It’s a good idea to take the time to draw up a will if you haven’t already. This document lets you leave money and assets to your family, friends and selected charities. If you don’t leave a will, your estate may be subject to laws that determine how your estate is distributed in Ohio after you have passed on.
What do you need to know about probate?
Probate is the process that takes place after you pass. This can happen whether or not you leave a will. If a will exists, you can expect your property to be distributed according to the terms you dictate. This will normally be overseen by a person you appoint to handle this task.
If you have not left a will, there are certain laws in place in Ohio that will determine what happens next. Usually, a probate court will meet in order to make a decision as to how to divide your property. The process of probate is not always needed, however; it can be ordered depending on the type of assets you have left.
What are the steps of the process?
There are a number of steps to the process of probate in Ohio. The first step will be to appoint an executor to handle the distribution of your assets in accordance with the terms of your will. If you do not appoint this person, the court may do so after you have passed.
The second step will be to have the executor pay all of the various bills that are owed by your estate. These can include bills related to your funeral as well as debts owed to your creditors. They can include any remaining money that you owe for back taxes.
After all of the various expenses have been deducted, the executor will then distribute the rest of the money. This will be done according to the directions you have left in your will. If no will is present, the court will order the executor to proceed according to its final judgment.