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estate planning Archives

Intestacy laws and their influence on estate distribution

One of the biggest advantages that a person can experience when they elect to create an estate plan is the power to decide where and to whom their assets will pass. An Ohio resident can exercise a great deal of influence in this respect and can, with a strong and effective estate plan, avoid many of the pitfalls that others may suffer when they neglect this important part of preparing for the future. If a person does not have a plan in place their assets and wealth may distribute based on the state's laws of intestacy.

What is a medical power of attorney?

A medical power of attorney, also called a health care power of attorney, is a special estate planning document. Through it, a person grants their named agent with the power to make medical decisions for them if the creator of the medical power of attorney is not able to do so on their own. In cases in which an Ohio resident becomes incapacitated or unresponsive, their medical power of attorney can step in and provide medical personnel with answers to their treatment questions.

What can "duress" do to the validity of a will?

Creating a last will and testament is an important estate planning matter for a Dublin resident. Through a will, a person can leave their loved ones assets and property that are contained in their end-of-life estate. Without a will, a person's estate would be subject to the intestacy laws of the state and may result in inheritances being given to individuals the decedent had no intention of benefitting with their death.

What are the differing types of power of attorney?

Many families do not realize that there are several differing types of power of attorney documents, and that they all have different purposes. While a general power of attorney can be prepared in estate planning, there are other circumstances that will need a more specific power.

Estate planning: Medicare, Social Security, and Retirement

When the topic of estate planning arises in conversation, most couples automatically think only about physical assets, and who will get which of those. Rarely do things like Medicare, Social Security, or retirement come to mind until one begins the estate planning process with an attorney. These things matter greatly and should be incorporated into a plan by someone who understands the possible repercussions of a wrong move.

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.

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