When a loved one passes away, it can be an incredibly challenging time. Not only do you have to navigate the grief you likely feel regarding their death, but you may also have to deal with Probate. Unfortunately, there are many myths and misconceptions regarding the Probate process, so understanding the truth behind these matters is imperative to help this process go more effectively. If you’re not sure what the reality of this process is, you’ll want to keep reading. The following blog explores what you should know and why working with a Medina County, Ohio Probate lawyer is in your best interest during these matters.
What Is Probate?
Probate is the process in which the estate of someone who has passed is validated by the courts. Typically, this includes ensuring their Will is legally valid before initiating the transfer of assets from their estate to their beneficiaries. Additionally, the court will oversee the administration of the estate to ensure it adheres to to terms and conditions specified in the Will by the deceased.
Probate can also occur even if there is no Will. Under these circumstances, the court will control the administration of the estate. They are responsible for appointing someone to serve as the Executor of the estate. Additionally, as there is no Will in place, the estate will be distributed according to Ohio’s Intestate Line of Succession, which determines the next of kin who will inherit the assets left by the deceased.
What Misconceptions Regarding Probate are Most Common?
One of the most common misconceptions surrounding the Probate process is that you can completely avoid it by creating a Will. While having an established Will in place is critical to ensure your assets are distributed according to your wishes, there is still a chance that it must go through Probate, as the executor must file your Will with the Probate court upon your passing. Making the proper plans when establishing your estate plan can help your heirs avoid this process depending on the size of your estate.
Another common misconception is that the debt accumulated by a descendant will die with them. It’s important to understand that during Probate, creditors can file a claim to recover the funds they are owed from the estate of the deceased. Typically, funeral funds are set aside, debts are subtracted from the estate, and then Beneficiaries are paid their inheritance from the remaining assets.
Probate is an incredibly complex process that requires incredibly careful consideration. Though there are many myths regarding these matters, the most important thing to keep in mind is the importance of connecting with an experienced Probate attorney during this process. Though it may seem simple to navigate, making errors during the Probate process can negatively impact your inheritors. When you need help, the team at Krause Law is ready to assist. Connect with us today to learn how we can fight for you during these difficult times.
