Estate and Probate Attorney in Cincinnati Ohio » account

Objections?

admin — Tue, 29 Mar 2011 08:49:22 +0000

Just like at the opening of the estate and the filing of the Inventory, the beneficiaries can file objections to the account five days before the hearing.

Who gets notice?

admin — Tue, 29 Mar 2011 08:48:47 +0000

The heirs or beneficiaries must receive a copy of the account by certified mail or must waive notice. Once notice is received the beneficiary has five days before the hearing date on the account to file objections to the account. ...
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What is an accounting?

admin — Tue, 29 Mar 2011 08:48:20 +0000

Once all of the bills have been paid and all of the assets have been sold or distributed, the executor/administrator has to prepare and file with the Probate Court a final account. This shows the Court all of the assets that have come into and gone out of the estate. The executor must bring all cancelled checks and receipts as well as closing statements from the sale of real estate. The Probate Court verifies that the estate has been properly distributed. The first accounting is due in nine months. Subsequent annual accounts are due until the final account is filed and the Court close the estate and discharges the executor/administrator.

What Are the Steps of Probate?

admin — Tue, 29 Mar 2011 08:29:06 +0000

The steps of going through probate include the following:

File the will with the probate court
Send notice of the filing of the will to all persons listed in the will and those who would inherit if there was no will or the will was invalid
Have the executor (or administrator when there no will) appointed. Once appointed, the Probate Court issues a court order called “Letters of Authority”
Appraise and value the assets
File an inventory listing the assets in the probate estate
Send notice of the filing of the inventory to the heirs
Have a hearing if any beneficiaries object to the inventory
Sell assets as needed to pay debts
Resolve will contests, if any
Resolve creditor claims, if any
File estate tax returns
Transfer and distribute assets to the heirs
File a final account showing all distributions from the estate

Is My Bank Account Frozen?

admin — Tue, 29 Mar 2011 08:17:21 +0000

Banks and other financial institutions will freeze accounts that are titled in the decedent’s name alone. You will need a tax release, death certificate, and Letters of Authority from Probate Court to have access to the account. A joint account with a surviving spouse will not be frozen and will remain fully and immediately available to the surviving spouse. A joint account, with someone other than a spouse, will be frozen if the account is greater than $25,000. You will have access to ¾ of the account without a tax release. The joint owner will need a death certificate and a tax release to gain access to any account larger than $25,000.