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The basics of probate administration

Probate administration sounds like a daunting term for many people. When their loved one passes away, they are often confused as to how the estate should be processed and how beneficiaries will be able to gain their inheritance.

The probate process is probably not as complex as you think. It's the process of dealing with a person's estate after they pass away, and it's overseen by the court. This makes it a reasonably lengthy and costly process, but it does not need to be a burden. If your loved one has recently passed away, the following are some basic things that you should know about probate.

The executor of the estate

In most cases, the person who makes a will names a person whom they want to be the executor of their estate. This person will have the responsibility of overseeing the entire probate process.

Property collection

The first thing that the executor will need to do is to collect all property. This will involve locating all bank accounts of the deceased person and creating an inventory of all property that belongs to the estate.

Paying all debts

Using the property collected, the executor will then have the power to settle all debts. This will include paying bills and taxes.

Gaining all income

The deceased person may have rights to income through dividends and claims. These will also need to be collected by the executor.

Distributing to heirs

When all property has been gathered and all debts have been settled, the executor must then follow the instructions of the will and distribute the remaining assets to all beneficiaries.

In most cases, the probate process is not complex and is finalized smoothly. However, if a beneficiary decides to dispute the will, this can create a much more complex situation. If you have recently lost a loved one in Ohio, make sure that you understand the details of the probate process.

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