Often, the process of probate can be time-consuming and stressful for those involved. Parties can find disputes within the process an overwhelming experience.
However, many of the trying factors in probate proceedings can be the result of misconceptions. Identifying some of the common misconceptions about probate in Ohio could make the procedure more bearable. Outlined below are three of the more widely circulated misconceptions about probate.
Probate fees are always extremely expensive
Frequently, the fees involved in probate only take up a small percentage of the combined estate. Having said that, the more conflict involved in probate proceedings, the higher the cost is likely to be. As a result, having a solid estate plan in place could provide a means of reducing probate costs.
Probate always takes years to complete
Although there are certain waiting periods set aside for creditors to make claims, once all debts and taxes have been satisfied, the estate can generally be closed. In fact, attorneys frequently settle estates within a one-year period.
That being said, where challenges are brought against the will or estate, or where the estate contains vast amounts of complex assets, the procedure can take longer.
The state will always keep all assets
Different states have various laws on probate. However, it is often the case that surviving children will inherit the estate. If no immediate relatives can be traced, then assets will commonly go to a more distant relative. As a whole, assets will only go to the state in cases where no relatives can be traced.
Understanding the common misconceptions about probate could ensure that you are better placed to make plans for the future. It is important to understand that you have legal rights and protections in Ohio.