Most people in Ohio have at least one credit card, and, while some are able to pay off the balance each month, others carry credit card debt. In fact, according to one report, nearly three out of four consumers will still have outstanding credit card debt at the time of their death. This may leave their loved ones wondering if they are now responsible for paying the deceased's credit card debt.
If a person in Ohio dies intestate, that is, with no estate plan, their estate will go through the probate process. Even if a person has a will, in general the will still needs to be probated. Probate can be costly both in time and money, so it is something many people want to avoid. Certain assets need not go through the probate process, though. One type of these assets are transfer-on-death (TOD) accounts.
Parents in Dublin generally want to provide for their children, so it makes sense that when executing a will or trust they will name their children as their heirs. This is true whether the parent is part of a married couple or whether the parent is raising their child on their own.
One of the biggest skills that a person must learn as they grow up and become an adult is how to manage their money. This does not just mean understanding investments and how to save, but also how to budget, plan for fixed costs and make payments on bills and other expenses. All across Ohio individuals deal with financial matters on an almost daily basis.
A will is an important legal document that is often included in the estate plan of a Dublin resident. A will must meet certain requirements in order to be valid and if it does not meet those mandates it may not be recognized as controlling when a person passes away. Generally, a will must be made by some who is an adult, who is of sound mind, who was not forced into make their will and the will must be signed by its creator and two other witnesses.
Most parents in Ohio do their best to help their kids understand basic and important life skills. They may teach them how to care for their own physical needs and how to budget for their financial expenditures. While some children may embrace these lessons and thrive in adulthood, others may struggle to give up their adolescent ways.
It is important that all Ohio residents seriously assess their needs for written estate plans. While many people may feel that they do not possess sufficient assets to justify the creation of estate planning documents, practically everyone can benefit from taking the time to consider just what may happen to their wealth and possessions if they pass away. Additionally, those who do have estate plans in place should consider what changes they may need to make to their existing testamentary documents when they go through significant life events like divorces.
As Ohio residents say goodbye to 2018, they may consider proactive steps they can take to make their futures as secure and carefree as possible. While saving for retirement and providing for their families is often high on their lists of things to accomplish, planning for the disposition of their estates should also rank at the top of their lists. Although estate planning can feel like something that can be put off, everyone should have some basic testamentary documents in place to protect their wealth and assets in the event of their passing.
In a matter of days, Ohio residents will be celebrating Thanksgiving with members of their families and friends who have become special to their lives. And just as the last plates of turkey are cleared from their tables, some individuals will head out into the cold to brave the Black Friday crowds that will undoubtedly ravage local retailers. Holidays like Christmas, Hanukkah, and Valentine's Day are on the horizon and these celebratory events are often associated with gift-giving. While many will stress over what to buy their favorite relations, few will consider a much more important way of providing for those that they love.
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.