When it comes to estates, fiduciary duties are a way to make sure that assets get into the right hands. These are important rules executors follow to make sure everything happens properly. However, sometimes people do not follow these rules, leading to breaches and the need for fair compensation. Mismanaging assets A common breach comes from the misuse of estate assets. This may include poor handling of funds, such as using estate funds for personal expenses or making risky investments that hurt the value of the estate. Having conflicts of interest Conflicts of interest happen when an executor ..read more

Settling the estate of a person who just died is called probate. Because this is a complex legal process, and people don’t always prepare an estate plan to streamline distributions and decisions, issues can and do arise. The executor does not want the responsibility An appointed executor may refuse to take the role for reasons such as feeling incapable or not wanting the responsibility. In that case, they may renounce their role before probate procedures by writing and filing it to the court. The court will then appoint a new executor of the will – unless the decedent has named an alternate ex ..read more

Probate is often an essential process to help administer estates based on state law. Aside from adequately distributing inheritances, it can also help organize and settle any debt or tax payments the deceased left before they passed. In Ohio, some laws can shorten the probate process based on the situation and the estate’s size. In some cases, the estate can avoid probate altogether. Skipping or speeding up probate typically applies to small estates or straightforward scenarios, allowing quick asset transfers. These alternatives can save time and money by removing unnecessary components o ..read more

Probate in Ohio is a process the court uses to ensure that when someone dies, their estate assets go to the legally entitled parties. Usually, the person who has the decedent’s last will and testament initiates it. The court will review the will first and determine if it is valid. Afterward, the named executor or appointed estate administrator will gather all the estate assets and pay any financial obligations before distributing the remaining assets to the beneficiaries. Ohio law provides for a simplified probate process for smaller estates. If an estate qualifies as a “small estate” under Oh ..read more

Probate can be short and easy or long and complex, depending on the will or lack thereof, estate planning precautions and the size of the estate. In general, most of an estate goes through probate. However, there are assets that do not go through probate and go through distribution more quickly. Jointly owned property Assets owned jointly with the right of survivorship automatically pass to the surviving owner without the need for probate. Common examples include real estate or bank accounts held jointly by spouses or family members. Retirement accounts with designated beneficiaries Individual ..read more

Some executors worry about not locating funds and property that belong to an estate. Ideally, a decedent would have left papers detailing where their assets are. Still, sometimes an executor has to check for missing items, such as unclaimed property. The state of Ohio has a process for keeping uncollected assets safe until the owner or a personal representative can claim them. As executor, you may acquire unclaimed property to return it to the estate. How unclaimed property works According to the Ohio Department of Commerce, sometimes money and other property go unclaimed or even abandoned. Th ..read more

The Ohio Supreme Court reported 100,053 cases in probate courts in 2022. There is no doubt these courts are very busy. To help ensure everyone’s cases move along as quickly as possible, the probate law does allow for certain estates to seek a release from administration. Release from administration explained Release from administration is a streamlined process for small estates. It offers a quicker and more straightforward path for handling estates that meet value thresholds and specific conditions. Eligibility requirements Estate owners who did not have legal spouses at the time of ..read more

When someone dies, their belongings and property form their estate. If you are the executor of an estate, you are responsible for managing these assets and distributing them to the heirs. However, some situations may require you to liquidate or sell some of the estate property. Here are a few reasons why executors end up selling one or more assets owned by an estate. Settle debts The American Bar Association explains that before you can distribute assets to heirs, you must first settle creditor claims against the estate. Such obligations often include loans and taxes owed by the decedent, as w ..read more

Ohio’s Revised Code requires the executor named in a will to notify the named heirs and creditors when the will’s creator dies. As noted on the Ohio.gov website, executors must send written notices within six months of the death. Unpaid creditors may file claims with the probate court to recover from the estate’s assets. Creditors that fail to submit documents within six months, however, lose their right to retrieve any unpaid balances left on the deceased’s accounts. Debts that an estate’s assets may pay to resolve claims Under Chapter 2117 of Ohio’s Revised Code, the estate’s assets may firs ..read more

As an estate executor, there are many steps from a person dying to you completing your task. More than that, there are many ways to handle each step. One major step is working through the estate property to determine its value. While many items may transfer from the deceased to their inheritors, there can be whole houses worth of property with no place to go. Knowing how to appropriately liquidate these items may make the process go smoother. Decide how to sell estate property There are plenty of avenues to consider when selling off an estate. This includes online resale platforms, consignment ..read more