The transfer is usually accomplished by directing the appropriate financial institutions to distribute the assets in kind or cash as the case may be. Before closing the estate, the estate fiduciary can transfer the account assets to the appropriate beneficiaries or liquidate as needed to sustain the costs of estate administration or pay critical obligations. Once the accounts are transferred into the name of the estate, the estate fiduciary has more control over the accounts. An experienced Cleveland probate attorney will know what documents to present and which forms are needed for which financial institution. Because everything is computerized and identity theft has become so prevalent, banks and investment houses want certain forms completed and additional confirmations of the legitimacy of the transfer. Nowadays, however, most bank and financial institutions have particularized processes for the release of decedent assets to the estate, so it is highly probable a death certificate and letters will not be enough. In order to transfer a bank or brokerage account from the decedent’s name to the estate, the estate fiduciary usually needs to provide the financial institution which is holding the funds in the name of the decedent with a copy of the death certificate and his letters of authority to act on behalf of the estate.
As such, new accounts will be set up under the tax identification number of the estate. Typically, an estate fiduciary will transfer all of the decedent’s bank and brokerage accounts to the name of the estate during the administration. Such programs usually have strict income and property thresholds which leaves elder decedents with much smaller estates usually only comprising of an exempted personal residence and small expense account. The most common personal property an estate fiduciary will handle are bank and investment accounts, especially if the decedent was on Medicaid or other government assistance. When a fiduciary deed is used, the grantor is the fiduciary and is effectively “stepping in the shoes” of the decedent for purposes of the transfer. In such circumstances, a fiduciary deed would be executed by the estate fiduciary in order to convey the property. Real property might be sold during estate administration to resolve outstanding obligations or expenses of decedent, or if the decedent was under contract to selling certain property. The procedure for transferring real property from an estate to someone other than a designated beneficiary, for example if real property is sold by an executor, however, is not handled by a certificate of transfer. This certificate of transfer is the document that actually transfers title for the real property to the relevant beneficiaries denoted in a will. Within five days of filing the application for certificate of transfer that is statutorily compliant, the probate court will issue a certificate of transfer to be recorded in the land records where the property is located.
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The required contents, as mandated by Ohio law, for this application are found under Ohio Revised Code § 2113.61(A)(2). What documentation is exactly needed, however, depends largely on the type of property passing, the relevant ownership rights within such property, and also whether the property is countable as a probate or non-probate asset.įor real property that was owned by the decedent and which passes through probate, the estate fiduciary must file an application for certificate of transfer of real property with the probate court. With regard to estate property, usually the Ohio executor or administrator, sometimes even a beneficiary, must ensure that the proper documentation has been completed in order to transfer the ownership of all property whose interest is passing due the passing of decedent. As always, a local Cleveland, Ohio probate attorney is in the best position to inform you on applicable rules and considerations, a quick phone call can save you a lot of time, money, and headaches. Well, just like everything else regarding estate and probate law, there are rules at follow. The transfer of property is what everyone thinks about when talking about probate, who gets what and when. It is wise to always hire/consult an experienced estate planning attorney to help you navigate through the questions you may have.Įstate fiduciaries are charged with many obligations and responsibilities during estate administration, the most visible of which is the transfer of real and personal property to designated parties and legitimate creditors.
Baron Law, LLC answers questions for you on transferring property to heirs and beneficiaries while acting as an executor of an estate.
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