Estate and Probate Attorney in Cincinnati Ohio » inventory http://www.ohioprobateanswers.com Cincinnati Probate Attorneys: Elliott Stapleton, D. Todd Rush, and John Cornetet Thu, 05 Jan 2017 20:48:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.2.39 Objections to the Inventory http://www.ohioprobateanswers.com/inventory-appraisals/objections-to-the-inventory/ http://www.ohioprobateanswers.com/inventory-appraisals/objections-to-the-inventory/#comments Tue, 29 Mar 2011 08:45:57 +0000 http://032b5f3.netsolhost.com/wordpress/?p=83 Read more]]> Objection concerning the inventory may come from three areas.  There are items on the inventory that are owned by someone else, there are missing assets not included on the inventory, or the value of the assets listed is incorrect.  If objections are filed, then the Court will have a hearing to determine the validity of the objections and will correct any errors in the inventory accordingly.

]]> http://www.ohioprobateanswers.com/inventory-appraisals/objections-to-the-inventory/feed/ 0 Notice to Heirs http://www.ohioprobateanswers.com/inventory-appraisals/notice-to-heirs/ http://www.ohioprobateanswers.com/inventory-appraisals/notice-to-heirs/#comments Tue, 29 Mar 2011 08:45:16 +0000 http://032b5f3.netsolhost.com/wordpress/?p=81 Read more]]> The heirs and beneficiaries must receive a copy of the inventory by certified mail or must waive notice.  Once notice is received, each beneficiary has five days before the hearing date on the approval of the inventory to file objections to the inventory.  If no objections are filed, the inventory is approved by the Court.

]]> http://www.ohioprobateanswers.com/inventory-appraisals/notice-to-heirs/feed/ 0 Filing of the Inventory http://www.ohioprobateanswers.com/inventory-appraisals/filing-of-the-inventory/ http://www.ohioprobateanswers.com/inventory-appraisals/filing-of-the-inventory/#comments Tue, 29 Mar 2011 08:44:48 +0000 http://032b5f3.netsolhost.com/wordpress/?p=79 Read more]]> 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 all of the assets of the estate with the fair market value of each asset.

]]> http://www.ohioprobateanswers.com/inventory-appraisals/filing-of-the-inventory/feed/ 0 What is the Timetable for an Administration? http://www.ohioprobateanswers.com/probate-law/what-is-the-timetable-for-an-administration/ http://www.ohioprobateanswers.com/probate-law/what-is-the-timetable-for-an-administration/#comments Tue, 29 Mar 2011 08:29:56 +0000 http://032b5f3.netsolhost.com/wordpress/?p=50 Read more]]> Typically, the estate administration process takes ap­proximately six months to one year. More complicated estates may take longer. The timetable for various tasks is as fol­lows:

  • One month – file the will and have the fiduciary appointed (i.e., the fiduciary is called an executor if there is a will, or an administrator if there is no will)
  • Three months – will contest period ends and the inventory is filed
  • Six months – creditors must make claims or else their claims are barred
  • Nine months – estate tax returns are due
  • Six months to one year (or more) – make final distributions to the heirs and file the final account

 

For a detailed list of due dates and a typical timetable, see:

http://www.probatect.org/services/instructions/pdf/fullAdministrationInstruct.pdf

]]> http://www.ohioprobateanswers.com/probate-law/what-is-the-timetable-for-an-administration/feed/ 0 What Are the Steps of Probate? http://www.ohioprobateanswers.com/probate-law/what-are-the-steps-of-probate/ http://www.ohioprobateanswers.com/probate-law/what-are-the-steps-of-probate/#comments Tue, 29 Mar 2011 08:29:06 +0000 http://032b5f3.netsolhost.com/wordpress/?p=48 Read more]]> 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
]]> http://www.ohioprobateanswers.com/probate-law/what-are-the-steps-of-probate/feed/ 0