Ohio doesn’t always require probate filing, whether the decedent left a will or not. Estates can remain unsettled for years with assets still in the decedent’s name if no one starts the probate process. However, this can cause issues for heirs and beneficiaries. Here are three main concerns.
Difficulty in gathering documents
Over time, important documents become harder to find. People can lose or destroy bank statements, tax records and property deeds. Financial institutions may also limit access to older records. Waiting too long to seek legal help or estate management can make it challenging to prove ownership or the value of assets.
Risk of asset loss or devaluation
Neglected assets may lose value. Real estate might deteriorate without upkeep, and investments could underperform without active management. Thieves might steal physical assets, or family members could misplace them. Assets, especially technology or business interests, might also become outdated.
For example, a vintage car left in storage might rust, reducing its value. Similarly, a collection of rare electronics could become obsolete if no one properly manages or sells them in time.
Potential legal issues of the delay
Putting off probate can lead to legal problems, such as:
- Creditors trying to recover debts
- Expiration of time limits for certain claims
- Beneficiaries suing the estate administrator for mismanagement
- Growing tax obligations that could reduce the estate’s value
Starting probate as soon as possible can help avoid these risks. If you’re a beneficiary or potential administrator, consider filing soon after the decedent’s death. This can lead to a smoother estate settlement.
While you don’t have to file for probate immediately after someone dies, you should think carefully about when to start the process.
