The last phase in a Full Administration Probate Estate in Ohio is the Accounting Phase. As the name implies, we will take a final accounting and present the court with documentation of debts as well as propose distributions that honor the testator’s intent in a valid will or follow the state statute. A partial account or final distributive account is due within six months of appointing a fiduciary (executor/administrator). The fiduciary typically works with a probate estate attorney to assist them in this process.

In the video, Andrew Pfeiffer at Pfeiffer Law in Akron, Ohio, explains the accounting of the estate and common issues faced during this phase of the administration. These are the monies or the assets that came into the estate. This accounting includes any debts presented or any monies fronted by any third-parties that need to be reimbursed. Ultimately, based on the last will or the statute of descent and distribution, the final accounting will determine what happens to assets and debts within the estate. The final accounting phase is also where spousal rights come into play. If the estate has a surviving spouse in Ohio, they have spousal rights or spousal elections that can come into play during the pendency of the estate.

The final distributions will come from the estate, and the probate court will then release the bond (when appropriate) and discharge the fiduciary. Everyone who is an interested party will have an opportunity to be heard. This is where debts will be accounted for and validated. Assets may be liquidated or distributed in kind to beneficiaries/heirs. Once the estate is closed, there is generally no further obligation for any parties to the court.

If you want to understand Full Administration Probate Estates in Ohio, consider subscribing to Pfeiffer Law’s YouTube channel.

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