Ohio Inheritance Loans and Probate Advance Law
Jan 07 2019The Ohio probate process is one that many want to avoid because it is a lengthy process that traditionally takes between six months and a year to complete. But as much as most would like to be able to get around probate, Ohio probate laws are what allows the ownership of the property to transfer from the deceased to their heirs. Probate actually protects the interests of the deceased, estate heirs and beneficiaries, and even creditors who are owed a debt. And though the core probate process is very similar to the process in other states, there are some differences you may not be aware of.
What are Ohio Probate laws?Ohio probate laws, like the laws in other states, can be confusing and complex for those who have to deal with them. In Ohio, a decedent’s estate and the directives of how the estate should be divided must be reviewed by the probate court. If there is a will, it must be validated, and the executor of the estate but be given authority to carry out the directives in the will. The executor of the estate will have to follow all the steps required by the state of Ohio in order for probate to completed properly. Because of the complexities of the law, and the number of tasks that will need to be performed within established guidelines, executors should seek the assistance of an Ohio probate attorney. A lawyer knows the laws and deadlines, and how they are applied to an estate going through probate and can make sure all forms are filed properly and within the time limits.
What is the Probate Process in Ohio?At its core, the probate process in Ohio is similar to the rules in other states. An executor is appointed and begins identifying estate heirs by name, age, and relationship to the decedent. Then, the executor must find, inventory, and appraise all estate assets, and review all claims made against the estate for legitimacy and accuracy. The executor will also have to ensure all tax returns are filed and all income tax is paid. Once the final debts of the estate are paid, the assets of the estate can be distributed to its heirs. There are costs associated with probate in Ohio including court a deposit to open the estate, court costs, attorney costs, and there may possibly be accounting fees. If the estate cannot pay these fees, the heirs may need to. In Ohio, probate will last six months at minimum, and if the estate has to file federal taxes, probate may be extended for an additional 12 months, and if the will is contested, probate can last far longer.
What Property Must Go Through Probate in Ohio?Not all property must go through probate in Ohio. For example, if the value of an estate is less than $100,000 and the only heir is the decedent’s spouse, probate will not be required. In Ohio, assets, and property that have designated beneficiaries also do not have to go through probate. Bank accounts, retirement accounts, insurance policies should simply transfer to beneficiaries without going through probate. Assets that are designated as ‘transfer on death’ or ‘payable upon death,’ should also pass to beneficiaries without probate.
How Can You Avoid Probate in Ohio?You can avoid probate in Ohio with early planning. When you plan your estate, you can automatically assign ownership of certain assets to your heirs. The ownership of those assets will automatically transfer to your heirs when you die. Ensuring that all property is jointly held, that your assets have a designated beneficiary, and setting up a living trust are all ways that you can avoid probate and make sure the people you want to have your assets receive them after your death.
How Can You Access Ohio Inheritance Funds Immediately?If you need immediate access to your Ohio inheritance funds that are stuck in probate, you may qualify for a probate advance through Probate Advance. We give heirs and beneficiaries a fast, safe, and easy way to get their inheritance funds without having to wait for the lengthy probate process to end. Heirs and beneficiaries who qualify for a probate advance with us can have their inheritance funds in as little as 24 to 48 hours. In just two days, you can have your money wired to your account, so you can do the things you need or want to do without waiting years for probate to end.
How Do You Qualify for an Inheritance Cash Advance?To qualify for an inheritance cash advance in Ohio, you must be a verifiable heir or beneficiary to an estate that is currently going through the Ohio probate process. If you qualify, you will be eligible to get your money in as few as two days, maybe sooner. To find out if you qualify, all you have to do is complete the form or give us a call. Applying for a probate advance with us is simple, safe, and super-fast.
What Do You Need for a Probate Advance in Ohio?What you need for a probate advance in Ohio is simply some basic information about your probate case. We need some basic information about you and basic information about the case so that we can verify you are an heir or beneficiary. Once verified, we can issue your check or wire your deposit in 48 hours or less. Getting a probate advance with Probate Advance really is simple, fast, and easy. It doesn’t matter how long probate continues; you can have your money in just days.
What Areas of Ohio Qualify for an Inheritance Loan?You can receive an inheritance loan from anywhere in Ohio, including the following cities: