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.
John L. died of cancer at age 57. Luckily for his 51 year-old wife Erika, they had prepared in advance. They had put together a customized estate plan to give Erika the authority she needed to use their money and property while probate was still pending.
What happens when someone dies still owing a substantial amount of money? It's a really important question -- and a lot of us wrongly assume we know the answer.
Too many people make the mistake of thinking that estate planning is only something you need to do when you are getting close to retirement. In fact, according to a recent survey by Caring.com, a whopping 78 percent of people under the age of 36 do not have a will or trust in place.