After your loved one passes away, you may be inheriting some assets. However, if your loved one’s estate is passing through Ohio probate, you may end up waiting several months or longer to receive the inherited assets.
If the lengthy probate process in Ohio has caught you off guard, you may want to consider requesting a cash advance on your expected inheritance. This money allows you to work toward satisfying any short-term financial needs you have while waiting for the case to move through the proper legal channels.
At Rockpoint Probate Funding, we offer these types of cash advances. We can help you understand the advantages and disadvantages of using this process. Having an understanding of how Ohio probate laws work also can be beneficial in deciding which steps to take.
How Long Does Ohio Probate Take?
When your loved one’s estate is in Ohio probate, the personal representative and courts need at least six months to complete all the steps. Creditors receive up to six months from the time they receive notice of your loved one’s death to file any claims.
However, if issues with the estate exist, the process could take significantly longer. Such issues may include:
- No will, requiring the use of intestate succession
- Errors in the will
- Disputed will among heirs
- A large number of assets
- A large number of creditors
- Assets that are difficult to value
- Any tax issues
The probate process requires following a certain number of steps. Shortcuts typically are not possible. When complexities arise, they lengthen the timeline.
If you are experiencing frustration with the length of time the process is taking, Rockpoint Probate Funding offers a cash advance option. Receiving some cash while waiting for the estate to move through the full Ohio probate process may greatly benefit you right now.
Do Small Estates in Ohio Go Through Probate?
Most wills and estates must go through the probate process in Ohio. However, according to the Probate Division of Ashtabula County Court, some exceptions do exist for estates that have a limited value:
- Under $40,000: If the estate does not pay the burial and funeral expenses, the value of the estate cannot exceed $40,000.
- Under $45,000: If the estate paid for burial and funeral expenses, the estate can add those expenses to the value. You cannot add more than $5,000 to the estate’s value for these expenses, no matter the actual cost.
- Under $100,000: If your loved one has a surviving spouse who is the only beneficiary, an estate with a value of up to $100,000 can use this expedited process.
- Under $35,000: If your loved one has no surviving spouse, the estate’s value cannot exceed $35,000.
If you file under this small estate affidavit, you will file with the county court. The review of your application can take up to two weeks. The court then needs another 60 days to file its final report for the judge to review and potentially approve.
Avoiding Probate With a Living Trust
If your loved one took some estate planning steps ahead of time, the estate could avoid Ohio probate.
According to Ohio State University, setting up a living trust is one of the best ways to skip probate. The trust takes control of the assets and manages them through a trustee. Your loved one can serve as the trustee until the time of death.
Because the trust holds the assets, leaving nothing in your loved one’s name, those assets do not need to go through probate when your loved one dies. The trust has instructions that spell out when the assets pass to the beneficiaries and who receives each asset.
The downside to avoiding probate using a living trust is that your loved one must have set up this document while living. Otherwise, this option will not be available to you.
Steps Required for Managing Probate in Ohio
When your loved one’s estate goes into probate, it must go through several steps, according to the Ohio State Bar Association:
- The court names an executor who oversees the process. Often, the court appoints the person named as the executor in the will.
- If the will names no one as an executor or no will exists, the court can select someone related to the estate, usually called an administrator. This entity could be a person, a bank, a lawyer, or a trust company.
- The executor cares for the property and takes an inventory of all assets, assigning a value.
- The executor notifies creditors and potential heirs of the death.
- The executor collects claims from creditors, determining which ones are valid and paying them.
- The executor pays any taxes that the estate owes.
- The executor verifies the names and contact information of the estate’s beneficiaries.
- After making all payments, the executor carries out the distribution of the remaining assets to the heirs.
The executor or administrator may receive payment for the work because performing all these steps takes considerable time and skill. Ohio Revised Code Section 2113.35 sets the allowable executor compensation, which depends on the estate’s value.
Rockpoint Probate Funding’s Cash Advances Can Help You Avoid Ohio Probate Delays
Although probate is necessary to verify the decedent’s will, it can also create frustrating delays in passing the inherited assets to the heirs. If you are experiencing some of these delays, you may qualify for a cash advance from Rockpoint Probate Funding.
We base the amount you could receive on the projected value of your inherited assets. We do not use your employment history or credit score to determine your maximum cash advance amount. Neither do we place restrictions on the way you can use the cash.
A cash advance can help you with debts or desired investments now, rather than waiting several months or more to complete the Ohio probate process. To discuss the pros and cons of how a cash advance on your inheritance could work in your situation, reach out to Rockpoint Probate Funding at (323) 484-1063 today for free.
