Kennel Zeigler LLCDayton, OH Bankruptcy Lawyer | Kennel Zeigler LLC2024-03-13T14:12:53Zhttps://www.kzlawohio.com/feed/atom/WordPress/wp-content/uploads/sites/1502389/2021/07/fav-con-75x75.pngOn Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473142024-03-13T14:12:53Z2024-03-13T14:10:39ZIf you intend to name an executor in your will, consider whether they have specific qualities that can help them perform their duties. Aside from having organizational skills and being patient, they should be capable of taking on the following responsibilities:
Attentively care for the deceased's properties that are part of the estate
Sort out payments, debts and other financial requirements
Track identifying and contact information about heirs and beneficiaries
Verify claims on the estate and settle those that are valid
Complete tasks from the court that could be necessary for probate
Additionally, the executor may also need to accomplish other estate-related tasks, such as coordinating with involved parties adequately and getting appraisals to confirm details about certain assets or properties. Depending on the estate's size, having more than one executor or hiring a professional for the role can be helpful. Either way, your executor must be someone who can dedicate time and effort to the probate process.
Preparing adequately to avoid issues
No matter how much you prepare before your death, issues can still arise during the probate process. However, preparing a will and taking other measures can help address distinct problems that often cause disputes among family members. Whether you are choosing an executor or creating other arrangements, it can be helpful to seek legal guidance before making any decisions. Experienced advice can help you learn about appropriate options, considering scenarios that may happen after passing on.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473112024-03-04T09:16:07Z2024-03-04T09:16:07ZRelation is not a requirement nor a prohibition
In Ohio, anyone can be an executor or administrator of an estate as long as they meet the requirements, which generally include being of legal age and competent to take on the role. The law does not require an estate’s personal representative to be a family of the deceased, nor does it require them not to be related.
This means that anyone, even an heir, can be the executor or administrator of an estate. It is quite common for testators to name a family member or a relative as their executor. In cases where the deceased failed to name an executor, the court can consider surviving heirs as the estate’s administrator as long as they meet the qualifications.
When being an heir becomes an issue
A testator’s or a court’s choice to appoint an heir as an estate’s personal representative is often due to the heir’s personal interest to ensure the proper and efficient management of the estate, considering they stand to benefit from the estate's assets. However, it is also equally important for them to be responsible and capable of handling legal, financial and administrative tasks.
If the estate’s personal representative, who happens to be an heir, acts against the interests of the estate and its beneficiaries, mismanages the assets or fail to be transparent, they may be subject to questioning and in worse cases, legal disputes.
Minimizing effects on probate
Disputes, including those relating to a personal representative’s integrity, transparency and fairness, are common in probate. Unfortunately, these can prolong the process, which may lead to additional costs and emotional distress. Nonetheless, it is possible to minimize these disputes’ effect on probate by familiarizing oneself with the law and seeking the assistance of a probate legal counsel when necessary.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473072024-02-21T15:26:20Z2024-02-21T15:26:20ZStill, saving money can be possible when avoiding probate but only in specific scenarios where factors and legal guidelines can impact the process's costs. Skipping probate can result in savings based on the following conditions:
The estate's size and asset types – Probate can come with extensive costs if the estate is high in value and involves complex assets. The estate may also require appraisals and other procedures that can add to expenses. In this case, using estate planning tools to avoid probate could be the more cost-effective option.
The estate includes real properties in different states – Going through probate involving properties in more than one state can bring ancillary proceedings involving those locations. These procedures can take a lot of time and work, potentially blowing up associated costs.
There is no such thing as one estate planning solution that can guarantee savings. Sometimes, going through probate can be cheaper than establishing trusts and other arrangements. Other times, it is more practical to create a diverse estate plan to avoid probate.
Considering the relevant laws, the benefits can depend on the estate plan's features and other circumstances that may impact the outcome.
Incorporating goals in an estate plan
Before deciding to create an estate plan, it can be helpful to determine goals, such as generating savings in the long term or enforcing preferences involving inheritances. Receiving legal insight during this step can help identify what options can help accomplish those goals while addressing issues that might arise.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473042024-02-06T10:48:45Z2024-02-06T10:48:45ZInventory of digital assets
As a beneficiary, you should ensure that your deceased loved one left a comprehensive list of their digital assets, including the necessary access information like usernames, passwords and answers to security questions. These details are essential for the estate executor or administrator to properly inventory all the decedent's assets and ensure a smooth-flowing distribution.
Understanding access rights
Different digital platforms, such as banks, may have varying policies regarding access after an account holder's death. Some may grant access to designated individuals, while others may not due to privacy concerns. Hence, it is best to research about the process and communicate with the proper authorities to address this matter.
Considerations with complex online assets
If your deceased loved one owned cryptocurrency or operated an online business, managing them may involve different legal and tax considerations since they are complex assets. For instance, the value of digital currencies like Bitcoin can fluctuate rapidly and the worth of an online business may depend on several factors, such as revenue, web traffic and intellectual property.
Efforts to maintain privacy and security
Maintaining your loved one's privacy and the security of their digital assets is crucial to prevent identity theft and other fraudulent activities, especially while the probate process is ongoing.
Managing digital assets in probate requires careful planning, legal assistance and sensitivity to the decedent's digital legacy. As a beneficiary, you should work with the executor to ensure they manage and distribute these assets according to your deceased loved one's wishes.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473032024-01-26T12:44:16Z2024-01-26T12:44:16ZIt avoids conflicts and delays.
When the executor and the beneficiaries communicate clearly and consistently, it ensures that everyone is up to date on the status of the probate process. This includes sharing information about the distribution of assets and any potential issues. This transparency reduces misunderstandings and conflicts, which can prevent further delays in the process.
