• 4% of the first $100,000
• 3% of the next $300,000
• 2% of everything over $400,000
• And 1% of non-probate assets

The executor/administrator is also responsible for filing estate tax returns and income tax returns for the decedent and the estate.  They can be held personally responsible for their failure to file these returns.

In addition, they owe the beneficiaries of the estate a fiduciary duty.  In law, this is the highest duty owed to another.  The executor has a duty to protect, manage, and care for the estate assets as if the assets were his own.  If the executor/administrator is not careful and dilligent, he or she can breach the fiduciary duty owed to the beneficiary and be personally responsible.  For example, a house is worth $150,000.  The executor fails to get it appraised and sells it for $100,000.  He could be liable for the $50,000 in lost value.

The executor/administrator also agrees to:

• Give notice of the admission of the will to the heirs and beneficiaries
• Make and file an inventory with the Probate Court
• Deposit all funds in an estate account and to keep all records
• Keep estate funds separate
• Invest all funds in a lawful manner
• Make and file a distributive and final account with the Probate Court
• File all tax documents required by law
• Maintain insurance on the estate assets
• Obey all Court orders

The administrator must be from the State of Ohio.

This basic process is the same for the selection of the guardians for the minor children.  A guardian must be a resident of the State of Ohio and also a resident of the county where the ward resides.  There are four exceptions to this rule:

• The guardian is named in the will
• The guardian is selected by a minor who is over age 14
• The guardian is named in a power of attorney

The matter is set for a hearing.  Everyone who is an heir at law would receive notice by certified mail or waives notice.  For example, if a dad died, the heirs at law would be all of his natural and adopted children.

If all of the heirs consent to the appointment of the administrator, then the hearing is not necessary and the Court will appoint that person.  The Court will conduct a hearing to determine the suitability of the applicant to serve as administrator or pick one if two or more apply to serve as the administrator.

If you would like a free consultation, contact us with questions.

There are three levels of probate.  They are based on the dollar value of the assets that are going through probate.  The three levels are as follows.

Summary Release – The estate can be paid to the person who paid the funeral bill as long as the estate is less than $5,000 or the cost of the funeral, whichever is less.  Thus, if the bank account is $3,500 and the funeral bill is $1,500, then you have to do a Relief from Administration.  If there is a surviving spouse, a Summary Relief may be granted for an estate not exceeding $40,000 plus $5,000 for the funeral bill.

Relief From Administration – You can apply to have the estate relieved from administration if the probate assets are less than $35,000 payable to a non-spouse and $100,000 payable to a spouse.  You file an Application for Relief From Administration and the court will issue an order allowing the relief and appointing someone as commissioner to collect the assets.  This is considered a small estate procedure.

Full Administration – All other estates must do a full administration which includes appointment of the executor/administrator, filing of the inventory, waiting for the will contest period and creditor claim period to expire, and the filing of an account with the court.

• 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

The Court deals with will contest, estate litigation, creditor issues, and other problems that might arise in the administration.

The Court makes sure the executor follows the terms of the will or the law in distributing the estate to the heirs.  The Court requires notice and has hearing at each of the major steps to allow objecting parties to have their day in Court.