Ohio probate law distinguishes between non-probate and probate assets. The distinction determines whether or not a will can dictate how to distribute them.
Probate assets include property and bank accounts solely in the deceased's name, vehicles, business interests, stocks, and bonds. These undergo a court-supervised legal process to ensure the decedent paid their taxes and debts. Then, the heirs receive the remaining assets.
Non-probate assets include rusts, such as revocable living trusts, and assets owned in "joint and survivorship” and "survivorship tenancy” forms. They also include retirement accounts and insurance proceeds, as long as they have a named beneficiary. Individuals can explore non-probate asset options to avoid the costly and lengthy probate process.
Most real estate properties in Ohio will undergo probate. However, the state labels some real estate with a transfer-on-death "designation affidavit” as non-probate. Other workarounds include "release from administration” on estates with less than $35,000. Alternatively, estates where the surviving spouse inherits all assets and the value is $100,000 or less may qualify.