What Is Probate in Cincinnati Ohio?

8/13/2019 What Is Probate in Cincinnati Ohio?

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WHAT IS PROBATE

IN CINCINNATI OHIO

Barry Zimmer ● Estate Planning Attorney ● The Zimmer Law Firm ● 513-721-15

If You Want to Plan Your Estate

in an Informed Manner, You Should Certainly

Understand the Probate Process



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If you want to plan your estate in an informed manner, you should certainly understand

the probate process.

Picture a fictional scene that takes place after someone dies. There is a home gathering

after the funeral, and people are somberly milling about. One by one certain individuals

are called into a study.

Someone is sitting at the desk, and the attendees are told that there is going to be a

reading of the will.

The implication is that the heirs to the

estate will receive checks in the mail after

this meeting has taken place.

This is indeed a fictional scenario. In thereal world, things don't work this way.

When you draw up your last will you should

include the choice of executor. This is the

estate administrator. The executor is

charged with the responsibility of conducting the business of the estate.

The executor must admit the will to the probate court that is local to the decedent. The

property that comprises the estate is not distributed to the heirs until the estate hasbeen probated and closed.

Why Does Probate Exist?

Probate exists to provide certain protections. Suppose an acquaintance approaches you

about a loan. He or she wants to start a business, and you sometimes provide people

that you know with venture capital.

Legally binding documents are drawn up, an interest rate is agreed upon, and you

extend the loan. Unfortunately, the person who borrowed the money passes away

before the loan is paid.

http://www.zimmerlawfirm.com/



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Suppose the fictional reading of the will scenario played itself out. After the private

reading of the will, the person in charge of the estate liquidates property and mails out

checks to the heirs. The only guide that is used is the will. The will does not name you,

the IRS, credit card companies, auto loan companies, and any other creditors that may

be out there.

Probate exists, at least in part, to give creditors the opportunity to come forward

seeking satisfaction before the property that comprises

the estate is distributed to the heirs.

Another reason why probate exists is to give interested

parties the chance to challenge the validity of the will.

Challenging the will, can appear to be a nuisance when it

is initiated by a disgruntled party who can't accept reality.

This sometimes happens, but there are legitimate

challenges that can be heard by the court.

If a will was constructed under certain circumstances a

challenge could be successful. These acceptable grounds

for a challenge would include undue coercion, incapacitation of the testator, fraud, and

improper execution.

Probate also provides oversight as the executor goes about the business of the estate. If

the heirs to the estate suspected any wrongdoing they could inform the court.

Duration of Probate

While probate does provide the protections that we touched upon above, there are

some pitfalls that go along with the probate process. One of them is the fact that

probate can be quite time consuming.

The exact length of time that probate will take depends on the circumstances. The

simpler cases will generally be resolved in a matter of months. Complicated cases that

involve a lot of property and/or disagreements among interested parties can take years.

● ● ●

Probate provides

certain protections,

and it serves a

purpose. However,

there are pitfalls thatgo along with the

process.

● ● ●




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Probate Costs

Expenses can accumulate during the probate process. There is a filing fee that the court

is going to require. The executor is going to be putting in a lot of time and effort, and as

such he or she is entitled to payment.

The executor may need to enlist the services of an accountant to take care of final taxes

and other accounting tasks. A probate attorney is usually going to guide the process.

In many cases property must be appraised, so an appraiser or appraisers will be

brought in. Liquidation companies can be engaged as well.

All of these professional entities are going to charge for their services. In the end,

probate costs can consume a noticeable portion of the estate.

Loss of Privacy

Probate is a public proceeding. It is not conducted in private. Anyone who wants to

know what happened during the probate process can access the probate records. Your

final affairs are an open book.

Conclusion

When you maintain direct

personal possession of your

property using a will to state your

final wishes regarding its

distribution, it becomes probate

property at the time of your

death. It is not distributed to the

heirs until the estate has been

probated.




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Probate provides certain protections, and it serves a purpose. However, there are

pitfalls that go along with the process.

Probate can be time-consuming, it can be expensive, and it is a public proceeding that

strips your family of privacy.

It is possible to arrange for asset transfers outside of probate. To explore these

strategies, arrange for a consultation with one of our professional estate planning

attornerys at Zimmer Law Firm 513.721.1513

References

Nolo

http://www.nolo.com/legal-encyclopedia/probate-faq-29135.html

Forbes

http://www.forbes.com/sites/janetnovack/2012/10/14/the-forbes-guide-to-estate-

planning/




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Barry H. Zimmer founded THE ZIMMER LAW FIRM in June 1993, to practice in the areas of estate planning,estate administration, and business succession planning. His goal was and continues to be helping clients

understand and de-mystify the often confusing world of estate planning in an ever-changing society, and toimplement effective estate planning with minimal effort and time investment. The firm works from the belief tha

planning should always be driven by purpose. As a result, there are no “canned” or pre-set planning solutions.Instead, Zimmer helps clients identify their goals first and then builds estate and business plans based on that

understanding.

Barry has been in private practice since receiving his law degree from the University of Cincinnati College of Lawin 1979. He earned his Bachelor of Arts Degree from U.C. with Honors, Magna Cum Laude and Phi Beta Kappa,

1976. He was profiled in the 1990-1991 edition of Who’s Who in American Law for contribution to the bettermenof contemporary society, and has lectured numerous times on legal topics, and authored several articles and Speci

Reports on estate planning. He is a former guest columnist on Simply Money, on 91.7 FM, WVXU. He makesoccasional guest appearances on radio about estate planning topics, and has been quoted in newspaper articles an

columns on estate planning matters.

In Mr. Zimmer’s perspective, excellence in implementing trust-based estate plans is but one aspect of hisresponsibility to clients. Providing reliable guidance and service to families of clients who pass away is just as

critical as sound planning at the front end. The firm is very active in settling trusts of all complexity and sizes, anhandling probate cases and guardianship proceedings. Zimmer and his staff have successfully handled hundreds o

trust estate cases, and are experienced in settling and distributing a wide variety of estate assets to heirs.

Mr. Zimmer also believes strongly in continuing education. He devotes substantial time and resources to staying uto date on the latest laws, trends and techniques.

Barry is also a founding member of the American Academy of Estate Planning Attorneys. The Academy is a

limited membership organization that provides continuing legal education to members, and practice managemensupport and training. The goal of the Academy is to help foster excellence in attorney member services to their

clients. Zimmer has been actively involved in the Academy since its inception in 1993, including service on the

Academy’s first Board of Governors and Education Advisory Board. He regularly attends specialized and advancetraining by the experts in the Academy Education Department several times a year. This includes two national

conferences sponsored by the Academy for its members, where Zimmer also networks with estate planning lawye

from across the country.

The Zimmer Law Firm9825 Kenwood Road, Suite 201

Cincinnati, OH 45242www.zimmerlawfirm.com

Phone: (513) 721-1513

[email protected]

http://www.zimmerlawfirm.com/estate_planning/index.php/estate-planning/












































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What Is Probate in Cincinnati Ohio?