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estate planning Archives

What is estate planning?

Estate planning is defined as "the act of preparing for the transfer of a person's wealth and assets after his or her death." It is a common misconception that only those with significant assets should consider estate planning. Instead, it is something which everyone should consider. There are many aspects which affect more than just physical assets. Further, it can offer your loved ones peace of mind in knowing that they have carried out your wishes as you wanted them done.

Inheritance advances

A grandson borrows money from his grandmother. A daughter accepts a family heirloom necklace from her parents. A son receives his father's 1967 Mustang for his 16th birthday. All of them are advised, jokingly or otherwise, "This is coming out of your inheritance." Is this statement true? Can it, in fact, be held by a Probate Court that an heir has already received a portion of his or her inheritance?

Estate planning is an ever-evolving process

Some people in Ohio may have a will or a trust, or may even have a more comprehensive estate plan including a power of attorney and health care directive in place. While that is all well and good, these documents may not be of much use unless they are reviewed periodically. Unfortunately, many people -- even successful business people -- execute an estate plan, and then fail to review it, which may lead to problems down the road

What formalities must be met when executing a will in Ohio?

When people in Ohio think about creating a will, they may think they can simply write something out on their own and be done with it. However, under Ohio Laws and Rules section 2107.03, there are certain formalities that must be met in order for a will in Ohio to be valid and enforceable.

Who will receive your property if you do not have a will?

While death is a guarantee for everyone in Tennessee, most do not really think about it until it becomes imminent. There are way too many things to think about in your daily life to worry about what is going to happen when you die. However, you also cannot take your possessions with you after they die, either. Everything you own will end up in the hands of another person. The law states who will receive you possessions and other assets if you do not have a will directing where they should go.

Summer weddings and estate planning can go hand in hand

Summer is a popular season for weddings in Ohio. For some people, however, this is not their first walk down the aisle. In fact, a Pew Research Center reports that, in 2013, 40 percent of weddings involved one or both spouses marrying for a second time. When one is caught up in the romance of a wedding, it can be hard to stay grounded and think of the practicalities that come with remarriage. For example, if you are remarrying, it is a good time to review your estate plan.

If you think you don't need an estate plan, think again

The very use of the term estate in the context of estate planning is something of a problem, don't you think? Consider – what do you think of as an estate? Downton Abbey? The Breakers? Big structures with hundreds of years of history are the common image of what constitutes an estate.

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