Charles Bendig Law - Estate Attorney

A will and death certificate need to be filed in the Probate Court in the county where the decedent lived. If there is no will, the death certificate is filed with a bond and application to administer by a family member. Standard forms for probate need to be filed. This begins the process of appointing an executor administrator. The Court will then issue “Letters of Authority” to the executor administrator which gives the executor administrator legal authority to act on behalf of the estate. Then, an inventory of the estate’s assets must be filed. Creditors have 6 months from the date of death to make a claim. Once all of the creditors and taxes (if any) have been paid, a final account (typically) needs to be filed with the court. Lastly, the Court will issue an order, distributing the estate’s property to the beneficiaries. Legal fees are typically paid at the end of the administration.

Estate and inheritance taxes are taxes that are levied on people who either own property in the state where they died or inherit property from a resident of a state. Currently Ohio residents are not subject to this tax.

Executors administrators can be compensated for the responsibility, time and effort they put in to complete the estate process. Executor fees in Ohio are typically set by statute: 4% of the first $100,000 of personal property, income, and proceeds of real estate sold; 3% of the next $300,000; 2% of the balance; 1% of the value of real estate not sold; and 1% of all property that is not subject to probate administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The fiduciary may waive the fee. Additional fees can be awarded for extraordinary services.

Many people die without going through probate. Many times, all assets pass automatically at death. The will in that situation is a backup document in the event an asset unexpectedly does not pass automatically at death.

When someone dies without a valid will, Ohio laws will decide how their property will be distributed as well as who will receive the property. Typically family members and heirs that are closely related to the deceased are favored.

If your current financial situations don’t warrant the need for a revocable living trust, then your basic estate plan will typically include the following legal documents: Last Will and Testament Advance Medical Directive Living Will Financial Power of Attorney