Probate is the legal process to transfer the decedent’s probate assets, which are assets titled in the decedent’s name alone, to the estate beneficiaries. The estate beneficiaries are either those named in the decedent’s Will, or if there is no Will, the heirs as defined in the Ohio statute of descent and distribution.
Probate / Estate / Guardianship / Trust Administration
Probate / Estate / Guardianship / Trust Administration – Questions/Answers
- 1: What are an executor’s duties?
An Executor’s duties include providing notice to any estate beneficiaries and next of kin, gathering the decedent’s probate assets, filing an inventory, paying any debts, and distributing any remaining assets to the appropriate estate beneficiaries.
- 2: What is a guardianship?
When someone is unable to handle his or her personal or financial affairs and has not executed a Financial or Healthcare Power of Attorney, a Guardianship can be applied for in the Probate Court to appoint someone to be a guardian of the person and/or estate.
- 3: Does the trust administration process take a long time?
It depends on the terms of the trust. Some distribute the trust assets upon the occurrence of a specific event – typically death – and that can be an efficient process. Others may require that the trust assets be held in trust for a beneficiary until that beneficiary reaches a certain age or for his or her life.