It is a process of distributing the deceased person’s estate and authenticating his or her will (if there is one), under the court’s supervision.
What Happens During the Process?
The first step is opening the estate with the probate court in the county in which the deceased resided. During that process, the court will authenticate the last will and testament of the deceased, if there was one, and will get a basic idea as to what assets and debts are in the estate. The court will then appoint an executor, or a person responsible for overseeing the probate process and settling the estate.
Once the person is appointed, they may need to post a bond, especially if there was no will and beneficiaries do not elect to reject that requirement.
The person will then be responsible for locating all of the assets of the deceased. He or she will have to determine the date of death value of those assets and also determine what debts there are that need to be paid from the estate.
Depending on the estate, the executor may need to file taxes and pay taxes from the estate.
Once all debts and taxes have been paid, the executor may distribute any remaining funds to the beneficiaries and close the estate.
How Long Does It Take?
In Ohio, creditors have six (6) months from the date of death to bring a claim against the estate. Therefore, even if an estate is opened immediately after the person’s death, all the assets are found and debts paid off, the estate will still need to remain opened for the six months from the date of death, before any final distributions can be made to the beneficiaries and the estate can be closed.
We Can Help
At Sobon Law LLC we can hold your hand along the way as you complete the probate process for your loved one, paying off debts and distributing the assets accordingly. Call today at 216-586-4246, to schedule a consultation.