An inventory in Ohio probate is a filing made with the Ohio probate court by the fiduciary, identifying the decedent’s real property and the personal property that is to be administered and that has come into the fiduciary’s possession or knowledge.
When Does an Inventory Have To Be Filed In Ohio Probate?
What Is Included In an Ohio Probate Inventory?
Tangible and intangible personal property that is to be administered that comes into the possession or knowledge of the fiduciary is required to be included on an Ohio probate inventory. Ohio Revised Code 2115.02 and 2115.09.
Real property in Ohio is also included on the inventory. Real property requires the full legal description for the real property and is valued as of the date of death. Ohio Revised Code 2115.02.
What Is the Role Of the Appraiser In Ohio Probate?
A suitable disinterested appraiser may be appointed to assist the fiduciary to value property that does not have a readily ascertainable value. Ohio Revised Code 2115.02. Property that does not have a readily ascertainable value might include an art collection or coin collection that requires special knowledge or training to value.
The county auditor’s value may be used to value real property. Ohio Revised Code 2115.06.
The appraiser may be compensated in an amount that is approved by the fiduciary and the Court.
What Kind Of Notice Is Required For the Taking Of Inventory?
Proof of service is to be filed with the Inventory in the Ohio probate.
Is There a Hearing On the Inventory?
An Ohio probate Inventory is set for hearing for approval of the Inventory. Ohio Revised Code 2115.16.
Notice of the hearing on the Inventory may be served on any person interested in the estate. The Ohio probate court may order notice of hearing on its own or on the motion of an interested party. Notice may be waived.
Exceptions to the approval of the Inventory may be filed within 5 days of the hearing for approval of the Inventory. Exceptions must be served on the fiduciary for the estate and counsel.
Entry Of Order To Approve the Inventory
The Ohio probate court enters an order to approve the Inventory once all issues have been resolved. Ohio Revised Code 2115.16.
The appraisement of real property on an approved Ohio probate Inventory is conclusive for all purposes. The Ohio probate court may order real property reappraised. Ohio Revised Code 2115.17.
What Happens If an Ohio Fiduciary Fails To File an Inventory?
If an Ohio fiduciary fails to file an inventory after citation, there are a wide range of outcomes. The Ohio probate court can remove the fiduciary, deny the fiduciary fees or and attorney fees, grant an extension to file, assess a small fine, or hold the fiduciary in contempt of court.
An Ohio probate attorney knows the deadlines to meet and the required contents of the probate Inventory. The Inventory is a routine filing, but can vary in complexity depending on the decedent’s assets.