Martin Folino - Probate Attorneys - Dayton Ohio

 

The mention of “probate” causes anxiety attacks for clients.  They know that they need to take steps to “avoid probate”. But most clients don’t really understand what is “probate” and how easy it is with proper planning to “avoid probate”. A better understanding of these two concepts can alleviate the anxiety which most clients have on the process. This is simply a summary of some of the techniques which are available to avoid probate. Whether or not any of these techniques are truly applicable to an individual situation depends upon the review of the individual facts of each client’s situation by a qualified legal professional.

Avoiding Probate and Dealing with Probate Issues - Dayton Ohio

Defining Probate

Probate Definition

“Probate” refers to the procedures involved in administering “probate assets” through the probate court system. Ohio (like most other states) has a separate division in its court system known as probate court. Although the probate court handles various matters, as it relates to the clients anxiety over the probate system, it revolves around the fact that the probate court is primarily designed to protect three classifications of persons...

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Probate Assets

Probate Assets

The probate process is designed to handle the most complicated cases. It is designed to handle those estates which are insolvent because the debts of the decedent exceed the assets of the decedent. It is designed to protect situations where there are dysfunctional families and the heirs are combatant. To the extent that an individual has “probate assets”, it is necessary to go through the probate process even if the case is not insolvent, the heirs all get along well and even if the case is a simple one. This process can be extremely time-consuming and expensive. To the extent that the decedent owned “probate assets”, it is necessary to go through the probate process. What exactly are “probate assets”?

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Avoiding Probate - Living Trusts and Insurance

Avoiding Probate - Living Trust Avoiding Probate - Insurance

Not only is it possible to have beneficiary designations on life insurance policies, annuities and retirement accounts, but recent changes have made it possible to create beneficiary designations for bank accounts, brokerage accounts, mutual funds and in Ohio, real estate. The use of these beneficiary designations is an extremely easy and inexpensive way to avoid probate. ”Living Trusts have traditionally been an effective method of avoiding probate as well.

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Avoiding Probate - Co-Ownership

Avoiding Probate - Co-Ownership

One of the simplest method of avoiding probate is to have co-ownership. In Ohio (like most other states,) there are several ways in which two or more individuals may own assets.

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Avoiding Probate - The Power of Attorney

Avoiding Probate - Power of Attorney

Probate court is also designed to protect those individuals who are not capable of handling their own business affairs. Individuals under the age of 18 are statutorily deemed to be incompetent to handle their own business affairs.

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