Estate and Probate Attorney in Cincinnati Ohio » assets

Filing of the Inventory

admin — Tue, 29 Mar 2011 08:44:48 +0000

The executor/administrator must file with Probate Court an inventory of the estate assets. The inventory is due within three months of being appointed. The Court can extend the time for filing of the inventory. This is a detailed list of...
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How do I value assets?

admin — Tue, 29 Mar 2011 08:44:00 +0000

All assets owned by the decedent as of the date of death are valued at fair market value. Therefore, many assets like; real estate, closely held family businesses, antiques, and collections need to be appraised by a professional appraiser. Stocks and bonds are evaluated by looking at the stock market on the date of death. The value for investments like stocks is the average of the low and high for the date of death. If a person dies on a Saturday or Sunday, then you must average the high and low on Friday and Monday. Bank accounts and certificates of deposit are determined by looking at the balance as of the date of death. The fair market value of the assets in an estate is the basis for probate, estate taxes, and fee calculations.

How do I find assets?

admin — Tue, 29 Mar 2011 08:43:10 +0000

The executor will typically locate assets by going through the decedent’s personal records and mail, a review of the past two years of income tax returns, and a review of canceled checks for the past year. One of the first things to do is to redirect the decedent’s mail to the executor. In the mail you will find monthly bank statements, quarterly dividend checks, semi-annual interest payments on bonds, bills, credit card statements, and other clues as to the identity of assets and debts of the decedent. You can also locate assets by talking to the decedent’s accountant, financial planner, stockbroker, insurance agent, or attorney who may be familiar with the decedent’s financial affairs.

Powers and duties of the Executor/Administrator

admin — Tue, 29 Mar 2011 08:40:15 +0000

An executor or administrator of an estate is the person who is responsible for the administration of the estate. They must identify and evaluate the assets. They must identify and pay all bills. They are responsible for selling the assets that need to be sold and all tax filings for the decedant and the estate. Finally, the executor distributes the assets in accordance with the terms of the will or state law if there is no will.

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

What Assets Go Through Probate?

admin — Tue, 29 Mar 2011 08:32:58 +0000

Whether an estate goes through probate or not, depends on how the decedent held assets and what types of assets were owned at the time of death. Certain assets have to go through probate, other assets do not.

The following is a list of assets that typically avoids probate:

Jointly held property with rights of survivorship
Life insurance and annuities with a named beneficiary
Retirement plans, IRAs, and pensions with a named beneficiary
Assets held in a Living Trust at the time of a decedent’s death
Payable on Death (POD) bank accounts
Transfer on Death (TOD) affidavits for real estate
Transfer on Death (TOD) stocks, bonds, and brokerage accounts
Transfer on Death (TOD) automobile titles

All other assets that are titled in the decedent’s individual name alone or where no beneficiary is named must go through probate.

What Is a Last Will And Testament?

admin — Tue, 29 Mar 2011 08:23:14 +0000

A last will and testament is a legal document that identifies where your assets go once you have passed away. There are three main questions answered in a will. First, what happens to your assets when you die? Second, who is the executor of your estate? Third, who will be the legal guardians for your minor children?

In your will, you can identify where your property goes upon your passing. You can be specific as to which assets passes to which beneficiary. For example, “I want my house on Main Street to go to my brother, Steve”. You can also be general as in “The remainder of my estate shall be distributed equally to my two children”. You can create second levels of beneficiary such as “I want my Procter and Gamble stock to go to my sister, Betty if living and if not to my nephew, Tom”.

The executor named in a will is the person or entity that will conduct business on behalf of your estate. They are appointed by the Probate Court and will have legal authority to sell you assets, pay your bills, file your taxes, and to make distributions as indicated in your will. The executor can be a person like your spouse, child, or brother. The executor can also be a bank or Trust company. The executor has a fiduciary duty to follow the terms of your will and Probate Court supervises the process.

The guardian named in your will becomes responsible for your children who are under the age of 18. The guardian exercises parental control and has the same parental power as if they were in fact the parent. In Ohio you may name a parent, sibling, or friend not related to you or the child. Ohio allows out of state guardians to be appointed.