The Ohio probate process can be daunting to navigate at the best of times, but when the estate includes rental property, the process becomes even more complex. If you are serving as executor or personal representative of an Ohio estate that includes income property, there are some important factors you must take into account. Here are some things you need to consider if you are dealing with rental property in probate.
If the deceased owned rental property, you, as executor, may need to step in and take action regarding the property, but this depends on how the property was held. If the property was held in trust, it will not need to go through probate at all, and will be managed by the named trustee.
If the property was not held in trust, but was held jointly with another person, the form of ownership will be important in determining what happens next. If the property was held as joint tenants with rights of survivorship, it will not go through probate. The surviving joint tenant(s) will automatically take the deceased person's interest in the property. If the property was held as tenants-in-common, there is… Read More
If you are serving as the guardian over the property of a legally incapacitated adult, you are well aware of the responsibilities involved in managing your ward's property. Under Ohio law, guardians are now able to enter into consent sales of real estate in guardianship cases, if the sale of the ward's interest in real property is in the best interest of the ward. This ability facilitates the process of selling real estate for the ward's benefit.
There are four requirements to allow a consent sale to take place. First, the ward's spouse, if any, and any person entitled to inherit the real property from the incapacitated person must consent to the sale of the property. This consent must be in writing and filed with the probate court. Most county probate courts have specific forms for this purpose.
Second, when all necessary consents are filed, a bond must be executed in an amount that the probate court deems sufficient. Third, the sale of the real property must be at least 80% of the appraised value of the property as determined within the two years prior to the sale.
Lastly, in order for a consent sale of real estate to take place in a guardianship case,… Read More
Inheriting a family home may be bittersweet: you have the opportunity to carry on family traditions in the family homestead, but the fact that the home is in your hands means that some of the family is no longer there with you. For some people who inherit a home, though, it is more bitter than sweet. The logistical issues of dealing with the property outweigh any happy memories or hopes for future good times there. This is especially true for heirs who left home and moved across the country, only have to deal with their late loved ones' house back in Ohio.
What do you need to do if you inherit your parents' home, or that of another relative? Here are five things to put on your to-do list.
When you live in a home, you take care of it: mow the lawn, clean the house, repair things that are broken. When a house is unoccupied, the home's exterior and yard can quickly become unkempt, and issues like a leak or a burst pipe that would quickly be dealt with in an occupied home can go unnoticed, leading to significant damage. If possible, try to enlist the help of a trusted neighbor or nearby relative to regularly check o… Read More
One of the many duties of an executor or administrator of an estate is the management of the deceased person's property. Sometimes, that management involves the sale of property. How, exactly, does one go about selling property in probate that belongs to a decedent's estate?
First things first: unless you are the executor or administrator (also known as the personal representative of the estate), you don't sell or transfer any of the property of the estate. You could find yourself in legal trouble if you do. If you are the personal representative, the procedure for selling property depends partly on the circumstances and partly on the type of property.
If the deceased person's will authorizes the personal representative to sell real or personal property, the personal representative need not seek court approval prior to the sale. Ohio probate law, specifically Read More
If you own a timeshare, you probably purchased it so your family would have a place to vacation together and create lasting family memories. For many people, the timeshare is a place they envision their family returning to year after year. But what happens when the owner of a timeshare dies?
To know what will happen to your timeshare when you die, take a look at the deed. If it is in your sole name, or in your name as "tenants in common" or "joint tenants" with another person, without any survivorship rights mentioned, it will have to go through probate. If it's yours alone, that's one thing; if it's held together with someone else, it gets even messier.
If you own your timeshare together with someone else, say, a sibling, with no rights of survivorship, then if one of you dies, that person's interest in the timeshare goes through probate. So if your brother dies, you may find yourself owning a half-interest in the timeshare, while his half-interest passes through probate to his children.
On the other hand, if you have a Read More