You may view the Ohio probate process as complicated or daunting. This often comes from unfamiliarity with the process.
Probate is the process of distributing assets and paying debts after someone passes away without a will. This is done according to Ohio state law.
There are some common misunderstandings about probate. Having accurate information can help you understand the process and hopefully alleviate your fears.
The length of the process
One of the biggest fears people have concerns the length of the probate process. You may have heard stories about estates being tied up in probate for years, depriving beneficiaries of their rightful assets while they wait for the process to complete.
When an estate goes to probate in Ohio, an executor is appointed to manage the process. A responsible executor can promptly move the process along and minimize delays.
While it is true that some estates take longer than others to resolve, this is because each estate is different. Simple estates with only a few assets may be finalized in just a few months, while estates with many assets or a complicated mix of assets could take longer.
The potential for disputes
Probate does not automatically mean beneficiary disputes. While it is true that beneficiaries can sometimes disagree over how assets are distributed, the appointed executor manages the probate process.
The executor identifies and distributes assets via the probate law. An executor with good organization and communication skills can help resolve disputes that may arise during this process.
Draining estate assets
You may worry that the potential for delays and disputes will drain the estate’s assets, but overall probate costs are typically a small percentage of the estate’s value. An executor who is on top of their duties means that assets are generally distributed little decrease in value.
Avoiding probate is one of the main reasons people create an estate plan, but sometimes probate is unavoidable. Do not let common assumptions about probate cause you unnecessary stress or worry if you are involved in probating an estate.