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Can the value of the estate make probate unnecessary?

On Behalf of | Apr 27, 2023 | Firm News |

Estate administration and probate in Ohio can be confusing, costly and time-consuming. In some cases, there is dispute among the heirs, substantial property to account for and debts to pay. The role of the personal representative or executor is extensive as the document goes through the probate process.

However, there are times when an estate can be released from administration. One is if the value of the estate falls below a certain level. This will expedite the case and potentially avoid the acrimony and complexity that frequently accompanies probate.

For people who are creating an estate plan and want to use this strategy and those who are already dealing with the aftermath of a person’s death, it is important to understand the law for this specific issue.

When can an estate be released from administration?

According to state law, there are two situations that allow the estate to be released from administration. The court will need to know the value of the assets in the estate. If it is found to be worth $35,000 or less, then it can be released from administration.

It can also be released from administration if the value of the estate is found to be $100,000 or less and the following two conditions are met: The person had a valid will and stated that their assets will go to their spouse; or they were married, did not have a will and the spouse is entitled to receive all the assets based on the laws for dying intestate.

Estate administration and probate cases should be assessed by professionals

As Ohio residents deal with the loss of a loved one, they are often overwhelmed with emotion. This may be compounded by the realization that they have legal and clerical responsibilities that must be met. The nuance of these cases can be confusing and it is vital to have professional help to navigate it.

Whether probate and estate administration is needed or not, it is wise for people to be adequately prepared. A primary objective is to adhere to the testator’s wishes for their property. The estate plan and amount of property and assets the person had will largely dictate how the process goes.

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