Probate. It’s a word that can evoke feelings of stress and uncertainty. While Ohio offers simplified probate procedures for smaller, less complex estates (such as Summary Release from Administration and Release from Administration, typically for estates under $45,000 with minimal assets), many families will encounter the complexities of full probate.
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Probate is a legal process that handles the distribution of a deceased person’s assets, settling debts, and resolving any claims against the estate. In Ohio, probate ensures that the deceased’s assets are divided according to their will or, if there is no will, according to the state’s intestacy laws. However, this process can be both time-consuming and costly, often consuming 3-7% of the estate’s total value. Understanding how probate works and how to potentially avoid it can save time, money, and stress for your loved ones.
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