Estate administration in Ohio is a legal process in which the financial affairs and assets of the deceased individual are managed and distributed. Often someone is named as the administrator or executor of the estate to manage their loved one’s affair after they pass away.
If you are the executor of someone's estate in Ohio, you must understand your legal responsibilities and the steps to take to fulfill those duties. The estate administration process can be long or quick, depending on how many debts, properties, and assets the deceased had.
Ohio estate administration process is also complex, and the executor could be held liable if the affairs aren't managed properly. Therefore, consulting a probate attorney in Ohio is important to initiate the probate process.
The executor or estate administrator is obliged to manage the deceased's property, assets, and debts. Here are the steps involved in the Ohio estate administration:
You must open the case in court to start the probate process in Ohio. All involved parties in the estate must be notified. The nature and value of the estate debts and assets are evaluated and reported. In Ohio, the probate process is necessary for estates with a minimum value of $35,000.
If the estate's value is lower or if the deceased had named the beneficiaries on account or used a living trust, this step can be skipped.
Another major part of the executor is to identify and maintain the assets and property of the deceased. This is where things get more complex, and you need the assistance of an attorney with experience in estate planning and probate.
Maintaining the estate means you must tie up any loose ends, including close accounts, chase or pay debts, settle legal claims against the estate, and sell properties if needed.
You must contact all the beneficiaries named in the will and distribute the assets accordingly. Some people also include irrevocable or revocable trusts that you must adhere to. You may also have to settle any issues that might arise when distributing the assets among the beneficiaries.
Once the debts have been paid and the estate distributed based on the deceased wishes, everything must be filed and submitted to the probate court for approval. You may also have to file the deceased's final income tax, as it is also part of Ohio estate administration while determining how the income tax return would be distributed among the beneficiaries.
After the probate court approves the estate accounting, the case will be officially closed, and you will be discharged as the estate administrator.
The Ohio estate administration is a complex process and must be carefully handled. It is integral to consult an experienced Cleveland probate lawyer to ensure you handle the estate administration duties without issues. Our professional Ohio probate attorneys understand how devastating this process can be for an executor while dealing with the loss of a loved one.
Therefore, we guide you every step of the way to ensure you handle this stressful time diligently. Get in touch with our team for an initial consultation.