Last Will & Testament Lawyers in Mentor, Ohio
Serving Northeast Ohio
Distribution of Assets without a Will
The process of distribution of the decedent’s assets without a Will or intestate begins with an application to administer the Estate of the decedent. This process can be started by any applicant, including a creditor of the decedent. The Application is filed with a death certificate for the decedent and the applicable bond.
What Are the Duties of the Administrator?
The Court then holds a hearing and appoints the applicant or another appropriate person. That person is the Administrator of the Estate of the deceased and is the person responsible for the gathering and distribution of the assets to the appropriate creditors and heirs of the deceased. The Administrator is responsible to report to the Court the assets and the debts of the decedent regarding how those debts were paid and how the assets were distributed. Upon completion of the Probate process, the Estate is closed and the Administrator is released.
Distribution of Assets with a Will
The Probate process for a decedent with a Will is similar to that for a person who died intestate. The process is a bit easier to navigate as most Wills give the Executor, the person chosen by the deceased to handle their estate, powers that an Administrator would have to seek a court order to complete, which is, namely the sale of real property. Most Wills also allow for the Executor to act on behalf of the Estate without posting a bond. This saves the Estate money and allows the process of Probate to begin sooner. A bond is required to ensure that if the Administrator, and occasionally the Executor, does or fails to do something that is detrimental to the Estate or the interests of the heirs or beneficiaries, there are funds to replace those lost by the Administrator or Executor.
What Are the Duties of the Executor?
The Executor has the same duties and responsibilities as an Administrator. They are to gather the assets and debts of the deceased and distribute the assets. They are to pay the debts according to the Will and the laws of the State of Ohio in regard to the order in which they are to be paid and the amount to be paid on each debt. Once the Executor has completed their duties, they report this information to the Court, the Estate is closed, and the Executor is released.
What Happens When There Are No Beneficiaries?
When a person passes with or without a Will that addresses the distribution of assets that do not have beneficiaries or that have beneficiaries that died before the holder of the assets, the assets must pass to the heirs or beneficiaries through the Probate process. If a person dies and all of their assets have viable beneficiaries or the assets are all held in a Trust, then the Probate process can be avoided. For some decedents, the avoidance of the Probate process is of paramount concern. However, in Ohio, the costs and process of Probate are well regulated and controlled.
Contact Moseman Law Office, LLC – Mentor, Ohio Last Will and Testament Attorneys
As always, consult a last will and testament attorney in Mentor OH to assist with the administration of the distribution of assets of the deceased whether they transfer via beneficiary designation, the process of Probate or under the terms of a Trust. Here at Moseman Law Office, LLC, located in Mentor, Ohio, our probate attorneys can assist you in all aspects of the Probate process.
Moseman Law Office, LLC
Moseman Law Office, LLC is a full-service legal firm located in Mentor, Ohio, serving all of Northeast Ohio and providing personalized legal solutions to its clients.
Moseman Law Office, LLC
8500 Station St., Ste 210
Mentor, OH 44060
Phone: (440) 255-0832