Legal Question in Wills and Trusts in Ohio
Father in law died he had no will he had a 401k which is in my wife's name but he also had a bank account and car in his name only. How does my wife get his money from account and his car in her name. He owes nothing on car. His only debt was a 2000 credit card.
1 Answer from Attorneys
The answer will depend on the value of the estate. There are likely three potential outcomes, a full probate administration, Release from Administration or Summary from Administration. The correct one is based upon the value of the estate in expenses. Also, there may be a requirement to file a notification with the Ohio Estate Recovery Program. If such a notification was required, but not done, it could subject someone to liability. The liability can be significant, i.e. $1,000 per day fine, plus other expenses... I would suggest you meet with an estate attorney to determine the best course of action.
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