The Inventory and Appraisal phase is the second or middle phase of a Full Administration Probate Estate in Ohio. This is the phase where we will account and value assets. It’s important to note that there are decisions made in this phase that will affect taxes.
Remember, from our Full Administration Probate Estate in Ohio overview video, a Full Administration Probate in Ohio is an estate with over $35,000 in assets. People who die owning a home in only their own name a home, they will go through a Full Administration Probate.
Sometimes we will have real property appraised, businesses, collectibles, and collections, so we can understand the value of these things so we can move to the final phase.
Typically, a full administration probate takes about 10 months to a year. The inventory and appraisal phase takes place about 3 to 4 months into the probate process. Sometimes sooner, but on average, this is what we see.
Remember, in each of the three phases of the process, any interested party can come forward. If someone wants to contest assets, they can. An interested party can obtain their own lawyer at any point to present evidence fiduciary misconduct or motion the court to look at an issue.
Ohio is a notice-driven. Each interested party gets notice of who is involved, what is occurring or being asked of the court, what the assets are, etc.