Probate obligations must be met before asset distribution

Though many people may want to receive a portion of a deceased loved one's estate soon after the person's passing, there are many hoops to jump through first. Often, Ohio residents will leave behind a will that details their final wishes, and their estates will need to go through the probate process. As a result, heirs and beneficiaries may have to wait a considerable amount of time before receiving any assets.

Numerous steps are involved with settling an estate, and the outcomes of those stepsĀ could affect property distribution to heirs and beneficiaries later. First, the executor of the estate needs to inventory the remaining assets and obtain the value of those assets. If the value of the estate overall reaches or exceeds a certain amount, it is possible that estate taxes could apply.

In addition to estate taxes, the executor also needs to handle any final bills of the estate and file final tax returns. Because all of these actions are paid for with estate funds, it is important that they are taken care of before distribution to heirs and beneficiaries takes place. The executor needs to ensure that there are enough estate funds to cover the remaining expenses or to at least pay the creditors with the highest priorities. Once these obligations have been handled, the distribution of the remaining assets can take place.

While these steps may seem straightforward, they can take a considerable amount of time to complete. Some property value may not be obvious, and as a result, appraisals may be needed. In addition, other issues with the estate could arise that delay theĀ probate process. If heirs or beneficiaries to Ohio estates have questions about receiving their inheritances, they may want to speak with local attorneys.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Call Or Email Now

We Are Ready To Work With You!

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Hurley Gunsher, Ltd.

Middletown Office
301 N. Breiel Blvd
Suite A
Middletown, OH 45042

Phone: 513-318-9893
Fax: 513-878-1660
Middletown Law Office Map

Fairfield Office
1251 Nilles Rd.
Suite 15
Fairfield, OH 45014

Phone: 513-318-9893
Fax: 513-878-1660
Map & Directions