Making an estate plan that covers one's pets in Ohio is best accomplished through the guidance of an experienced estate planning attorney. The special circumstances of a pet bequest make it not allowed for inclusion in a will in some states. The estate planning solution of choice may be to create a revocable living trust and fund the pet's trust while the owner is still alive. This will assure funding, greater attention to the matter and likely a greater opportunity to discuss and prepare the terms in cooperation with the beneficiary.
Estate planning in Ohio is an important task for every person, especially if they want to make it easier on their heirs after their death. The following is a list of things to do to get ready for the important meeting with an estate planning attorney to get the process started. Once one gets that first meeting accomplished, everything will go smoothly thereafter because one's legal needs will be satisfied by an experienced professional.
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 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 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.
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 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.
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.
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.
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.