When someone passes away, it can be confusing to navigate the distribution of their assets. Probate is the process of authenticating the deceased’s will, locating and determining the value of assets, paying creditors, and distributing assets. Whether an estate goes into probate depends on what your loved one owned, the plans they made for their estate, and state laws. If you need help through this process, consider the guide below.

A Guide to Probate

1. Probate Can Be Avoided

Not all estates need to go through probate. In Ohio, estates can skip the probate process entirely if they are placed in a revocable trust, if assets are left to a designated beneficiary or have a payable on death clause, or if real estate is jointly owned. Also, smaller estates, with assets worth $45,000 or less that are transferring to a spouse, are exempt from probate.

2. Small Estates Go Through Probate More Quickly

Some estates qualify for expedited probate proceedings, which streamlines the process of distributing assets. In Ohio, estates with a value of less than $35,000, or that are between $45,001 and $100,000 and are left to a surviving spouse, qualify for expedited probate. 

3. The Executor Has an Important Job

Typically, when a person prepares a will, they designate an executor to oversee the probate process and the distribution of the estate. If the will doesn’t name an executor, the court will do so. Usually, that person is the next of kin. The executor is responsible for seeing that the will is filed with the court as soon as possible, and for locating all of the deceased’s assets. This could include physical assets, such as vehicles or artwork, as well as account statements and stock and bond certificates. 

4. Debts Are Paid First

Before beneficiaries can receive their benefits, any existing debts have to be addressed. However, for this to happen, the executor must notify creditors of the death, and publish a death notice to notify unknown creditors. Any valid debts are paid from the estate.

5. Real Estate Can Be Sold During Probate

Once the executor of the estate is named, assets, including real estate, can be liquidated during the probate process. In some cases, liquidating assets is necessary to cover the deceased’s debts, compensate the probate attorney and executor, and simplify the distribution of assets. If a home is left to multiple heirs, selling it and splitting the proceeds among the heirs is often the preferred course of action. 

For help with any aspect of estate planning, wills, or establishing a family trust or probate, turn to Pater, Pater & Halverson. Since 1889 they have served Hamilton, OH, and built a reputation for honesty and integrity. Their compassionate team of experienced attorneys can help you navigate the complexities of estate law. Visit them online to learn more about their services, or call (513) 867-1411 today to schedule an initial consultation with a probate lawyer.