It can be overwhelming when you are responsible for overseeing the administration of your loved one’s estate. In many instances, you may find that the Probate process is complex and can be challenging to navigate, especially while grieving the loss of your loved one. As such, understanding the steps involved in Probate can help you better prepare for what you must do. The following blog explores Probate in further detail and why it’s in your best interest to connect with a Medina County, Ohio Probate lawyer to help you navigate these difficult times.
What Is Probate?
When someone passes away, with or without a Will in place, their estate must go through the Probate process. Essentially, this means the courts will oversee the distribution of their assets to ensure those entitled to the funds receive their inheritance or portion of the estate.
This can be a complex process, as many documents must be completed correctly, and deadlines must be met. However, understanding what you can expect to occur can help make it more manageable. While some estates may be able to avoid Probate with careful planning or go through a simplified process based on the value of their estate, many will have to proceed with the traditional Probate process.
What Does the Probate Process Entail?
Generally, the first step is for the named Executor in the Will to file the petition for Probate. Essentially, this means the Executor will file the Will and death certificate for the courts so they can verify the validity of the deceased’s Will. After filing the petition, the Executor will provide a written notice to the Beneficiaries and creditors of the estate and inform them of the estate owner’s death and the commencement of the probate process.
Once everyone has been notified, the Executor must go through and take inventory of the estate. This includes gathering and appraising all assets, which can take considerable time. Not only does this include assets like bank accounts, life insurance policies, and collections, but the Executor must also inventory any debt owed by the deceased.
If there are any outstanding debts owed, such as bills, property taxes, loans, or income tax, creditors will have six months to file a claim against the estate. If they file within that timeframe, they will receive their payments.
Once creditors are paid, the remaining property can be distributed according to the wishes written in the Will by the deceased.
As you can see, there are many steps involved in the Probate process, and it can be overwhelming to ensure everything is completed on time. Additionally, this process can become even more complex if a disgruntled relative tries to contest the Will. That’s why it’s critical to ensure you connect with an experienced attorney as soon as possible to ensure everything is completed per Ohio laws. At Krause Law, we understand that you may be overwhelmed by this process while also trying to mourn and celebrate your loved one. Contact us today to learn how we can assist you through these challenging times.
