At every stage of your life, it’s important to recalibrate and plan for the future. It’s the best way to protect your Ohio assets and preserve your standard of living. Whether you’re newly married, headed for divorce, or looking toward retirement, estate planning and money management should be at the top of your to-do list.
One of the first things you’ll want to do when a major change occurs is to update your will and name an executor. In the state of Ohio, courts must be notified of a death and the will must be validated in probate court within three months. Creditors will then have up to six month to make a claim against the estate.
Executors can be anyone whom you trust to settle your affairs after your death. If you don’t name one or die without a will, the court will step in during probate.
The probate process is usually just an administrative task to ensure that property is fairly and equitably distributed in the event of a death. It also ensures that any taxes, debts and other liabilities are properly taken care of.
Expedited probate or exclusions to triggering probate occur when the estate is:
- Bequeathed to the surviving spouse and is valued at less than $100,000
- Valued below $35,000
- Valued below $5,000 and the funeral expenses are equal to that amount
- Valued below $45,000 and all assets transfer to the surviving spouse
When does ancillary probate occur?
Ancillary probate is sometimes called “secondary probate”. It’s a supplementary process that’s triggered when the decedent owned property in another state. That property could be a vacation home, vehicle, or other tangible asset.
When it comes to property matters, Ohio law is pretty straightforward. Ancillary probate can generally be avoided by through joint ownership of out-of-state assets or by placing them in a trust. Filing a transfer-on-death (TOD) deed is another possible solution.
No one likes to think about the unexpected. But, taking care of personal and business law matters now will provide you and your loved ones with peace of mind in the future.