Everyone in the Dayton area can benefit from estate planning. However, if you are a high-net-worth individual, it is crucial to ensure that the assets you worked so hard to accumulate are secure for your loved ones. A well-executed estate plan can provide peace of mind.
You may have heard talk of probate and probate court, but not fully understand what it is or its implications in terms of wills, trusts and inheritances. The probate process is complicated, and a bit of basic knowledge can help you understand better how it works.
When it comes to estate planning in the Dayton, Ohio, area, one of the best things you can do to keep your loved ones from fighting amongst themselves. All too often estate disputes occur because one or several individuals do not agree with the final instructions the deceased has left behind.
When it comes to planning your estate, most people want to ensure that their kids and grandkids are provided for after they pass. Leaving assets to your family can help them maintain financial security, and if you are passing along heirlooms, it can preserve memories in the family, too. Sometimes, however, you might wonder how much—if anything—you are obligated to leave to your family members.
Individuals use a will to distribute their estate after their passing. However, when other parties corrupt those wishes, a will contest may be necessary.
As of 2016, it was found that a majority of Americans do not have a will, and that number seems to be on the decline, according to data from Gallup News. While 51 percent of Americans had a will in 2005, only 44 percent had a will at the time of the survey.
When a loved one passes away, the will he or she leaves behind may need to go through probate, which is a court process that occurs before the distribution of assets. This is often a time-consuming and expensive experience. There may also be family fights that can prolong and complicate the process even more.
Wills get contested for many reasons. One is that the deceased lacked the capacity to make the will, and another reason is allegations of forgery. A third scenario, one that is somewhat common, is undue influence.
Adults need to create a will early on in life and then regularly update it as the years go on. However, many people fail to even complete that first step. A Gallup poll suggests only 44 percent of Americans have any kind of will.