Probate Attorney in Columbus, Ohio
When a loved one passes away, it’s common for all or a portion of their estate to go through a probate administration process. This process can take a long time (sometimes over a year) and has the potential to cost the executor and beneficiaries hundreds or thousands of dollars. The odds of going through probate increase if the deceased person did not leave a will, and nearly half of Americans aged 55 or older currently don’t have one.
One way to mitigate these costs and secure peace of mind is to hire an experienced probate attorney to help administer the estate and avoid common pitfalls when going through the probate process. If you’re located in or around Columbus, Ohio, or elsewhere in Central Ohio, call the Law Office of Gregory L. Williams today to set up a consultation. I have years of experience guiding clients through the probate administration process, helping to minimize costs, reduce wait times, and distribute assets in an efficient and equitable manner.
Probate in Ohio
Probate is a legal process in which a deceased individual’s estate is inventoried and transferred to the rightful heirs. Not all assets will need to be distributed this way, but most estates will have at least a portion go through probate.
In general, the more comprehensive an estate plan is, the less probate is needed. Most assets that have been put into a trust (like a revocable living trust) will not have to go through probate, and any property or assets that are held jointly in a “survivorship tenancy” will automatically transfer to the new owner. Additionally, investments or retirement accounts that have named beneficiaries will not have to go through probate. On the other hand, if an individual dies with assets in their name only and a simple will — or no will at all — most of their estate will have to go through the probate process.
Types of Probate
Formal Probate: Formal probate is the lengthier process for complex estates valued at over $100,000 or when there are disputes between the beneficiaries. In formal probate, a petition is made with the court, all assets must be inventoried and assessed, creditors have an opportunity to file claims, and heirs are located and assets distributed. This process usually takes at least nine months.
Simplified Probate for Small Estates: The simplified version of probate is designed for estates valued under $100,000 that a surviving spouse will inherit (even without a will), or for beneficiaries if the estate is under $35,000. With simplified probate, you can expect the process to take between two to four months.
The Probate Administration Process
If the deceased person has left a will, the named executor will manage this process along with the courts. If there is no named executor, the court will assign an administrator, usually the surviving spouse or another close family member. The executor is then responsible for inventorying (and sometimes finding) the deceased person’s assets, having them appraised, paying off any debts or taxes, and overseeing that the distribution of the assets is run smoothly and accurately. Throughout this process, the executor or administrator must keep records of everything they do for the court, as well as to reimburse themselves for their time.
PROBATE ADMINISTRATION ATTORNEY IN COLUMBUS, OHIO
If you’re located in or around Columbus, Ohio, and have found yourself either the named executor or the court-appointed administrator for a will, you’re likely feeling overwhelmed at the amount of work ahead of you. I’ve helped many people just like you get through this process with reduced stress, lower overall costs, and a streamlined process for your whole family. After the death of a loved one, your time should be spent grieving and supporting your family, not worrying about probate. The Law Office of Gregory L. Williams can help.