Probate is the actual process of proving the will. It is the beginning of the estate administration process. The estate administration applies whether or not an individual dies testate, with a will, or intestate, without a will. The process is required and necessary to transfer title to any property titled in the decedent's name. The estate administration process is not required for assets such as life insurance, retirement plans and annuities which pass by beneficiary designation. It is also not required for property which passes by operation of law, i.e. property held jointly with the right of survivorship. This type of property passes outside a person's will to the surviving co-owner or co-owners.
The ultimate purpose of the probate process is to achieve the transfer of assets to the beneficiaries designated in a will or the heirs at law under the Ohio statute of descent and distribution, if a person dies without a will.
The process is begun by the probating of the will. The second step is to appoint the executor under the will, or the administrator if there is no will. This individual is responsible for collecting all of the decedent's assets and managing those assets pursuant to the supervision of the Probate Court.
The executor is responsible for having the estate tax returns prepared and filed and for the payment of the estate tax. These returns include non-probate as well as probate property. Our approach to the estate administration process and the representation of the executor is to collect information as to all assets, probate and non-probate assets, and to value all assets using the estate tax valuation methods.
The executor is charged with collecting all assets in the decedent's individual name, re titling these assets in the estate's name and reporting the existence and value of these assets to the Probate Court. Additional responsibilities of the executor are the payment of all of the decedent's creditors and the payment of all of the decedent's taxes. These include real estate taxes, income taxes for the decedent and the estate, and estate taxes. During the administration process the executor is charged with managing all estate property. After the payment of all debts and taxes the estate is distributed to the beneficiaries named in the will or the heirs at law, if there is no will. The executor must then close the estate by filing a complete and precise accounting with the Probate Court.
Our office has successfully represented hundreds of executors. Almost all of these executors did not appear in Probate Court. We advise executors of their duties and the time requirements for the completion of each responsibility. In most cases, we prepare all documen tation required for the executor's review and signature. If the executor wishes, we communicate with all third parties regarding the collection and valuation of the decedent's assets, the payment of creditors and the payment of taxes. We can also offer assistance in communication with beneficiaries if the executor prefers not to do so directly.
Our representation of an estate would also include tax planning and our guidance to beneficiaries of IRA and other retirement plan benefits. Additionally, we offer recommendations with respect to the many tax decisions and tax savings techniques that are available to the executor relating to the various income and estate tax returns.
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