How Ohio Probate Works (And 3 Ways To Avoid It) | Ohio Estate Planning
Probate is the court process that decides what happens to everything you own after you die. In Ohio, it is slower and more expensive than most families expect. On a $1,000,000 estate, Ohio probate commonly costs $30,000 to $70,000 and takes 6-12 months before your family can access what you left them. The good news: most of it is avoidable if you take a few deliberate steps while you are still living.
Andrew C. Goodwin, Esq., Principal Attorney at Rhodium Law, walks through exactly how Ohio probate works, step by step, what’s different about Ohio compared to certain other states, and three legal strategies Ohio professionals can use to keep their estates out of probate court.
What this video covers:
• What probate actually is, in plain English, and the five steps every Ohio estate goes through
• The real cost of Ohio probate: 3 to 7 percent of the estate, on $500K, $1M, and $2M examples
• What’s distinctive about probate in Ohio (no Uniform Probate Code, a rigid intestacy formula under Ohio Revised Code 2105.06, and mandatory formal administration)
• Way 1: Beneficiary designations and Ohio Transfer-on-Death / Payable-on-Death titling
• Way 2: Joint ownership with rights of survivorship, what it solves and the trap it creates
• Way 3: A properly funded revocable living trust, and why “funded” is the word that makes or breaks it
• The two questions people always ask about trusts and taxes
These probate cost ranges (3 to 7 percent, or roughly $30,000 to $70,000 on a $1M estate) are the general figures attorneys and financial planners use for Ohio. They are educational estimates, not a quote, and they vary by county, estate size, and complexity.
CHAPTERS
0:00 The real cost of Ohio probate
0:54 Why this topic is personal for me
2:04 What probate actually is
2:42 The 5 steps of Ohio probate
4:18 The 3 to 7 percent reality
5:50 Why Ohio is not a forgiving probate state
7:41 The 3 ways to avoid Ohio probate
8:01 Way 1: Beneficiary designations and TOD / POD
9:28 Way 2: Joint ownership and its traps
10:39 Way 3: A funded revocable living trust
12:28 Two questions people always ask
13:52 The toll booth at the end of the road
15:22 Free guide and next steps
FREE GUIDE
Download our plain-language guide, “The Ohio Probate Trap: What Happens To Your Home, Your Retirement, And Your Family If You Don’t Have A Plan.” It goes deeper than this video, and it is free, no credit card required:
https://clevelandwillsandtrusts.com
WORK WITH RHODIUM LAW
When you are ready to put your plan in place, visit rhodiumestateplanning.com and click “Book Vision Meeting.”
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DISCLAIMER: Andrew C. Goodwin is an attorney licensed in the State of Ohio, but watching this video does not make him your attorney and does not create an attorney-client relationship. This video is general information about Ohio estate planning law, not legal advice, and should not be relied on for your specific situation. Estate planning law varies by state and changes over time. If you are ready to create or update an estate plan, please consult a licensed attorney who can review and discuss your specific circumstances.
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