Ohio Property Ownership and Why it Matters

Distribution of Property Outside of Probate:

Depending upon the asset and its ownership, one’s property may pass to its intended beneficiary immediately upon death by use of payable on death provisions, beneficiary designations and joint and survivorship provisions. It is important to incorporate these practical means of transferring property when appropriate. At Winkler Legal Services, LLC we strive to educate our clients regarding these practical estate planning techniques.

Property Ownership:

Not all property will pass through probate or through a will. An asset will pass directly to the listed beneficiaries upon your death, if there is a payable on death provision or a beneficiary designation on property, such as can be on a bank account, certificate of deposit, life insurance or an annuity. However, you can designate your “estate” as the payable on death or beneficiary designee. Real property is another consideration. Most married individuals own real estate as joint survivors with rights of survivorship, which means that the complete ownership of the real property will automatically vest in the surviving owner. These examples illustrate how property can pass outside of probate court upon your death.