QUESTION

When there is an estate with a will, does Ohio law require that the will be probated only if the "value" exceeds a specific amount?

Asked on Apr 26th, 2012 on Wills and Probate - Ohio
More details to this question:
The "property" consists of annuities and life insurance. There is not a house, car, furniture, etc.
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1 ANSWER

Tonya Coles
The answer to your question depends on the type of property in the estate. There is a difference between probate assets and non-probate assets. Non-probate assets include property that passes according to contract. Common examples are life insurance policies and investment accounts (such as annuities) with a named beneficiary, and joint bank accounts. Probate assets include everything else. Common examples are household items, vehicles, real estate and individual bank accounts. Because there is no beneficiary or transfer on death designee of probate assets, they can only be transferred through the probate court. That property will be transferred according to the terms of the will. You should make a detailed list of all the property in the estate. If all property can be transferred outright to beneficiaries or joint owners, then you likely will not need to probate the estate. If there are probate assets, you will need to probate the will. After you have made this list, you should schedule a consultation with a probate attorney. The attorney can help you make sure that all estate assets are accounted for, determine how the property should be transferred, and evaluate if there are any tax consequences related to the transfers. Tonya R. Coles, Attorney at Law Elder Law -- Estate Planning -- Probate www.tonyacoles.com
Answered on Apr 26th, 2012 at 1:45 PM

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