When you’re doing estate planning in Ohio, you want to know whether or not your loved ones will have to go through the probate process. Depending on your assets and the legal documents you have in place, your estate could be subject to probate.
Avoiding Probate in Ohio
Assets that are in the deceased person’s name and worth a certain amount of money will go through the probate process in Ohio. However, if assets are held in a trust, owned in survivorship tenancy, or held by a married couple in tenancy by the entirety, then they will not need to go through probate. Additionally, assets with a beneficiary designation, real estate subject to an Ohio transfer-on-death designation affidavit, and insurance policy proceeds with a beneficiary designation are not subject to probate either.
What Assets Will Go Through Probate?
Again, if assets are in a deceased person’s name, then they will typically go through probate unless there are extenuating circumstances. For instance, there is no probate if the estate is very small. If the estate is worth less than $5,000 or it’s only the amount of the funeral expenses, then loved ones can request a summary release from administration. A surviving spouse can request this if they are entitled to a family support allowance by law and inherit everything, the deceased spouse’s assets are not worth more than $45,000, and the surviving spouse has paid for or is obligated to pay for the funeral.
Contacting Richard P. Arthur
Richard P. Arthur, Attorney at Law, can help you avoid probate when it comes to your estate plan. You can call 937-254-3738 for a consultation. He has nearly three decades of experience advocating for families in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.