One of the most common questions lawyers get asked about Probate is whether or not all Wills must go through this process. Unfortunately, the answer is just as complex as the Probate process itself! If you’re interested in planning your estate, the following blog explores what you should know and why working with a Medina County, Ohio Probate lawyer is in your best interest if you need assistance during this process.
What Is Probate?
Probate is the formal legal process of validating someone’s Will after their passing. In addition to making sure the document is legally binding, you’ll find that the Probate court will also oversee the distribution of assets to ensure this is in accordance with the terms and conditions of the Will. However, you’ll find that at the beginning of the Probate process, outstanding debt will typically be settled to creditors before assets are distributed to Beneficiaries and Heirs.
Unfortunately, many assume that Probate only applies to those who pass away without an established Will. While the court does handle Intestate estates, meaning the estates of those with no Will, this process is also important to ensure your assets are handled according to your wishes. However, Probate can be time-consuming, costly, and stressful for your Beneficiaries, prompting many to look for ways to avoid this process altogether.
Do All Wills Have to Go Through Probate?
It’s important to understand that, while the majority are, not all Wills are subject to Probate in Ohio. You’ll find that in many instances, there are a number of ways to circumvent this process. If your estate is smaller, you can go through more streamlined processes like release from administration or release from summary. Though it is still considered Probate, this process is much less formal, costly, and time-consuming than traditional Probate. The value of your estate will determine which streamlined Probate process you qualify for in Ohio.
You should also note that in some instances, certain property is excluded from the probate process. For example, assets held in an Irrevocable Trust are not subject to probate because they are technically not part of your estate. Similarly, you’ll find that some assets, like those that are jointly held or Transfer on Death designations will not be subject to probate. This is because they will immediately be transferred to the Beneficiaries.
As you can see, Probate can be complicated to navigate. As such, if you are planning your estate and want to explore your legal options, ensuring you connect with an experienced estate planning attorney is in your best interest during these complicated matters. At Krause Law, our dedicated legal team can help explain your choices to help you plan your estate so you can have the peace of mind you need about the future. Contact us today to learn how we can assist you through this process.
