In this episode Andrew discusses the difference between probate and non-probate assets and how they transfer. Probate occurs when a person dies while owning assets held only in their individual name. When a probate asset is identified then an estate often needs to be opened in the county where that person was domiciled upon their death. Thereafter, the Probate Court will determine if the person died testate or intestate meaning with or without a last will and testament. If the person died testate, the Court would seek to honor the testators’ intentions as identified in the will. If there is no will in place the court will look applicable statutes such as the statute of descent and distribution to determine who the decedent’s heirs at law are.

While probate is not all bad, people want to avoid probate for many reasons including privacy, time, and the costs associated with it. Common non-probate transfers include POD/TOD Beneficiaries and Trusts. An individual or organization can be a beneficiary.

An estate planning, business, and asset protection attorney like Andrew Pfeiffer can help you plan your will, trust, and beneficiaries. Pfeiffer Law proudly serves Akron and surrounding areas in Northeast Ohio.


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