Release of Assets
In Ohio, an estate does not require full administration if the value of the Probate Assets is:
- Less than $100,000 if there is a surviving spouse, or
- Less than $35,000 if there is no surviving spouse.
These smaller estates may qualify for what is formally called Relief from Administration, and casually called a “Release of Assets.” In states other than Ohio, you might hear the term "Small Estate Affidavit." While this is not exactly the same as a Release of Assets, it serves a similar function.
There are several different flavors of Releases, depending on the value of the assets to be released and to whom the property is going.
A Summary Release from Administration can be used:
- If the person applying is the surviving spouse who has paid the funeral expenses, and the value of the probate property is less than $40,000 plus up to $5000 of funeral expenses; or
- If the person applying is not the spouse, but has paid the funeral expenses, and the value of the probate property is less than $5,000.
A Summary Release is generally heard by the court and granted immediately.
A regular Release of Assets can be used:
- If the value of the probate property is greater than $45,000 and less than $100,000, and the property is going to the surviving spouse; or
- The value of the probate property is greater than $5,000 but less than $35,000, and the property is going to someone other than the surviving spouse.
Depending on the circumstances, a regular Release of Assets will be set for hearing at some date after it is filed with the court, or it may be immediately heard and granted.
If you need help in determining if you can use a Release of Assets, which flavor you can use, and then getting you through the process, we would be happy to help you, if you contact us.
Items of Interest