what is probate in cincinnati ohio?
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8/13/2019 What Is Probate in Cincinnati Ohio?
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WHAT IS PROBATE
IN CINCINNATI OHIO
Barry Zimmer ● Estate Planning Attorney ● The Zimmer Law Firm ● 513-721-15
If You Want to Plan Your Estate
in an Informed Manner, You Should Certainly
Understand the Probate Process
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If you want to plan your estate in an informed manner, you should certainly understand
the probate process.
Picture a fictional scene that takes place after someone dies. There is a home gathering
after the funeral, and people are somberly milling about. One by one certain individuals
are called into a study.
Someone is sitting at the desk, and the attendees are told that there is going to be a
reading of the will.
The implication is that the heirs to the
estate will receive checks in the mail after
this meeting has taken place.
This is indeed a fictional scenario. In thereal world, things don't work this way.
When you draw up your last will you should
include the choice of executor. This is the
estate administrator. The executor is
charged with the responsibility of conducting the business of the estate.
The executor must admit the will to the probate court that is local to the decedent. The
property that comprises the estate is not distributed to the heirs until the estate hasbeen probated and closed.
Why Does Probate Exist?
Probate exists to provide certain protections. Suppose an acquaintance approaches you
about a loan. He or she wants to start a business, and you sometimes provide people
that you know with venture capital.
Legally binding documents are drawn up, an interest rate is agreed upon, and you
extend the loan. Unfortunately, the person who borrowed the money passes away
before the loan is paid.
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Suppose the fictional reading of the will scenario played itself out. After the private
reading of the will, the person in charge of the estate liquidates property and mails out
checks to the heirs. The only guide that is used is the will. The will does not name you,
the IRS, credit card companies, auto loan companies, and any other creditors that may
be out there.
Probate exists, at least in part, to give creditors the opportunity to come forward
seeking satisfaction before the property that comprises
the estate is distributed to the heirs.
Another reason why probate exists is to give interested
parties the chance to challenge the validity of the will.
Challenging the will, can appear to be a nuisance when it
is initiated by a disgruntled party who can't accept reality.
This sometimes happens, but there are legitimate
challenges that can be heard by the court.
If a will was constructed under certain circumstances a
challenge could be successful. These acceptable grounds
for a challenge would include undue coercion, incapacitation of the testator, fraud, and
improper execution.
Probate also provides oversight as the executor goes about the business of the estate. If
the heirs to the estate suspected any wrongdoing they could inform the court.
Duration of Probate
While probate does provide the protections that we touched upon above, there are
some pitfalls that go along with the probate process. One of them is the fact that
probate can be quite time consuming.
The exact length of time that probate will take depends on the circumstances. The
simpler cases will generally be resolved in a matter of months. Complicated cases that
involve a lot of property and/or disagreements among interested parties can take years.
● ● ●
Probate provides
certain protections,
and it serves a
purpose. However,
there are pitfalls thatgo along with the
process.
● ● ●
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Probate Costs
Expenses can accumulate during the probate process. There is a filing fee that the court
is going to require. The executor is going to be putting in a lot of time and effort, and as
such he or she is entitled to payment.
The executor may need to enlist the services of an accountant to take care of final taxes
and other accounting tasks. A probate attorney is usually going to guide the process.
In many cases property must be appraised, so an appraiser or appraisers will be
brought in. Liquidation companies can be engaged as well.
All of these professional entities are going to charge for their services. In the end,
probate costs can consume a noticeable portion of the estate.
Loss of Privacy
Probate is a public proceeding. It is not conducted in private. Anyone who wants to
know what happened during the probate process can access the probate records. Your
final affairs are an open book.
Conclusion
When you maintain direct
personal possession of your
property using a will to state your
final wishes regarding its
distribution, it becomes probate
property at the time of your
death. It is not distributed to the
heirs until the estate has been
probated.
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Probate provides certain protections, and it serves a purpose. However, there are
pitfalls that go along with the process.
Probate can be time-consuming, it can be expensive, and it is a public proceeding that
strips your family of privacy.
It is possible to arrange for asset transfers outside of probate. To explore these
strategies, arrange for a consultation with one of our professional estate planning
attornerys at Zimmer Law Firm 513.721.1513
References
Nolo
http://www.nolo.com/legal-encyclopedia/probate-faq-29135.html
Forbes
http://www.forbes.com/sites/janetnovack/2012/10/14/the-forbes-guide-to-estate-
planning/
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Barry H. Zimmer founded THE ZIMMER LAW FIRM in June 1993, to practice in the areas of estate planning,estate administration, and business succession planning. His goal was and continues to be helping clients
understand and de-mystify the often confusing world of estate planning in an ever-changing society, and toimplement effective estate planning with minimal effort and time investment. The firm works from the belief tha
planning should always be driven by purpose. As a result, there are no “canned” or pre-set planning solutions.Instead, Zimmer helps clients identify their goals first and then builds estate and business plans based on that
understanding.
Barry has been in private practice since receiving his law degree from the University of Cincinnati College of Lawin 1979. He earned his Bachelor of Arts Degree from U.C. with Honors, Magna Cum Laude and Phi Beta Kappa,
1976. He was profiled in the 1990-1991 edition of Who’s Who in American Law for contribution to the bettermenof contemporary society, and has lectured numerous times on legal topics, and authored several articles and Speci
Reports on estate planning. He is a former guest columnist on Simply Money, on 91.7 FM, WVXU. He makesoccasional guest appearances on radio about estate planning topics, and has been quoted in newspaper articles an
columns on estate planning matters.
In Mr. Zimmer’s perspective, excellence in implementing trust-based estate plans is but one aspect of hisresponsibility to clients. Providing reliable guidance and service to families of clients who pass away is just as
critical as sound planning at the front end. The firm is very active in settling trusts of all complexity and sizes, anhandling probate cases and guardianship proceedings. Zimmer and his staff have successfully handled hundreds o
trust estate cases, and are experienced in settling and distributing a wide variety of estate assets to heirs.
Mr. Zimmer also believes strongly in continuing education. He devotes substantial time and resources to staying uto date on the latest laws, trends and techniques.
Barry is also a founding member of the American Academy of Estate Planning Attorneys. The Academy is a
limited membership organization that provides continuing legal education to members, and practice managemensupport and training. The goal of the Academy is to help foster excellence in attorney member services to their
clients. Zimmer has been actively involved in the Academy since its inception in 1993, including service on the
Academy’s first Board of Governors and Education Advisory Board. He regularly attends specialized and advancetraining by the experts in the Academy Education Department several times a year. This includes two national
conferences sponsored by the Academy for its members, where Zimmer also networks with estate planning lawye
from across the country.
The Zimmer Law Firm9825 Kenwood Road, Suite 201
Cincinnati, OH 45242www.zimmerlawfirm.com
Phone: (513) 721-1513