For many people, wealth management isn’t only about reaching their own goals, but also ensuring that their loved ones have financial security. Luckily, estate planning offers many ways to protect your family after you pass away. The guide below covers a few common questions about how your assets are handled upon your death. 

What to Know About Estate Planning for Probate

What is probate?

This is the process by which your estate is settled after your passing. During the proceedings, your assets are used to cover your final taxes and any outstanding debts.

Remaining funds are then divided among the people you name in your will. If you don’t have a will, the next-of-kin receive your property according to the laws of intestate succession.

Who responsible for navigating probate?

In Ohio, the executor of your estate handles the probate proceedings upon your passing. You should name this person in your will.

If you don’t create a will or the named party is unwilling or unable to take on the role, the court appoints someone to perform the duties. The person is typically the deceased’s spouse.

How long does probate take?

Since creditors have six months to submit claims, the process can take anywhere from several months to several years.

For a small estate, the process may end in eight or nine months. However, the proceedings are extended whenever disputes arise.

How can I simplify the process for my loved ones?

Creating a detailed estate plan facilitates the distribution of assets. You can also create trusts, which prevent some property from going through probate.

Additionally, name beneficiaries on any accounts with payable-on-death (POD) designations. These assets transfer immediately without passing probate.

 

Founded by Brian Stephan, CEO and General Manager, Stephan and Associates in Xenia, OH, provides estate planning services. This firm helps you make arrangements that simplify probate for your loved ones. A full-service wealth management group, they’re committed to helping you achieve both short- and long-term financial goals. Call (937) 374-2002 to schedule a consultation, or learn more about the team online.

 

 

The content of this article is for informational purposes only and should not be considered a recommendation of any particular security, strategy or investment product or investing advice of any kind. Information contained herein has been obtained from sources deemed reliable but Spire Wealth Management, LLC and its affiliates do not guarantee its accuracy. The views and opinions expressed in this article are those of the authors and are subject to change. Index information is provided for illustrative purposes only. Indexes are unmanaged, do not reflect deduction of fees and expenses and are not available for direct investment. Investing involves risk, including the possible loss of principal.

 Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC