Types of Estate Administration
When a loved on passes away you will open up an estate to transfer property to the rightful beneficiaries. There are three types of estate administration. (1) Summary Release (2) Release from Administration (3) Full Administration. The estate that you file depends on the value of the estate.
Summary Release from Administration
Ohio Revised Code § 2113.031 governs the Summary Release from Administration. Two scenarios will give rise to a summary release application:
- The applicant has paid or is obligated in writing to pay the funeral and burial expenses and the estate assets do not exceed $5,000.00; or
- There is a surviving spouse that is entitled to 100% of the family allowance. The surviving spouse has paid or is obligated in writing to pay the funeral and burial expenses. The estate assets do not exceed $45,000.00.
Release from Administration
Ohio Revised Code § 2113.03 determines when the estate is Released from Administration. You file this estate when either of the following occur:
- There is a surviving spouse that will inherit 100% of the estate and the estate assets are worth less than $100,000.00; or
- There is no surviving spouse and the estate assets are worth less than $35,000.00.
The Full Administration takes place when the above two scenarios don’t apply. When the estate assets are worth more than $35,000.00 then paperwork to open up a full administration is required. An executor or administrator is in charge of distributing the assets of the estate.
Depending on the type of estate administration you file determines how long the process lasts. Typically the Summary Release and Release from Administration take a short amount of time from case opening until case closing. The Full Administration can take on average 6 months from opening to closing. Also, the type of estate filed with the Court will determine the cost for filing the case.