Estate planning in Ohio involves the process of preparing a strategy, and the legal framework to support it, for the management and disposal of a person's assets both during life and after death. In that process, planning attempts to maximize the value of the assets and minimize the impact of applicable taxes and fees. Those with small financial holdings are just as needful of estate planning as are those with a large body of assets.
Surveys consistently show that a majority of Americans, including in Ohio, do not have in place sufficient legal measures to take care of all eventualities in the case of incapacitation or death. Elderly persons over 65 are also vulnerable to elder law fraud and abuse at the hands of unscrupulous third parties. There are now platforms and programs that are designed to create a storage place online for one's estate planning and other important documents.
Estate disputes in Ohio and other states can involve the ongoing responsibilities of an estate's executor to the decedent's family. The most famous estate dispute involving an entertainer in recent years has been the dispute that arose over Prince's death without a will, leaving even the identity of all his heirs in doubt. However, disputes and probate litigation can arise when the artist dies with a will, as shown in the estate of famous blues musician Muddy Waters.
Ohio and other states have over 50 percent of their adult residents without wills or living trusts. When a person dies intestate, i.e., without a will, it can be a major mistake and a serious burden on the deceased person's heirs. Without all necessary mechanisms being put in place by good estate planning, family members may incur significant expenses in setting up all the processes necessary to finalize the estate and distribute the assets.