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Faizan
Items acquired during your lifetime may have significant sentimental value to you. However, in Ohio, state law requires that most property titled in your name be reduced to a current dollar amount at the time of death. The purpose of this rule is to ensure that all debts are paid and property passes precisely according to your wishes. Sometimes market value can be difficult to ascertain and requires one or multiple appraisals.
Overview of Probate
In Ohio, the court-supervised process of transferring your property to those entitled to receive it after your death is known as probate. Probate is generally necessary regardless of whether or not you have a valid will, so long as the property you left falls under the category of probate assets. Probate assets typically include all property that does not pass automatically at death, such as cash and automobiles. Examples of non-probate assets include life insurance policy payouts and trusts.
Role of Administrator
If probate assets are present, someone will need to be appointed to collect, inventory and value your property. This person is either named in your will or appointed by the court if there is no will, and is referred to as either the executor or administrator, respectively. Once property is valued, it is the responsibility of the executor or administrator to pay all of your debts and taxes, locate beneficiaries and then distribute any remaining property.
Appraisals
In order to obtain an accurate accounting of your estate, the executor or administrator must do more than simply guess at the value of your probate property. Some assets, such as bank accounts, are straightforward to value. Other property, such as an antique vase collection, may require the services of a professional appraiser. In Ohio, the rule is that an executor or administrator must have property appraised when the value is not readily ascertainable.
Estate Value
Correctly valuing your property may provide the executor or administrator with more options during probate. Generally, if the total value of your probate property is less than $5,000, no court process is necessary and the matter can be handled by filing the appropriate paperwork. In addition, estates valued at less than $35,000, or $100,000 if all property will go to your surviving spouse, typically qualify for a faster and less involved process known as informal probate. Informal probate dispenses with many of the administrative requirements of standard probate, such as the requirement to file a state tax return.
Overview of Probate
In Ohio, the court-supervised process of transferring your property to those entitled to receive it after your death is known as probate. Probate is generally necessary regardless of whether or not you have a valid will, so long as the property you left falls under the category of probate assets. Probate assets typically include all property that does not pass automatically at death, such as cash and automobiles. Examples of non-probate assets include life insurance policy payouts and trusts.
Role of Administrator
If probate assets are present, someone will need to be appointed to collect, inventory and value your property. This person is either named in your will or appointed by the court if there is no will, and is referred to as either the executor or administrator, respectively. Once property is valued, it is the responsibility of the executor or administrator to pay all of your debts and taxes, locate beneficiaries and then distribute any remaining property.
Appraisals
In order to obtain an accurate accounting of your estate, the executor or administrator must do more than simply guess at the value of your probate property. Some assets, such as bank accounts, are straightforward to value. Other property, such as an antique vase collection, may require the services of a professional appraiser. In Ohio, the rule is that an executor or administrator must have property appraised when the value is not readily ascertainable.
Estate Value
Correctly valuing your property may provide the executor or administrator with more options during probate. Generally, if the total value of your probate property is less than $5,000, no court process is necessary and the matter can be handled by filing the appropriate paperwork. In addition, estates valued at less than $35,000, or $100,000 if all property will go to your surviving spouse, typically qualify for a faster and less involved process known as informal probate. Informal probate dispenses with many of the administrative requirements of standard probate, such as the requirement to file a state tax return.
Posted in: Estate Laws
