Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified Ohio probate attorney for guidance specific to your situation.
Detailed Answer
When a person dies in Ohio, their executor or administrator must gather probate assets, pay valid debts and fees, then distribute what remains. Follow these steps:
- Identify Probate Assets: Create a complete inventory of property owned solely by the decedent at death. This includes real estate, bank accounts, personal property and investments. Exclude non-probate assets such as jointly held property with right of survivorship, life insurance proceeds payable to a named beneficiary, and retirement accounts with designated payees.
- Notify Creditors: Under Ohio Rev. Code §2117.06, the fiduciary must notify known creditors and publish notice to unknown creditors. Creditors generally have six months from notification to file claims.
- Pay Debts and Administrative Expenses: First, pay funeral and burial costs. Next, cover estate administration expenses, including court filing fees and executor compensation under Ohio Rev. Code §2109.24. Then pay taxes, secured debts, priority claims and general creditor claims in the order prescribed by Ohio Rev. Code §2117.06(C).
- Account to the Court: Prepare a final accounting showing all estate receipts, disbursements and fees. File it with the probate court for approval before distributing assets.
- Calculate Remaining Assets: Subtract the total debts, taxes and fees from the gross value of probate assets. The balance is the net estate available for distribution under the will or, if there is no will, under Ohio’s intestacy statutes (Ohio Rev. Code §2105.06).
Key statutory references:
- Ohio Rev. Code §2117.06 (Notice and priority of creditor claims)
- Ohio Rev. Code §2109.24 (Executor and administrator compensation)
- Ohio Rev. Code §2105.06 (Intestate succession)
Helpful Hints
- Keep a detailed written inventory with values at the date of death.
- Separate probate assets from non-probate transfers to avoid duplication.
- Publish creditor notice promptly to establish claim deadlines.
- Track deadlines for filing creditor claims and estate tax returns.
- Consult your probate court clerk for local rules, forms and fee schedules.
- Consider hiring a probate attorney for complex estates or disputes.