While most people in Ohio have a general understanding about what probate entails, there are several facts that you may not realize. We at Kroener Hale Law Firm have offered this information to help you in your estate plan; we can also answer any questions or concerns you may have.
According to the Ohio State Bar Association, probate is not only a great way to name where your assets will go once you have passed away, but also to determine what needs to happen with your taxes, debts and other expenses. You can appoint an executor to be in charge if you are developing a will or allow the probate court to call an administrator, which could be a company, bank or individual.
One thing that you may not have realized is that all of your property does not need to be involved in the probate proceedings. You may have non-probate property that is covered under a separate agreement, but this will bypass the probate process and transfer directly to the named beneficiary or successor.
There are many responsibilities that you might not have realized can be determined by probating your estate. These include the right to collect any claims, notes or debts due to the descendent, plan and make payments for all income and estate tax returns, and care for your property. You can also request that this entity be responsible for determining the address, age and name of any other heirs or beneficiaries. For more information, please visit our web page.
