What Is Probate?

Probate is the court-supervised process of locating and determining the value of assets owned in the name of a deceased person, (the “decedent”), paying the decedent’s final bills and estate taxes (if any), and then distributing what’s left of the decedent’s assets to his or her heirs.

When Is Probate Necessary?

Regardless of whether a person has a valid Last Will & Testament, if one of the below situations applies, probate will be necessary.

1) Assets Owned in the Decedent’s Sole Name
If the decedent owned any property in his or her sole name, without any other owners or a payable on death or similar type of designation, then in most cases the property will need to be probated in order to remove the decedent’s name and re-title it in the name of the beneficiaries. (An automobile is an exception to this rule in Ohio)

2) Assets Owned as a Tenant in Common
If the decedent holds an interest in property as a tenant in common with others, then in most cases the decedent’s tenant in common share will need to be probated in order to get it out of the decedent’s name and into the names of their beneficiaries.

3.) Predeceased Beneficiaries or No Designated Beneficiaries
If the decedent owned a payable on death or similar type of account, a life insurance policy, a retirement account, including an IRA or and 401(k), or an annuity, and all of the named beneficiaries of the account or policy have predeceased the decedent, or if the decedent didn’t name any beneficiaries at all, then in most cases the account or policy will have to go through probate court to get the assets titled in the name of the beneficiaries.