COMMON FACTORS IN PROBATE DELAYS WHY A WILL JUST WON’T CUT IT
It's not easy to think about death, but most of us know we want our passing to be as easy as possible on our children and other heirs. Unfortunately, many families have to endure a long probate process because of estate planning steps that were not taken by the decedent. A comprehensive estate plan created with the help of a lawyer can avoid many of these delays. But if you only have a will, your family could be subjected to a long, costly, and contentious process.
4. No transfer-on-death designation. If assets with liens, such as a house or car, do not have a transfer-on-death designation, you will not be able to transfer the asset without paying the creditor what they are owed. Claims for these debts will be filed against the estate and will take time to settle. 5. Conflicts among heirs. If heirs don't get along, they might file objections to the will and drag the process out. Before an estate can be settled, all heirs must sign a waiver. If there is disagreement among heirs, they often won't sign off to finalize the estate. 6. Multistate assets. If the decedent owned property in another state, it will have to go through that state's probate process before the Ohio probate process can be completed. 7. Taxes. If the estate owes personal income tax or is subject to capital gains tax, the taxes cannot be filed until the following year. The estate will have to be kept open until the taxes are paid or refunds are issued. Many of these potential issues can be avoided by using certain trust instruments that allow property and assets to pass directly to the named beneficiary without going through probate. Call Littlejohn Law to discuss your options.
TYPICAL FACTORS IN PROBATE DELAYS
In our experience in Ohio, the following issues cause delays in the probate process for many families:
1. Problems with wills. The original will — not a copy — must be presented to the probate court. If this cannot be located, probate will drag on. In addition, not having a will at all slows down the process considerably. 2. Missing contact information for heirs. The next of kin and all potential heirs will have to be informed of the person's death and notified about probate. Heirs have to sign off on assets in the estate and waive their right to a hearing. If they cannot be located, the law requires a public notice be run for six weeks in newspapers where heirs could live. 3. Uninformed estate administrator. If the executor of the will or administrator of the estate doesn't have intimate knowledge of the deceased's assets and liabilities, it will take time to discover all the bank accounts, retirement funds, and unpaid debts before the estate can be closed.
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2 | 740-314-4829 This newsletter is for informational purposes only and no legal advice is intended. Be sure to consult with this law firm if you have a specific question about your situation. And remember, Edward and Jeff don’t take any unplanned inbound telephone or in-person meetings. We believe each case deserves our undivided attention.
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