Most estates have to go through probate in Ohio though there is an abbreviated process if the estate meets specific qualifications. But first, let’s define probate and its purpose. Then we can review what assets usually do not need to go through probate. And last, we’ll address the total estate value question.
Probate here in Ohio is a legal process, going through probate court, to ensure a deceased individual’s debts and taxes are paid and assets distributed to the individuals entitled to inherit them. The probate process can be relatively straightforward, but that is not usually the case.
What assets don’t usually need to go through the probate process?
· Assets held in a trust, such as a revocable living trust, can avoid probate.
· Assets where there is a named beneficiary, such as retirement accounts.
· Property subject to “transfer on death.”
· And more
Most other common assets may go through the probate process (again, if not held in a trust, owned is survivorship form or don’t have beneficiary designation.)
So, what’s this “abbreviated probate process” here in Ohio? Essentially it is available when an estate’s value is $35,000 or less, OR The surviving spouse inherits all probate property (either under the deceased spouse’s will or if there is no will, by state law) and the value of the estate is no more than $100,000. By today’s standards, the maximum value, in either case, won’t allow most individuals to take advantage of the “streamlined” process. There are a few other ways to avoid probate altogether; however, they apply in special circumstances, such as the entire estate being worth less than $5,000 or the amount of the funeral expenses, whichever is less.
So you can see that few can successfully escape the probate process altogether. The goal for most is to minimize the assets that will go through probate, for example, by establishing a trust, to reduce both the time and cost of it. And while Ohio doesn’t require individuals to hire the services of a probate attorney, it is recommended. The process is complicated to navigate, and one can easily miss important deadlines or required steps.
Avoiding probate with all the legal means to do so is a good goal. I’d be honored to help you with your estate plan and help you understand all the legal options available to avoid probate. Contact me via my website, www.davidlefton.com, or call to schedule a consultation. You can reach me at 513-399-7526.