When you understand some of the details about the probate process you may view estate planning in a different light. People who have not looked into the subject often assume that they will be using a last will to direct the transfer of their assets. If you do this, your heirs are going to be faced with the process of probate after you pass away.
Probate in Cincinnati Ohio – Some of the Details
Probate is a legal process. The probate court that is local to the deceased is going to supervise the administration of the estate. Property that you held in your own personal possession when you die is considered to be probate property if it does not have a named beneficiary feature. This property is not distributed to the heirs that you named in your will until the estate has been probated and closed.
In Ohio, the exact duration of the probate process is going to depend on a number of different factors. The extent and nature of the assets comprising the estate will be a factor. The form of the assets and the exact nature of your wishes will come into play.
Challenges to the will would also impact the time frame. In general, the simplest cases can be resolved in a matter of months. Complicated probate cases can drag on for multiple years. In Ohio, if the case is expected to take longer than 4 months, the executor must ask court permission to extend the time for administration up to 13 months. If still more time is needed, the time limit can be extended again for good cause.
Most people are aware of the highly publicized legal battle that was waged between the model and reality star Anna Nicole Smith and the Marshall family. That estate case was unresolved for some 15 years before the Supreme Court finally made a ruling. The case actually outlived both of the original litigants.
If you would like to arrange for the eventual transfer of your assets to your heirs in a timely and efficient manner you can employ probate avoidance strategies.
There are a number of different ways that you can avoid probate in Cincinnatio Ohio. One alternative to a will that will enable probate avoidance is the funded, revocable living trust.
With this type of trust you do not surrender control of the assets while you are living. When you create the trust you name a trustee and a beneficiary or beneficiaries who inherit at your death. The trustee can be a person known to you, or a fiduciary entity like the trust department of a bank. Once you die, the trustee administers and distributes the trust assets according to your wishes to the beneficiary or beneficiaries. You decide on the frequency and nature of these distributions when you are drawing up the trust agreement.
Property that has been conveyed into the revocable living trust is not considered to be probate property. Because of this, the probate court is not involved when the trustee distributes resources to the beneficiaries. This enables a fast and efficient transfer of assets after your passing.
If you’d like to know more, you can request a report by contacting The Zimmer Law Firm at 513.721.1513, or by visiting www.zimmerlawfirm.com.