What assets do and do not go through probate in Ohio?

When a loved one passes away, their estate goes through a legal process known as probate. In Ohio, understanding which assets go through probate and which do not is crucial for effective estate planning and settlement. This article will delve into the specifics of assets subject to probate and those exempt in Ohio, shedding light on how different types of property are managed during the estate settlement process.

Assets Subject to Probate in Ohio

Probate is the court-supervised process of authenticating a last will and testament, settling the decedent’s debts, and distributing their assets to the rightful beneficiaries. In Ohio, the following assets typically go through probate:

• Real estate solely owned by the deceased

• Personal property solely owned by the deceased

• Bank accounts solely in the deceased’s name

• Investment accounts solely in the deceased’s name

• Business interests solely owned by the deceased

Assets Exempt from Probate in Ohio

While the aforementioned assets usually pass through probate, certain types of property are exempt from the probate process in Ohio. These include:

• Assets held in a living trust

• Proceeds from life insurance policies with designated beneficiaries

• Retirement accounts with named beneficiaries

• Payable-on-death bank accounts

• Transfer-on-death securities

Legal Code Reference

It is essential to note that the laws governing probate and asset distribution in Ohio can be found in the Ohio Revised Code, specifically in Title XXI (Courts – Probate – Juvenile), Chapter 2101 (Probate Court – Jurisdiction; Procedure), and Chapter 2113 (Execution of Wills).

Maximizing Estate Efficiency

By understanding which assets are subject to probate and which are exempt, individuals can strategically plan their estates to minimize the time and costs associated with the probate process. Proper estate planning, including the establishment of trusts and beneficiary designations, can help streamline the distribution of assets and ensure that the decedent’s wishes are carried out efficiently.