Probate Administration

What is Probate? 

Probate is the court process to enable a court-appointed fiduciary (Executor or Administrator) to handle the following:

  • Collect assets

  • Identify beneficiaries

  • Identify creditors

  • Pay creditors

  • Distribute net estate

When is Probate necessary?

Probate is necessary (typically) only when a person dies having had sole ownership of an asset without a beneficiary designation (examples: vehicle, savings account, etc.)

 

If I'm already someone's Power of Attorney, don't I already have the authority to do these things?

No - a Power of Attorney is no longer valid when someone passes away.  You  must get court authority to handle their affairs.

 

What is required of an Executor?

  • After the Executor's appointment, within 60 days they must file an inventory of the deceased person’s property with the court.  
  • They must then file Periodic Reports setting forth how much money and  property they have received/distributed as the Executor, along with a Final Report of Settlement at the time the estate is closed. 
  • Depending on the amount of the estate assets, an Executor will need to obtain a surety bond (unless either the Judge or the Will waives same).  

 

Probate Avoidance Strategies:

  • Trusts
  • Joint ownership
  • Contracts with beneficiary designations (e.g. life insurance, annuities, retirement plans)
  • P.O.D. and T.O.D. accounts

 

Matthew L. Darpel

Attorney at Law &

Financial Advisor

507 Centre View Blvd.

Crestview Hills, KY  41017

(859) 341-4100

Fax:  (859) 341-7630

For over 30 years,

Matt has been providing counsel to seniors and

their families, focusing on:

-Elder Law

-Estate Planning

-Medicaid Planning

(including obtaining

Medicaid Benefits)

-Probate Administration

Matt has been named Leading Cincinnati area

"Elder Law Attorney"

by Cincy Business Magazine

every year since 2006

MARTINDALE.COM

 

 

 

 

 

 

 

 

 

 

 

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