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.
Ohio residents who suffer from physical disabilities have the same rights to prepare an estate plan just like anyone else. Provided that a person is of sound mind and is not being taken advantage of, a disabled person can create a last will and testament that is as legally enforceable as any other will. This is because Ohio law offers other means to certify a will other than affixing a personal signature to it.
If one of your relatives dies in Ohio leaving you nothing or less than you expected to receive in his or her will, is this a sufficient reason to challenge that will? Per FindLaw, the answer is no. Instead, you must have other far more important grounds to successfully challenge a will.
Estate planning can be challenging for a multitude of reasons, but your it is especially important to focus on how your estate plan will affect those you love. Many people decide to list their children and other relatives as beneficiaries, but they may be unsure of how to divide their assets between those they love. Or, they may have no idea who to place in charge of the estate plan. In some cases, someone may not even know which type of estate plan is best, since there are so many options. Sometimes, discussing these issues with loved ones can be very helpful.