Understanding Estate Laws In Ohio
Probate laws ensure that when an individual passes away, their debts are paid, and their remaining assets are distributed per their will. The probate process can be very time-consuming and expensive. Understanding Ohio’s probate law can help you set up your assets in a way that can protect your family from having to deal with probate when you pass away. The regulations for probate are different from state to state and it is essential to fully understand the complex legal requirements in the state you are in so there are little to no disputes.
Hire A Lawyer For Support
Understanding the different regulations of estate planning can be very confusing. Choosing to hire a lawyer can make planning smoother and ensure that your assets are protected. Hiring someone who can help ensure that your loved ones are taken care of and set up for success when you pass away will give you the peace of mind that everything was set up correctly. The lawyers at Taneff Law can help you and your family protect your assets, so you get the most out of your estate. Our team can guide you in finding the right ways to protect your property and belongings.
How Long Does Probate Take?
The entire process can take anywhere from a few months to a few years. Simpler estates where an individual has a straightforward will and their beneficiaries do not file any disputes can be settled within a few months. There are some more complex cases where family members may disagree with a will, or the deceased did not leave a will at all. These complications can make the process last years.
What Is The Probate Process
When an individual passes away, the distribution of their belongings is based on the documents that they have left before their passing. If the deceased individual had a will, it must be filed with the probate court in the county where they lived when they passed away. If the will has named an executor or administrator, that individual will file a petition to open probate so they can distribute the estate according to the will. If the will does not name an executor or administrator, the court will appoint an individual to be responsible for managing the estate. During this time, creditors will also be given a chance to file claims against the estate to clear any unpaid debts that were left by the deceased. The executor will gather all the deceased individual’s assets and prepare them to be distributed to the beneficiaries. Before an estate is distributed, all outstanding debts and taxes must be paid. If there are not enough funds within the estate to pay these debts, some assets may need to be sold to cover expenses. Once debts and taxes are settled, the executor will distribute the remaining assets according to the deceased individual’s will.
Can You Dispute A Will?
Yes, you can dispute a will. An individual can file a dispute against a will if there are legal grounds. The dispute also must be filed within a specific timeframe. Any of the below can be grounds for a will to be disputed and can lead a judge to rule it as invalid. A will may be contested if a beneficiary believes the person who created it was mentally impaired at the time of signing and may not have been able to make an informed decision. If the beneficiary believes that the deceased individual was pressured or manipulated when creating or changing their will, they can file to have it disputed. Fraud and improper execution are also grounds for a will to be legally contested and have the ability for a judge to decide that they are invalid.
What Assets Go Through The Probate Process?
Not all estates go through probate. The assets that go through the process are belongings that are solely owned by the deceased and do not have a designated beneficiary at the time of their death. Real estate, vehicles, bank accounts, and personal belongings will go through probate if they have not been placed into trusts. Any insurance policies or investment accounts that do not have designated beneficiaries will also go through probate.
What Assets Avoid Probate Process
There are a few assets that can avoid probate. If the deceased individual had any jointly owned property with another person, the property would pass directly to the surviving owner. Insurance policies, retirement accounts, and bank accounts that have named a beneficiary will be exempt from going through the probate. Lastly, any belongings that have been placed in a trust also bypass probate.
How You Can Plan Ahead For A Smooth Transition
The easiest way to avoid probate in Ohio is to put your belongings in a revocable or irrevocable trust. This will allow any of the belongings within that trust to go directly to the beneficiaries that are named and avoid going into probate. This is the most seamless way to transfer your assets to your family members. When you choose to put your belongings into trusts, the trust becomes to owner, not you personally. This is how you can avoid probate when you pass away. You will name a trustee to manage your trusts and this individual will distribute the belongings according to your wishes. This makes the process quick and can be done without the court’s approval. Trusts are difficult to challenge and can help reduce any disputes that may happen amongst your family.
The Process Of Creating A Living Trust
The first step to setting up trusts to help you avoid probate is to determine which option is right for you. The most common type of trust is a revocable living trust which allows you as the owner to retain control over your belongings during your lifetime. You are also able to make updates to trusts at any time. There is also the option to pick an irrevocable or testamentary trusts. These options are not as popular as a revocable trust, but they may be the right option for you. Once you have determined which type of trusts you are proceeding with, you need to determine who your trustee will be and what assets you want to put within your trusts. It is important to note that any belongings that are left out of trusts will go through probate. Once you have your belongings in a trust, you will determine the beneficiaries and what belongings will be distributed amongst them. You can update your trusts throughout your life at any time.
How To Start Planning Your Future
Planning your will and creating trusts is an important step to ensure your assets are protected and distributed the way you have intended. If you are ready to start your estate planning and create a plan for your belongings, give Taneff Law a call today. We will work with you to create a will and put your estate into trusts, so you have the peace of mind knowing your belongings are protected. It is essential to understand all the regulations before you start planning for your future. Our attorneys can help you create a plan for your family.
Call Taneff Law Today!
If you or someone know needs help with any estate planning needs or help creating a will and trusts, give Taneff Law a call today. Our attorneys are committed to helping individuals and families in Columbus, Ohio protect their belongings and help them navigate any legal issues they may be facing. If you are in need of help with planning for your future and need an attorney, contact Taneff Law today and learn more about how we can help you and your family.