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Probate Law News
Unclaimed Funds For The Deceased
The Ohio Department of Commerce Division of Unclaimed Funds has over 2.6 million accounts worth over $700 million in its custody.If you find unclaimed funds for a deceased relative, you still may be able to claim that money for you or their family.
To claim the unclaimed funds of a deceased relative, you must do the following:
Submit photo identification, i.e. a copy of your driver’s license. Prove the account belonged to the original owner by showing proof of address that matches the unclaimed funds account such as an old utility bill. You can also verify addresses by checking old phone directories at the Ohio Historical Society. Prove that you are legally entitled to claim the funds. This normally requires documentation from the Probate Court in the county in which the owner lived in at the time of death. If the estate is currently open, the fiduciary or administrator has the authority to claim the funds by submitting a current letter of authority showing appointment as the fiduciary. If the person’s estate has been closed in Probate Court, a report of newly discovered assets should be filed, and depending on the court it may be necessary to fully reopen the estate.
In Franklin County Probate Court, a person’s estate may be released from further proceedings if the assets are worth less than $35,000 ($100,000 if the surviving spouse inherits everything).This requires filing with the Probate Court the person’s original will, a certified copy of the death certificate, verification of assets, and proof of relation, along with the application and related forms. A shorter application packet can be used for very small estates; ask if you think it may apply in your situation.
If the probate assets are too great to secure a release from further proceedings, you must open an estate at Probate Court, requiring an appointed fiduciary and attorney.Submitted Probate documents must not be dated more than two years past the filing for unclaimed funds. Read more at tos.ohio.gov.
You May Be Able To Avoid Probate
A living trust is one way someone may be able to eliminate the need for probate. This trust holds legal title to your property after your death and will survive you after your death. Always consult a probate lawyer first.
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Latest news about probate cases in Alaska and nationwide:
Definition:
When no heirs have made claims to either all or part of an estate, the state receives the unclaimed estate.
Personal representative
Definition:
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Power of attorney
Definition:
A legal agreement that authorizes someone to handle or share in handling the financial matters of another person. A "durable" power of attorney can continue to give power to another in handling financial matters after incapacitation has occurred.
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