Being someone's executor is a huge responsibility -- and it can be rather overwhelming. Not only are you coping with your own feelings about your loved one's death, but you have to immediately start dealing with the estate.
One of the most important aspects of estate planning is naming someone to be the executor of your will. In Ohio, an executor must be at least 18 years old and mentally competent. Unless you waive the requirement for your executor to obtain a bond from an insurance company, you must name someone who has a good credit history and no criminal record. Overall, one of the most important aspects of an executor is that he or she is someone you trust to follow the instructions in your will.
When it comes to estate planning, many in Ohio do not want to think of the bad things, such as death or a challenging medical situation. However, these things do happen, and if one does not have a plan for how to deal with them, things can get messy. A health proxy is one thing that can help ease the stress of friends and loved ones in certain circumstances.
When a loved one passes away in Ohio, families need time to grieve and recover from their loss. However, there are legal obligations that survivors need to fulfil as well. One of the first is to find out whether or not the deceased left a legitimate will behind.
Whether you are an elderly person, mortally ill or just getting an early start on your estate planning, the last thing you want to worry about is how your assets can divide your family. It is fairly common for families in Ohio to face extreme tension over who should get what when someone passes, even when a will clearly states the deceased’s intentions. Suddenly, deep-seated resentments rise up and family members are at each other’s throats.
When the government first announced the tax reform for 2018 onward, many people in Ohio wondered how it would affect their finances. After all, what they make is only one aspect of income. What Uncle Sam took for itself affected the actual take-home pay. One surprising change many people soon noticed was an increase in how much of an inherited estate passed below Uncle Sam’s radar for tax purposes.
Losing a family member is a difficult experience. What can make it worse is finding out that the will making its way through probate in Ohio is not the one originally written or does not contain provisions promised by the deceased. These are just some of the common reasons someone may choose to contest a will.
When it comes to medical decisions, autonomy is a must. However, should you be suddenly incapacitated by illness or injury, you may be unable to make your desires regarding health care known. Even if you have a document in place that states your wishes, it might still be disputed by your family. That's why it's so important to choose a power of attorney, which is a person who will serve as your advocate when it comes to decisions regarding care. Forbes explains what you should look for when making this crucial estate planning decision.
If the privacy of your heirs and your estate, avoiding probate or limiting estate taxes are a concern for you when preparing your estate plan, you may consider establishing a living trust. However, there are different types of trusts available for people in Ohio and elsewhere, and some options may be better suited for certain circumstances than others. Therefore, you may find it helpful to understand the difference between revocable and irrevocable trusts.
As one enters into the process of estate planning in North Canton, they might be under the assumption that whatever amount of assets they have to pass on to their heirs will automatically be limited by an estate tax liability. It may be easy to assume that taxes will come into play during the estate administration process; there are typically tax considerations with any significant transfer of funds or property. Yet estate taxes may be something that too many dedicate too much concern to.