After someone dies, handling their property can feel overwhelming, especially when you are responsible for the estate and unsure where to begin. Ohio law gives you a defined process for identifying and reporting property that belongs in the probate estate. Understanding that process can help you handle this early responsibility without overlooking important details.
Here is what you need to know when preparing and filing the inventory.
Identify the probate assets
Start by identifying the property that falls under probate administration. This generally includes real property located in Ohio along with tangible and intangible personal property that you need to administer and that has come to your possession or knowledge.
You may need to review records and accounts to locate items such as:
- Real estate
- Bank and investment accounts
- Personal property
- Other assets subject to probate
Not everything the deceased owned necessarily belongs on the inventory, so pay attention to how each asset passes after death.
Determine the assets’ values
You generally must report each asset’s value as of the date of death. Ohio law does not require a separate appraisal for an asset with a readily ascertainable value, but you still must include it in the inventory.
For property that requires an appraisal, work with the appropriate professional to establish its value rather than relying on an estimate.
File the inventory on time
You generally must file the inventory with the probate court within three months after your appointment as executor or administrator. The court may grant an extension when you can show good cause.
Missing this deadline can create an avoidable problem during estate administration, so keep track of the filing date from the beginning.
Account for specific estate property
Ohio law also requires the inventory to address certain financial interests connected to the estate. Depending on the circumstances, you may need to report securities, debts owed to the deceased, accounts receivable and money that has come under your control.
The inventory also must state whether, to the extent you can determine, an Ohio estate tax return will need to be filed.
Report newly discovered assets
Finding another asset after filing the original inventory does not mean you have missed your only opportunity to report it. Ohio law requires you to file an itemized report of newly discovered assets with an estimated value within 30 days.
You must then administer, account for and distribute those assets in the same manner as other estate property.
Get the inventory right from the start
Preparing an accurate inventory requires more than making a quick list of property. Going through the estate’s records carefully and addressing unusual or difficult-to-value assets early can help prevent problems later. If you have questions about what belongs in the inventory or how to value a particular asset, reviewing the estate with an attorney can help you determine the appropriate next steps.
