Full Administration of an Estate in Ohio
Estate administration refers to the process where a decedent’s assets are collected and then properly distributed to the appropriate heirs, beneficiaries, and creditors. This process takes place through the Probate Court.
The Time Frame for Full Administration of an Estate in Ohio
Some estates can be probated in a few months and others can take a year or more. Ohio requires that if an estate will not be settled within six months an extension of time must be requested. The time that the probate process takes depends on a variety of factors such as whether there is a valid will, the type and amount of assets and debts, whether anyone will be contesting the distribution, and whether an estate return is required.
The Process for Full Administration of an Estate
The probate process can be very time consuming and lengthy depending on the situation. The typical basic process is as follows:
- An application is filed to administer the estate and admit the will to probate;
- A fiduciary is appointed (this can be an executor if there is a will or an administrator if there is no will);
- The estate assets are gathered and appraised if necessary;
- An inventory of the assets is filed with the Court;
- Creditors of the estate are paid out of estate assets;
- Any estate and income taxes necessary are filed and paid;
- The remaining assets are distributed to the beneficiaries or heirs;
- A final accounting is filed with the Court;
- Upon the Court’s approval the estate is closed.
Hiring an Attorney to Probate an Estate
Probating an estate can be a complex process so it may be necessary to hire an attorney to assist. There are several time requirements for filings, notices, and objections that an attorney will be able to assist with. If you have lost a loved one and need legal advice contact a licensed Ohio attorney.