Probate is a complex process requiring an extensive preparation, including determining the total value of the assets in an estate. This value determination is essential in directing the flow of an estate’s administration.
Below are some of the probate aspects directly affected by an estate’s total value.
An estate’s value determines the type of probate applied
Depending on its total value, an estate can qualify for a simplified probate or skip the process totally.
In Ohio, courts may release estates with a total value of $35,000 or less from administration, which shortens the processing time and usually results in a less expensive process. Additionally, courts can also release from administration estates with a value of $100,000 or less and wherein the sole inheritor is the decedent’s surviving spouse.
If an estate’s total worth is less than $5,000 or amounts to the cost of funeral expenses, whichever is less, then it can skip probate upon filing a request with the court.
An estate’s value determines any tax liabilities
Finding out an estate’s total value is also crucial in determining whether it has to pay certain taxes. For instance, while they are not subject to estate tax in Ohio, large estates may owe federal estate tax.
Protect your future by familiarizing the process
Probate is indeed complicated. Nonetheless, it is possible to understand with proper research and competent legal guidance. As an heir, familiarity with probate can help you get up to date with the process, set expectations and ultimately prepare and protect your future.
