When Is Probate Required In Ohio?
Probate is a legal process through which the assets of a deceased are administered. The administration includes verifying the validity of a will, identifying the deceased’s property, gathering the property and clearing all pending dues including taxes, and distributing the property among the legal heirs.
After a person dies, his or her may or may not go to probate. Thus, depending on the circumstances, probate may or may not be necessary in Ohio. The laws in Ohio state that probate is required when the property is owned in the sole name of the decedent or the deceased. However, there are some exceptions to this general rule.
Assets Exempt From Probate
The type of asset is one factor that can be used to determine if that particular property will or will not go through probate. Non-probate property means property that is exempted from the probate process and can be directly passes on to the names beneficiaries. Examples of such property include:
- Life insurance benefits
- Payable on death accounts
- Transfer of death property
- Trust assets
- Tenancy by the entirety property, if established between 1972 and 1984
- Retirement accounts
- Survivorship tenancy and joint tenancy property
Simplified Probate In Ohio
Ohio laws provide for a simplified probate when the estate is small. Simplified probate is a relatively easier process and takes lesser time to complete when compared to a full probate process. Simplified probate if applicable if:
- The value of assets in the estate is $35,000 or less.
- The surviving spouse is entitled to inherit the entire estate and the value of assets in the estate is less than $100,000.
In Ohio, if the total assets in the deceased’s estate are have a worth of less than $5,000, or if the assets value is equal to the funeral costs and expenses, then probate may not be required. Further, a surviving spouse can also request the court to release the estate from the probate process in certain situations.
Are You Eligible For Exemption From The Probate Process In Ohio?
Navigating the complex probate process in Ohio can be challenging after the loss of a loved one. If you want to learn about your rights related to the probate process, contact our team of experienced Probate Attorneys now. At Ziccarelli & Martello, we simplify the probate process for our clients and help them determine if they are eligible for the above mentioned exemptions. Contact us for a free consultation today.