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

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.

The co-ownership can either be tenancy in common or joint tenancy with rights of survivorship.  These ownership methods are similar in that each owner has the right to the use and enjoy the property during the lifetime of the co-owners.  Upon death, the ownership interest of the individual in a tenancy in common situation is a “probate asset” which would be administered through probate court and distributed to beneficiaries pursuant to the provisions of the individual’s Last Will and Testament or the laws of Descent and Distribution.  In the case of the joint tenancy with rights of survivorship, the ownership interest of the first to die immediately goes to the survivor and is not subject to probate administration. Hence, it “avoids probate”.
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