As you begin the estate-planning process, you may be fortunate enough to have some property that will pass to beneficiaries of your choice without going through probate. This could include liquid assets such as your deposit, investment, and retirement accounts. It may even include some real estate and other large assets, depending on how one titles them.
It was reported this week that famed soul singer Aretha Franklin died without a Will or Trust. This problem not only throws all of her assets and liabilities into the public eye of probate and to the intestacy statutes, but also guarantees tens of thousands in unnecessary costs and tens of millions of easily avoidable estate tax.
Bringing a marriage to an end can be very tough, regardless of a couple's financial circumstances, whether or not they have children, or any other factor. However, it can be particularly challenging for certain people, such as those with a high net worth. If you are in the early stages of a high-asset divorce or have already split up with your spouse, you may need to take a number of factors into consideration, especially those which are financial in nature. Aside from parenting issues, property division, spousal support, and child support, you may also need to focus on how your divorce has affected your estate and go over your estate plan.
People in Ohio who want to protect their assets and decrease the stress of their loved ones after they are gone may choose to have a will. In the state, a valid will may be typed or handwritten by the testator. While many people choose to type the document, some decide a handwritten one is preferred, which comes with certain benefits as well as some downfalls.
As you get older, there are a growing number of things to consider. Along with writing a will and making sure your assets are protected in Ohio, you should also consider whether long-term care insurance is something you will benefit from.
While most people do not want to plan for the worst, it is a good idea for all adults in Ohio to have someone they trust who can make medical decisions on their behalf should something catastrophic happen. This person is outlined in a legal document called a health care power of attorney or health proxy.
Handling estate issues can be challenging for people in various situations, but it can be especially tough for some, such as those who have significant assets or people who have recently split up with their spouse. If you have gone through a divorce, or are thinking about bringing an end to your marriage, it is vital to go over how this change could impact your estate and figure out which steps need to be taken to protect your property. Our law office knows that this can be an emotionally charged time, but you should not let stress and other emotions get in the way of securing your estate.
If you are in the process of setting up an estate plan, many different concerns may be on the table. For example, you may be having a hard time deciding whether a trust or will is more appropriate, or you could be having difficulty naming an executor or figuring out how to divide your assets among beneficiaries. Often, you can develop a better understanding of the right decisions by talking with loved ones and those affected by your estate plan. Our law firm knows that effective communication is an important part of successful estate planning.
When a resident of Ohio dies, matters of estate planning often need to be dealt with long before the grieving process is underway. As stated by the Summit County Probate Court, bills and taxes will be taken from the estate upon death, and then the rest is dispersed and executed based upon the will. Unfortunately, many people put off their estate planning or updates, leaving loved ones to try to figure out what the person would have wanted posthumously, which can lead to confusion, legal headaches and bitterness between the parties involved.
For many Ohio residents, the thought of creating an estate plan for the time following their death may not be their first priority. However, neglecting the important task of putting financials in order and articulating last wishes can leave family members scrambling and confused after a loved one has died.