Life insurance payouts and financial instruments (including bank accounts, individual retirement accounts, retirement plans and institutional accounts that are "payable at death") avoid probate as long as a beneficiary is named in the policy or contract and that beneficiary is someone other than the deceased or the deceased's estate and who survives the decedent and is not incapacitated. Instead, the money passes directly to the named beneficiaries.

However, if no beneficiary is named or the beneficiary is the deceased's estate, then the insurance payout or funds go to probate court to be distributed according to Ohio probate law. This is why it's extremely important to make sure beneficiaries are named on all insurance policies, bank accounts, retirement accounts and other eligible financial tools.

If you need to probate an estate or want to keep assets out of probate after your death, the Dayton, Ohio, probate attorneys at Gudorf Law Group can help you understand Ohio probate law and create a plan to avoid probate. Call us for a free consultation at 1-877-483-6730.