Ohio National Financial Services, Estate Planning

While the probate process is a natural part of the property ownership and transfer system in this country, there are advantages to avoiding probate. For one thing, transferring property by probate can be a time-consuming process, especially if the estate is large, complicated, or contested. Even a simple will cannot be executed until it has passed through the legal review process attendant with all probate cases.

Another advantage of avoiding probate is that doing so avoids publicity. Probate records are public records, available for examination by anyone. While this may not be a concern with most clients, there may be those who would rather keep their affairs private. Property that passes out of probate avoids the scrutiny of the public eye.

These reasons make life insurance even more attractive as an estate planning tool. Because it avoids probate, life insurance proceeds are paid quickly and out of the public eye, making funds available immediately for virtually any financial purpose the owner might have had.

It is important to note that the advantages of avoiding probate are lost if the life insurance beneficiary designation is "estate of the insured." If payable to one's estate, life insurance proceeds become subject to probate.

Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.