If someone close to you has recently passed away, dealing with distributing their assets might be the farthest thing from your mind. It’s understandable if you’d rather process your grief in peace. However, while it is unpleasant, it is still something that needs to be done properly to avoid misuse of your loved one's assets. If one of those assets is a house in probate, you might be thinking, "how do I sell my house in probate in Columbus, OH?" Look no further, because cash home buyers in Columbus, OH, like Offer Express are here to help. We buy houses in probate in Columbus, OH, so you won't have to worry about looking for a potential buyer for your probate property. However, if you want to know how to do away with probate altogether, keep on reading because we will be sharing some essential insights involving probate in Columbus, OH.
Probate court proceedings are expensive, lengthy, and overwhelming, so if you can do away with them altogether, you should. Because we buy houses in Columbus, OH, we know just what to do when dealing with probate properties. Here are five ways you can avoid probate in Columbus, OH altogether.
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Make a Living Trust
In Ohio, you can create a living trust to keep just about any asset out of the probate process, including real estate, bank accounts, cars, and more. You should draft a trust agreement designating a successor trustee for when you pass away. This is called a successor trustee. Next, and most importantly, you must designate yourself as the trust's trustee and transfer the title of your property to yourself. After that is completed, the trust's provisions will govern the property. Your successor trustee will be allowed to transfer it to the trust beneficiaries after your passing without going through the probate court.
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Create Joint Ownership
If you jointly own property with another person and this ownership includes the "right of survivorship," the surviving owner will immediately become the new owner of the property upon the death of the previous owner. Although it will require some paperwork to demonstrate that the title to the property is held solely by the surviving owner, there won't be a need for probate in order to transfer the property.
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Have Payable-on-Death Designations on Your Bank Account
Savings accounts and certificates of deposit, among other types of bank accounts, may be marked as "payable-on-death" (POD) in Ohio. The whole balance of the account remains under your control; the POD recipient has no claim to the funds, and you are free to use them completely as you like. When you pass away, the beneficiary can obtain the funds directly from the bank without going through the probate process.
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Transfer-on-Death Registration for Securities
Ohio enables the registration of transfer-on-death (TOD) stocks and bonds. This is a frequent technique for people to keep brokerage accounts. When an account is registered in TOD (also known as the beneficiary) form, the beneficiary you designate will automatically inherit the account upon your passing. The beneficiary will transfer the account straight to the brokerage firm; no probate court proceedings will be required.
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Transfer-on-Death Deeds for Real Estate
A transfer-on-death deed, also known as a transfer-on-death designation document in Ohio, enables you to leave real estate. The designation paperwork is signed and recorded now, but it won't take effect until after your passing. The beneficiary you name does not have any rights until your death; you are free to withdraw it or sell the property at any moment. Creating one eliminates the need for a probate sale altogether.
Liquidate your probate property fast by selling to a cash home buyer in Columbus, Ohio. Who has the time to sell your property through probate when you’re busy grieving? We understand the urgency, and we’re here to help. Sell your house to professional home buyers like us here at Offer Express. We buy houses in Columbus, Ohio, and we are interested in your property. Get in touch with us here at (614) 820-5777 for more information.
