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.
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.
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.
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.
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.
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.
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?