It ensures efficiency.
Cooperation between the executor and beneficiaries can result in a more efficient probate process. When beneficiaries support the executor with their responsibilities, it can help the latter make decisions quicker and easily resolve any issues that may arise.
It facilitates smoother asset distribution.
Executors must distribute assets according to the deceased owner’s will or, if there is no will, according to the state intestacy laws. Cooperation between the executor and the beneficiaries can help the process run smoothly, with beneficiaries providing needed information or documents promptly.
It manages expectations.
Executors can manage the expectations of beneficiaries by providing reasonable information and regular updates on the probate process. Through these, beneficiaries maintain realistic expectations because they understand the complexity and duration of the probate process.
Cooperation between the executor and beneficiaries is not always easy to achieve, especially in emotionally charged situations or where there is a lack of trust. However, when both parties work together with the shared goal of honoring the decedent's wishes and settling the estate fairly and efficiently, the probate process is more likely to proceed smoothly and successfully.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473012024-01-16T13:39:15Z2024-01-16T13:39:15ZPour-over wills have a niche purpose because it redirects assets into a trust instead of distributing them to beneficiaries. Its use is only valid if the testator has a trust. Some people may consider it because of the following benefits:
It covers assets kept out of the trust during the testator's life
When probating the testator's estate, it can relieve surviving family members of potential issues and disputes.
It can give the testator more control over what happens to their estate even after their death.
However, these advantages can vary based on state laws. The testator's estate may still be subject to legal deductions and tax requirements before they enter the trust. Additionally, having a pour-over will means that beneficiaries can face delays before receiving their inheritances.
Knowing if a pour-over will is right for you
When creating an estate plan, a will can be an essential element with cost-effective features. But it can only be as beneficial according to your objectives, whether you have preferences and decisions concerning your estate even long after your death. If so, it can be helpful to seek legal counsel. Doing so can help you determine if a pour-over will fits your goals or if other options are more appropriate.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=473002024-01-09T09:55:07Z2024-01-09T09:55:07ZWhat are usual concerns of family members?
Common family disputes that can arise during probate include the following:
Will contests: Without the testator to validate the contents of their will, family members can challenge the document’s validity for reasons such as lack of testamentary capacity or undue influence.
Disagreements about a will’s language: If a will’s language is even a bit vague or ambiguous, disagreements about its interpretation may arise between family members.
Asset valuation disputes: The value of an estate’s assets may become a cause for dispute, especially since it affects how much each heir and beneficiary receives during probate.
Claims against the estate: Family members or relatives may file claims against the estate, which could lead to disputes about the legitimacy of the claims.
Omitted heirs: Due to various reasons, such as oversight or forgetting to update the will, testators may fail to mention their children or potential heirs in the document, giving rise to disputes about the omission during probate.
Without established strategies to prevent or minimize these disputes, heirs and beneficiaries may face an overly complex and emotionally draining probate process. Hence, preparing for all scenarios and developing clear strategies to avoid disputes among family members would be beneficial.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=472992023-12-27T09:40:18Z2023-12-27T09:40:18ZAn 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.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=472982023-12-11T07:55:44Z2023-12-11T07:55:06ZUnderstanding non-probate and probate assets
While probate administration also refers to the process of administering a deceased person’s assets, it is court-supervised and only involves the decedent’s probate assets. Certain assets do not need to go through probate. Non-probate assets include:
Life insurance
Pay-On-Death (POD) Accounts
Transfer-On-Death (TOD) Assets
Pension plans and retirement benefits such as 401(k)s, IRAs, TSAs
A will does not avoid probate. If the decedent only had a will, then probate is required to determine its validity before the named executor can administer the probate estate accordingly. Probate assets typically include the following:
Real estate
Bank accounts
Stocks and bonds
Vehicles
Business Interests and intellectual property
Personal property
If the decedent applied estate planning tools and used them to avoid probate intentionally, then probate administration may no longer be necessary. Therefore, an estate administrator or executor should know how to properly gather, document and classify assets to ensure they accurately fulfill the decedent's intentions.
The importance of knowing the difference
The processes for estate and probate administration involve different legal requirements and deadlines. Non-probate assets could go to the beneficiaries directly without the oversight of the probate court. However, probate is also important because it grants the estate administrator the authority to take charge of the estate and ensures that they do it correctly.
Knowing the exact terms involved in estate administration and understanding the differences could save time and money. It would make the estate administrator's job much more manageable and help them avoid legal problems.]]>On Behalf of Kennel Zeigler LLChttps://www.kzlawohio.com/?p=472972023-11-29T13:40:49Z2023-11-29T13:40:49ZYes, for valid reasons
The law does not prevent executors from resigning from their posts during probate. However, courts usually hold a hearing to determine whether the resignation is valid. While there is no set list of reasons the courts deem reasonable for resignation, common ones include sudden illness, disability or simply lack of time due to other commitments.
How it works
In Ohio, probate courts allow executors to resign from their role at any time by formally filing a written statement of their intention. Before they do so, they have to properly account for the current probate process and notify all interested persons of their renouncement. The resignation will only be final upon the court’s order.
What happens then?
The court will typically appoint another person qualified for the role if the executor managing the estate’s administration resigns before the completion of the probate process. If initially, there were multiple executors, the court can appoint the remaining coexecutor. If the decedent’s will names a successor in case such a situation happens, then they shall be the new executor. Otherwise, the court will appoint someone it deems fit to continue the probate process.
It is understandable to worry about the progress of your loved one’s estate administration if sudden situations arise, such as the executor stepping down from their role. Nonetheless, the court should appoint a new executor, and the process will run smoothly again.
Having a compassionate legal guidance can help you navigate the process, no matter what challenges you face.]]>