Other Probate Options
In the State of Ohio there are other options available instead of a full probate administration of a Last Will and Testament. This is 1) Release of Assets and 2) Summary Release of Assets which are governed by O.R.C. 2113.03 and 2113.031.
These other options are not as costly as a full probate administration and are much quicker from start to end. To qualify you must determine who is set to inherit an asset and what is the value of the asset.
Since we are discussing assets that have to go through probate court, this will only cover assets that were in a decendent's name only at the date of their death. It does not cover any assets that have a beneficiary or are jointly owned.
Release of Assets
The release of Assets from full probate administration is based upon the value of the decendent's assets and who is entitled to receive the assets. If a person passes away with no surviving spouse, then the value of their assets can not exceed over $35,000. For example if Joe passes away and the only asset in his name at the date of his death is a bank account that has $25,000. Joe has a Last Will and Testament and has name his sister Sue his beneficiary under the Will. She can file an application for Release of Assets from the Probate Court instead of going through the full probate administration process.
If a person passes away and they have a surviving spouse, then the value of their assets can not exceed over $100,000 if the spouse is the sole beneficiary under the Last Will and Testament.
Summary Release of Assets
If there was a surviving spouse, then an Application for Summary Release of Assets can be filed which will allow assets up to $40,000 for allowance for support and up to $5,000 for burial and funeral costs to be released and distributed to the surviving spouse. The surviving spouse will qualify to file a Summary Release if there are no minor children of the deceased and the funeral home bill has been paid.
All Debts Paid
In filing a Release of Assets with the local Probate Court, you must also disclose any ‘known' debts that the decedent had and disclose whether or not the funeral home has been paid. The court will also want a copy of the paid funeral home bill as part of the application to Release Assets.
Disclose Beneficiaries
In filing either a Release of Assets or Summary Release of Assets, you must disclose the names and addresses of the surviving spouse, children and lineal descendants of a deceased child. If the person did not have a spouse or children, then you must disclose their ‘next of kin'. If the deceased individual had a Last Will and Testament, then you must disclose the beneficiaries under their Will.
A Release of Assets or Summary Release of Administration is a more efficient method (and less costly) to transfer the assets of a deceased person. If you have any questions about this Article or questions about the probate process in Ohio please contact us at 440-572-3420.
