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estate planning Archives

Health care documents are important to estate planning process

Estate planning in Ohio includes preparation of legal instruments that establish certain preferences that persons have regarding future health care treatments. Two common health care directives are the living will and the health care power of attorney, which may be called by different names in different states. Most people do not usually know the difference between the two, and it is something that the estate planning attorney will take great care to explain to the client.

Estate planning is for millennials as well as older generations

Estate planning in Ohio and elsewhere is a neglected aspect of personal finance and wealth building, even among some who are wildly successful. Estate planning connotes a dry subject that is fit only for those who are very old and very rich. However, anyone with some assets, such as a home, retirement account, life insurance, savings, and the like, will be passing on a disastrous experience to their heirs without an estate plan.

Estate planning may be a valuable gift to one's loved ones

Estate experts in Ohio and elsewhere would likely agree that the spirit of Valentine's Day justifies a special kind of gift for one's family: the gift of an estate plan that will protect the family if one becomes disabled and unable to handle his or her own affairs. It is also the gift of knowing that, when the person dies, his or her wishes will govern the distribution of assets. In addition, estate planning assures that all measures will be taken to protect the assets against certain creditors and protect those assets for the designated heirs.

Estate planning includes the use of trusts to avoid probate

Probate of an estate in Ohio begins after an owner of assets dies. The owner may die with or without a will. If there is no will, but there are assets in the decedent's name, an estate must be opened. With no will, estates must follow state statutory rules and may not try to satisfy the decedent's wishes. The decedent's wishes would be honored if estate planning had been conducted.

Ohio law supports estate planning for business owners

Ohio business owners can benefit from establishing estate planning provisions for the protection of their families, partners and employees. In the personal context, a business owner will benefit from setting up some basic estate planning instruments that are suited to all individuals. The most well-known of these is the person's last will and testament.

Estate planning provides the power of choice to the maker

Having an estate plan is more of a necessity than a luxury item just for rich people. Everyone will benefit from having estate planning instruments in place that will be effective both during life and at death. The governing instrument at death in Ohio and all other states is usually the decedent's last will and testament.  

Estate planning review can be convenient this time of year

Ohio residents may use the end of the year period to review their estate plan. Alternatively, they may use this time to get one started. For those who have already engaged in some degree of estate planning, it is a good time to review one's beneficiaries. This may include persons that have received gifts in the person's will, and it may include the beneficiaries that are listed on insurance policies or on retirement or investment accounts.

Review and update estate planning documents every 5 years

There are many seniors in Ohio who have estate plans that have not been reviewed in many years. The problem arises, however, that a plan that has not been reviewed for 10 or 20 years or more may be woefully out-of-date. The personal representative of the will may need to be changed and other testamentary appointments may be unavailable or deceased after that long of a period. Estate planning is an ongoing process. 

Estate planning tools can protect assets from child's ex-spouse

While a parent will typically want to see his or her assets go to a child, seeing those assets go instead to the child's ex-spouse in a bitter divorce is generally going to be anathema to the parent. A child's ex-spouse can get in the way of what the decedent clearly wanted, which was to keep his or her assets in the family. There are estate planning techniques that may be implemented in Ohio to make sure that the person's assets go to the right persons.

Is estate planning even right for me?

A will is an incredibly important and often overlooked tool. This document can provide a wide array of protections and benefits, but many in Ohio still eschew the estate planning process, viewing it as something for only the rich or very wealthy. A comprehensive will is not reliant on a certain number of valuable assets, and can be used by virtually everyone to create the best estate plan possible, easing the burden for loved ones left behind.

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