By establishing a trust, your heirs could avoid probate court when they receive the property you intended for them. To prevent legal issues, however, those assets need to transfer to your trust before you die. As noted by Ohio State University, properties that do not...
Probate, Trust & Estate Administration
The personal representative’s role in probate
Probate is the process that occurs after someone dies. The decision to go through probate depends on the value of the decedent's estate. One of the first steps in the probate process is to appoint a personal representative if the will had not named one. This...
What is a trust protector?
Setting up a trust may benefit your family by bypassing probate, plus you may exert greater control over how your relatives spend an inheritance. However, you still have to place a great deal of power in a trustee. If your trustee is trustworthy and competent, you...
The benefits of a professional trustee
A trust allows Ohio residents to control how beneficiaries receive their portion of a deceased’s estate. It can also help sidestep probate costs and eliminate the need to work with the court for the transfer of wealth. Although you may name anyone over the age of 18...
Does a living trust always eliminate the need for probate?
Probate is a necessary and often useful legal process that ensures the heirs named in your will receive their inheritances and that the ownership of any property passes to others in a way that prevents legal entanglements. You may believe that a living trust can help...
How may assets transfer when estates include wills and trusts?
When you include a living trust in your estate plan, you may transfer property to or from that trust during your lifetime. As noted by SmartAsset.com, a living trust may hold real estate assets while your named beneficiaries receive income from them. A living trust,...
What should you consider when choosing a trustee?
As part of an estate plan, a trust gives you more freedom and flexibility in bequeathing your property to others. When you create a trust, you also have to choose the person who will be in charge of administering it. That person is the trustee. The job of the trustee...
Can we remove the executor of our parent’s estate?
During the probate process, the executor will handle many of the important duties concerning the estate. If you feel the person handling your parent’s estate is not doing the job properly or has committed some negative action against the state, then you may be able to...
Who is responsible for bills after a death?
After you die, you may think creditors will have little recourse to collect the money you owe them. That is not entirely true. While the size of your estate will dictate whether your creditors receive payment, the Ohio Bar Association explains that the court has the...
What is “dying intestate” in Ohio, and what happens to my estate?
Dying “intestate” means dying without a valid will in Ohio. This could mean that you did not create a will at all, that you created one but did not file your will appropriately or that some other factors rendered your will invalid. Wills are one of the primary means...