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Is there property not included in probate?

On Behalf of | Apr 12, 2019 | Probate |

The idea of having to go through probate in Ohio for a loved one’s estate can be intimidating. This process often goes quickly, but sometimes, it can drag on. It really depends on the circumstances. However, what you may not understand is that there are some types of assets that do not ever have to go through probate. Knowing what these are could help you when making your own estate plan.

The Ohio State Bar Association explains that some assets may be nonprobate property. These assets include anything that is jointly owned. If an asset is owned by the person who dies and someone else, it automatically goes to the living owner. Another type of nonprobate property is a trust. The nature of a trust already sets up who receives whatever you have in the trust. It does not need the court to step in and distribute it.

Payable on death or transfer on death accounts also can avoid probate. These, as with trusts, are already set up for ownership upon the death of the account owner. The same is true of any account that has a beneficiary. You have already named the person who receives the asset, so there is no need to make a judgement on that.

Nonprobate property really is anything that already has a legal setup of who receives the asset when you die. Generally, it involves a contract or legally binding document where you make your wishes clear and the transfer happens almost instantly upon your death. This information is for education and is not legal advice.

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