An executor under a will or an administrator is responsible for distributing assets of a deceased person to heirs and beneficiaries. However, before this happens, the deceased’s assets have to pass through probate: the legal process of documenting estate assets,...
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What you should know about claims against estates in Ohio
Debt does not vanish at death -- whether it is unpaid medical bills related to a final illness or unpaid credit cards or a personal loan. Creditors are permitted to collect debt after death by making a claim against the deceased person's estate. Ohio law establishes...
What traits are important in an executor?
As the years pass, you may look at what assets you own and what items you have in your possession and think seriously about the importance of handing them down to your loved ones in the future. Going through the estate planning process can seem confusing or...
What is the status of state and federal estate tax?
Death and Taxes. According to Mr. Franklin, these are two matters of which we can be certain. In Ohio, though, the two no longer necessarily go together. And, only if your estate is very large will your family have to pay funds from your estate to satisfy federal...
What do you know about choosing an executor?
You know you need someone to administer your estate, but you may not know who should serve in that role. What criteria should you prioritize? Kiplinger provides insights for selecting an executor with whom you are comfortable and who can care for your estate after...