Probate is the legal process through which a deceased person's estate is administered. While it serves a necessary function in settling debts and distributing assets, it can also be time-consuming and expensive. In Ohio, probate can take anywhere from several months to over a year, and costs can include court fees, attorney fees, and other administrative expenses. By understanding these implications, you can take steps to avoid the probate process altogether.
Trustee(s) are in charge of handling all aspects of your trust. So, it is important to select your trustee(s) carefully. By better understanding the responsibilities of a trustee, you'll be better equipped to select the right person for the job.
There will come a time when someone needs to take over (either because of illness or death). When that time comes, it can be helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee manage accounts and property and another trustee handle distributions to beneficiaries.
Most people don't see the legal opportunities available to them. How can you make things a little smoother and easier with your estate disbursement?
