type of assets and the case. Probate is very time consuming, and it can be expensive, but it’s based on the assets of the estate. If there’s a summary release or just a release for administration, it will be cheaper because there’s not been much in the estate. But a full release administration can be costly because there’s a lot of work involved and the assets are usually bigger.
The General Timeline Of Probate
The timeline depends on what type of probate case we file. If we’re doing a full release for administration, that is the biggest, longest probate case. We usually can get things wrapped up within six months, but a full administration can take six months to a year, or even several years. The release administrations are usually a little bit faster, but it really just depends. However, we try to handle probate as quickly and efficiently as we can for our clients.
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