Estate planning is one of those things most people know they should do, but like many things, they often put it off, believing that it is not the highest priority today. They may have other obligations and a busy life, and sometimes just putting together dinner and making sure the kids get to their activities may be about all they can handle after work.
Next year, there will be some changes to Ohio's transfer-on-death affidavits and deeds for real estate. Under the old law, there was always a chance that someone could overlook this after a divorce and property could transfer inadvertently to their former spouse.
One concern of many estate plans is wealth preservation and transfer. Often, parents want to see the fruits of their lifetime's labor benefit their children and grandchildren. A comprehensive estate plan can help in this goal, both by helping to develop a clear strategy for preserving and protecting that wealth while the parents are still living and efficiently transferring those assets to the children when the time comes.
One issue of importance to anyone with property and who is drafting estate planning documents, such as setting up a trust or a will, is the question of capacity. In Ohio, legal capacity means the ability to fully understand what is entailed by those tasks. Many difficult situations can arise when an individual draws up a will or trust at a time when there may be questions of their capacity.