Eight Ways to Avoid Probate Legally in Ohio

Addressing each of the probate avoidance techniques in Ohio and the applicable laws involves a detailed explanation. Here's an overview:

1. Set Up Payable-on-Death Accounts (PODs)

   • Ohio Laws: Ohio Revised Code § 1707.041 governs POD accounts.
   • Process: Complete the paperwork provided by your bank or financial institution to name a beneficiary. If the beneficiary predeceases you, the funds may revert to your estate. You can change beneficiaries or cancel the designation at any time. After your death, the beneficiary can claim the money with proof of identity and your death certificate.

2. Name a Beneficiary for Your Retirement Accounts

   • Federal Laws: IRS regulations affect retirement accounts, especially regarding Required Minimum Distributions (RMDs).
   • Process: Designate a beneficiary directly with your retirement account provider. The beneficiary designation form will dictate who receives the account's assets upon your death.

3. Name a Beneficiary for Stocks and Bonds

   • Transfer-on-Death Registration: Ohio’s Transfer on Death Security Registration Act allows for TOD registrations.
   • Government Bonds and Notes: Federal regulations govern the transfer and registration of government bonds and notes.

4. Name a Beneficiary for Vehicles

   • Ohio Laws: Under Ohio Revised Code § 2131.13, you can name a beneficiary for your vehicle through a Transfer-on-Death (TOD) registration.
   • Process: File a TOD designation with the Ohio Bureau of Motor Vehicles. Joint ownership with the right of survivorship is another option.

5. Name a Beneficiary for Real Estate

   • Transfer on Death (TOD) Deeds: Governed by Ohio Revised Code § 5302.22.
   • Process: To use a TOD deed, you must prepare, sign, and record the deed with the county recorder’s office. The deed can be canceled or changed under certain conditions. Upon your death, the new owner can claim the property by recording your death certificate and an affidavit.

6. Hold Property in Joint Ownership

   • Types of Joint Ownership: Joint Tenancy, Tenancy by the Entirety (not recognized in Ohio), and Community Property (not recognized in Ohio).
   • Ohio Laws: Ohio law recognizes joint tenancy with right of survivorship, which automatically transfers ownership to the surviving owner(s) upon death.

7. Create a Living Trust

   • Avoiding Probate: A living trust, when properly executed and funded, bypasses probate.
   • Process: You need to create a trust document and transfer property into the trust. You can amend or revoke a living trust during your lifetime. It’s important to maintain records and understand tax implications.

8. Special Procedures for Small Estates

   • Ohio Laws: Under Ohio Revised Code § 2113.03, small estates might be eligible for a simplified probate process or transfer by affidavit, depending on the value of the assets.
   • Process: You can claim wages with an affidavit, and other assets may be claimed similarly if the estate qualifies as "small" under Ohio law.

Remember, while this provides a general guideline, it's crucial to consult with a legal professional for specific advice and to ensure compliance with all relevant laws and regulations. Legal requirements can vary based on individual circumstances and the complexity of the estate.