Basics of Probate Administration

Initiating the Probate Process:

• File the Will (if applicable): If the deceased person (decedent) had a valid will, it must be filed with the probate court in the county where the decedent resided at the time of death (or where they resided before going into assisted living).

• Petition for Administration: If there is no will or if the nominated executor is unable or unwilling to serve, a petition for administration may be filed to appoint an administrator to oversee the estate.

Appointment of Executor or Administrator:

• Court Appointment: The probate court will appoint an executor (if named in the will) or an administrator (if there is no will or no executor is named) to administer the estate. Both can be referred to as the “fiduciary” of the estate.

• Fiduciary’s Duties: The fiduciary is responsible for managing the estate, including gathering assets, paying debts and taxes, and distributing assets to beneficiaries according to the terms of the will (or by intestate succession if there is no will).

Inventory and Valuation of Assets

• Compile Inventory: The fiduciary must compile an inventory of the decedent's assets, including real estate, bank accounts, investments, personal property, and any other assets.

• Value Assets: The fiduciary may need to obtain appraisals or valuations of certain assets to determine their fair market value for estate tax and distribution purposes.

Notification of Creditors and Payment of Debts

• Notice to Creditors: The fiduciary is not required to give notice to creditors with the exception of Medicaid or Medicare. If a creditor makes a claim against the estate, the fiduciary must determine whether to accept the debt or reject it.

• Debt Payment: Debts of the estate, including funeral expenses, taxes, and properly asserted debts, must be paid from estate assets before the estate can be closed.

Distribution of Assets to Beneficiaries

• Distribution Plan: The fiduciary can distribute the assets to beneficiaries according to the terms of the will or Ohio intestacy laws if there is no will.

• Executor's Accounting: The fiduciary is usually required to provide an accounting of estate assets and distributions to the probate court and beneficiaries.

Closing the Estate

• Final Accounting: The fiduciary prepares a final accounting of the estate's administration and asks for approval of final distribution to beneficiaries.

• Closing of Estate: Once the court approves the final distribution and settles any remaining issues, the estate is considered closed, and the fiduciary’s duties are complete.

Additional Considerations:

• Estate Taxes: Federal estate tax laws may apply depending on the value of the estate. Fiduciaries should consult with tax professionals to ensure compliance.

• Probate Avoidance: Some assets, such as those held in joint tenancy, payable-on-death accounts, or living trusts, may pass outside of probate and not be subject to the probate process.