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Dayton Ohio Probate And Business Law Blog

How can I leave my estate to my grandchildren?

When thinking about your legacy, you may come to the conclusion that your own children have already established themselves financially and would not benefit greatly from inheriting a portion of your estate. Your grandchildren, however, may still be in education or not yet able to purchase their own home. Therefore, you may wish to leave your estate to your grandchildren, and bypass your children in doing so.

You may wonder whether this decision will be perceived as controversial, or whether it will even be possible without causing a dispute. You have the right to leave your estate to whomever you choose, however it is important that you plan your estate strategically and without errors so that your wishes can be fulfilled. The following is an overview of ways in which you can successfully leave your estate to your grandchildren.

What happens to debts after death?

If you have recently lost a loved one and they died with significant amounts of debt, you may be feeling worried and concerned about how these debts will be dealt with. You may fear that you will inherit these debts in the same way as you would inherit assets.

The truth is that debts are not treated in the same way as assets after a person has passed away. While you as the deceased person's relative will not be responsible for paying off these debts, you may still have to make some difficult decisions in regard to managing your loved one's estate. The following is an overview of how debts are managed after death.

Living will laws in Ohio

Living wills are not designed for use after a person's death as normal wills are. As the name suggests, a living will is for use during a person's lifetime, during a time when they may not be able to state their preferences or make informed decisions.

In most cases, living wills apply to situations regarding health care. For example, a living will may offer instructions and preferences so that doctors know how to treat a patient when they are in a coma or otherwise incapacitated.

3 types of business entities to consider

If you have ambitions to be an entrepreneur or enterpriser, you'll likely already have a business idea that you are confident you can be successful in. After you have created a business plan and have the funding that you need to get started, you should take the time to consider the type of business entity you want to form.

Your choice of entity could play a big factor in the success of your business since all types have pros and cons. The following is an overview of three types of business entities that are potentially available to you.

Deciding whether to contest a will

If a loved one has recently died and you are surprised to learn that you are not included in their will, this is likely to make the grieving process even more difficult. You will likely have felt that you were one of the closest people in their life, especially if you're directly related.

This news can be especially tough if you are the child of the deceased person and your siblings were included in the will. The contents of the will may not make much sense to you, and over time, you may become adamant that the contents of the will are not in line with your loved one's true last wishes. As a result, you may consider contesting the will.

Challenging a will and proving undue influence

If you have recently lost a loved one, you may have been shocked to find that you were not mentioned in the will even though you are an heir. In learning this, you'll likely feel upset and hurt. These emotions can be very tough to experience at the same time as grieving your loss.

After taking the time to reflect on the reasons why you may have been left out of the will, you may have come to believe that another person close to your loved one heavily influenced their decision-making at the end of their life.

Can anyone challenge a will?

When a person passes away and leaves behind a will, the contents of the will might not be what family members expected or hoped for. Many people, unfortunately, become involved in disputes with other loved ones after a family member passes away because they are so upset with the directives in the will.

If you are interested in challenging a will because you believe that the will should not be executed, you will need to first learn whether you will be able to challenge the will. The following is an overview of the circumstances in which a person has the standing to challenge a will.

Having a business succession plan in place is essential

Life is a game of chance, and no one knows when their last day will be. That's why it's important for everyone, regardless of their age, to have an estate plan in place. This is even more important if you own your own business here in Dayton. If you have your own company and something suddenly happens to you, then an Ohio probate judge may end up deciding what happens to your family business instead of you. You can greatly reduce the chance of this happening by putting a business succession plan in place.

Many factors that may motivate you to pursue business succession planning.

How wills are processed after death

Most people have a will in place at the time of their death. After a person passes away, this will need to be processed so that assets can be handled and passed to beneficiaries. Wills are often referred to as tickets to probate court because they inform the probate court on how to move forward with the deceased person's assets.

If you are in the process of creating an estate plan, you must have a good understanding of how wills are dealt with at the end of a person's life.

What remedies can you pursue in your breach of contract case?

For there to be a legally binding contract, there must be an offer and consideration. There must be a mutual meeting of the minds. The terms, conditions, and expectations of both parties must be made clear. However, sometimes even in the best of circumstances, expectations are not met and a breach of contract occurs.

Fortunately, the law offers a variety of remedies when there has been a breach of contract.

  • Ohio State Bar Association | Connect.Advance.Succeed
  • Federal Bar Association | ORG Jan 5th 1920
  • Dayton Bar Association 1883
  • Super Lawyers
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