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

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”?

Probate assets are those assets which are owned individually by the decedent with no co-owners or designated beneficiaries.

Not all assets are probate assets. It’s not unusual for the decedent to have had ownership of assets which were properly positioned so that the owner could use the money during his or her lifetime but the assets were positioned so that they weren't “probate assets” and as a result were able to “avoid probate”. Many of these techniques are relatively simple and can be accomplished easily with proper planning.
Send An Email
*
*
Probate Articles Archives