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Probate is a routine legal process in which a deceased person’s estate is reviewed by the court to determine how assets should be distributed. But although Ohio’s probate laws are designed to make the process simple, it can sometimes be a lengthy and arduous experience—especially if the surviving family members disagree about the terms of a will or the court’s decisions. If you want to help your surviving loved ones avoid probate in Ohio, here are a few estate planning strategies you should consider.  

3 Ways to Bypass Probate in Ohio

1. Designate Some Assets at Payable- or Transferable-on-Death  

Many high-value assets can carry specific directions on how they should be distributed if you pass away. For example, you can designate a payable-on-death beneficiary to a checking account with your bank. When you pass away, these funds will be directly inherited by the named individual.

estate planningOther types of property may be transferred directly to a named beneficiary. For instance, if your home’s property deed carries transferable-on-death terms, the listed heir will become the owner once you’re deceased. Or, if you want to keep a vehicle out of probate, you can list transfer-on-death instructions on the title through the BMV.  

2. Establish Community Property

If you’re married, you can prevent assets from the probate process by establishing them as community property. Joint tenancy creates a right of survivorship in which all shared assets are transferred to the surviving spouse when the other dies.

However, once both parties are deceased, the assets will likely still need to go through probate. If you want community property to transfer to another beneficiary—such as a child or grandchild—upon the death of you and your spouse, you’ll need to arrange additional instructions with an estate planning attorney.

3. Form a Living Trust

Designating beneficiaries for assets by creating a will is not enough to avoid probate. However, you can achieve this result by providing similar instructions through a living trust.

Also known as a revocable trust, this document allows named assets to be transferred to named beneficiaries by a trustee—a specific individual that you appoint. Apart from preventing the need for probate, this estate planning strategy is also recommended to keep distributions out of the public record.

 

Providing legal services in Hamilton, OH, for more than a century, Pater, Pater & Halverson understands that estate planning needs can vary greatly from client to client. That’s why this team of attorneys provides personalized assistance to ensure you find the right solutions for your needs. After thoroughly reviewing your assets and wishes, these professionals will pinpoint strategies that can help you avoid unnecessary costs and probate measures. Visit this law firm online to learn more about their services—including the formation of wills, trusts, and other documents. To schedule a consultation with a lawyer, call (513) 867-1411.

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