Limited Clients. Proven Results.
Akron Probate Law Firm Stiefvater Law, limits the clients it represents at any given time in order to provide efficient and cost effective service to clients throughout the probate process. Probate is the legal process through which a decedent’s estate is administered when a person dies.
When an individual dies with probate assets, those assets must be probated. Probate is a legal process that can be slow and expensive. Many people develop an estate plan in order to avoid probate. By avoiding probate, the heirs and the estate can often save time and money. The process of distributing the decedent’s assets according to their wishes is often streamlined with an estate plan.
At death, a person’s assets are broken down into two categories: probate assets and non-probate assets. One of our Akron Probate Attorneys will sit down with you and determine which assets are considered probate assets and which assets are considered non-probate assets. Probate assets are just what they sound like – assets that must go through the probate process to transfer ownership. Similarly, non-probate assets are those assets that do not need to be probated to transfer ownership.
Probate assets, among other items, consists of individual assets, tenant in common assets, Assets with predeceased beneficiaries or no beneficiary named, and assets left out of a trust. Most non-probate assets are those with named beneficiaries.
Tenant in common assets are assets titled in the decedent’s name as a tenant in common with one or more individuals. This is most common with real estate but can also apply to other assets. Tenants in common should not be confused with joint tenants or other rights of survivorship titled assets which do not require probate.
Non-probate assets include assets with named beneficiaries, including payable on death or transfer on death, joint accounts, certain forms of real estate ownership, and items left properly titled to a trust.
Get a free consultation with one of our Akron Probate Lawyers and get answers to your questions.
When someone dies without a will, the estate is considered intestate. In this situation, the laws of the State of Ohio direct who gets what from the decedent. The law generally directs the division of the assets among the surviving spouse, children, and lineal descendants. Step-children come after all other blood relations. If no one is there then the property goes to the State of Ohio.
The law provides for many simple and not so simple situations. What follows are some example provisions from the Ohio Revised Code:
2105.051 Advancements - time of valuation.
When a person dies, property that the person gave during the person's lifetime to an heir shall be treated as an advancement against the heir's share of the estate only if declared in a contemporaneous writing by the decedent or acknowledged in writing by the heir to be an advancement. For this purpose, property advanced is valued as of the time the heir came into possession or enjoyment of the property, or as of the time of death of the decedent, whichever occurs first. If the heir does not survive the decedent, the property shall not be taken into account in computing the intestate share to be received by the heir's issue, unless the declaration or acknowledgment provides otherwise.
The passing of a loved one is overwhelming. Our Probate Law Firm will take great care in the probate process. We will handle the legal process so you can focus on the healing process.
Call the Akron Probate Attorneys at Stiefvater Law to find out if we are currently taking on new clients. We are the Probate Attorneys in Akron, Ohio, 44203.
Zip Codes in Akron, Ohio: 44309, 44260, 44302, 44333, 44326, 44304, 44311, 44303, 44320, 44221
Links to our Akron, Ohio practice areas:
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