Many people are concerned with limiting probate expenses. There are some very substantial kinds of limitations which can often be accomplished by simple measures during a person’s lifetime. One example is the use of the “survivorship” real estate deed. While this is not appropriate for everyone for a variety of reasons, it can be a practical alternative for many people who wish a spouse to “inherit” their half interest in the marital home with a limited amount of expense. Ohio also has a non-probate method of transferring real estate that becomes effective at death, through a “transfer on death” affidavit procedure.
Costs associated with the transfer of bank and other accounts may also be reduced by the use of “survivorship” and other devices, such as the “payable on death” account method. While such assets are normally included within an estate for taxation purposes, they are typically excluded in certain other respects, and the costs necessary to complete the handling of a decedent’s estate will often be reduced on such items.
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