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No matter where you are in life, estate planning is important. This is your opportunity to make decisions concerning the future of your loved ones, assets, finances, and health care. However, despite leaving final instructions, there’s a good chance your estate will still have to go through probate. This is the court-supervised legal process by which a decedent’s affairs are handled. In Ohio, probate is typically necessary whether someone passes away having a valid will in place or not, with a couple of exceptions. Here is what you should keep in mind about probate while estate planning.                                                                    

When Is Probate Required?

1. A Will Is Being Contested 

Disputes among family members may arise if someone is unhappy with the contents of a decedent’s will. A beneficiary may decide to contest the validity of the will, which must be dealt with in probate court. A will can be deemed invalid if it wasn’t executed properly, the decedent lacked mental competence when it was created, or it was drafted under duress.

2. There Wasn’t a Will Left Behind

estate planningWhen someone dies without creating a will during estate planning, their property becomes subject to the state’s intestate laws. This means the court will decide who should receive their assets and how they should be distributed. This can cause major discord between a decedent’s loved ones, as it’s likely many people will be left out of the inheritance. 

3. Assets Are Owned Solely by the Decedent 

If the decedent is the only owner of an asset, probate is usually required before it can be legally transferred into another person’s name. Such is the case with house titles, bank accounts, stocks and bonds, vehicles, and tangible possessions like clothing, jewelry, and furniture. 

4. An Estate Is Valued at a Certain Amount

Ohio law requires estates to go through a simplified probate process if its value is $35,000 or less or no more than $100,000 and the surviving spouse will inherit all probate property. No probate is necessary at all if the estate is worth less than $5,000 or the amount of the funeral expenses. 

 

Proper estate planning will not only ensure your family is provided for, but can also help ease the burden of probate. The legal team at Pater, Pater & Halverson has years of experience helping Hamilton, OH, residents prepare for the future. Using their expertise in this area of law, they can provide you with effective strategies to avoid probate and make sure your assets are distributed according to your final wishes. To schedule a consultation, call (513) 867-1411; or, visit them online for more estate planning information.

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