Most people will go through the probate process at some point in their lives because they will be named as either a beneficiary or the executor of a loved one’s estate. Legal jargon can make the process sound daunting, but it is straightforward, especially if you hire a lawyer to guide you. Below, the compassionate estate planning team at Vernau Law, LLC in Granville, OH, details the steps that make up the probate process.

1. Notify the Beneficiaries

If you are the executor of the estate, you must begin the process by filing a petition with the probate court. After you file, you will receive notice of the court hearing. You must share this information with all of the deceased’s heirs and beneficiaries. If anyone wishes to contest the petition, they can do so in court.

2. Notify Any Creditors

You must also notify any creditors of the estate that the probate process has begun. In the state of Ohio, lenders have six months from the date of death to make a claim against the estate’s assets.

3. Take an Inventory of All Assets

After notifying creditors, the executor must take an inventory of all assets that the estate contains. This includes real property, business interests, stocks, bonds, and any noncash assets like appreciated vehicles, artwork, or valuable jewelry.

4. Cover All Funeral Expenses, Debts, & Taxes

As the executor, you are responsible for paying all funeral expenses, legitimate debts, and taxes from the estate. In some cases, assets can be liquidated to meet these financial obligations.

5. Transfer the Remaining Assets

If any assets remain after paying the above expenses, the administrator can petition the court for the authority to transfer them to the beneficiaries as directed in the deceased’s will. If there is no will, the executor will transfer the assets according to state law.

If you were recently named as an estate executor or beneficiary, you might have additional questions about the probate process. You can turn to Vernau Law, LLC for support and guidance, ensuring your loved one’s obligations are fulfilled and their wishes are honored. Learn more about the quality legal counsel they provide by visiting their website. To schedule an initial consultation with a seasoned attorney, call (740) 587-2637.