When estate planning in Ohio, you may be tempted to write your own will to save money. After all, there are numerous resources out there that make it seem like a breeze, especially if you consider your needs to be very simple. While you can create your own will, The Balance offers a few reasons why you may not want to.
Estate planning in Ohio is important for many reasons, and much of that is to protect assets and manage finances. If you are a parent of a minor, estate planning is extremely important in terms of naming a guardian for your child in the event both parents die. Planning for the worst will decrease the stress and worry if something does happen, and you can ensure your child is well taken care of by someone you trust.
If you are dealing with long-term financial planning in Ohio, an important consideration is who to choose to be the executor of your estate. There are many factors that go into choosing one, and it is a good idea to understand exactly what an executor does so you do not name one who is not up to the task.
When someone passes away with an estate plan, they likely want their assets to be split up among those they love and their close friends. Unfortunately, disagreements between family members and others who are included in an estate plan can lead to various challenges and may make it even harder for people to recover from losing someone they love dearly. Disputes may arise for a number of reasons and in this blog post, we will look into inheritance disputes and how important it is to resolve them properly. Sadly, some families in Ohio have been torn apart due to these disputes.
We have gone into detail on many different stressors and areas of uncertainty regarding estate plans, such as the challenges that can arise within a family when an estate dispute surfaces. There are many different factors to mull over when you are preparing to create an estate plan, such as talking about your decisions with family members and deciding which option will benefit your loved ones the most later on. For some people, living trusts make the most sense and this option could offer a handful of benefits. For example, many people decide to move forward with a living trust in order to avoid probate.
There are different issues to consider when it comes to estates, from confusion during the planning phase to disputes that arise after someone passes away. However, estate matters can be especially tough for some executors to work through for a number of reasons. Some may feel overwhelmed because they have never taken on these responsibilities before, while others may be emotionally distraught following the loss of someone who was close to them and feel as if they are unable to continue. If you are struggling with your responsibilities as the executor of an estate, you should carefully go over your options and look for ways to simplify your circumstances.
In the wake of a motor vehicle wreck, victims may be going through a number of hardships. Serious injuries are often an immediate consequence of a crash, whether they involve brain trauma, a broken bone, deep laceration or some other wound. The loss of life is another serious concern that has resulted in a great deal of suffering for many families. However, there are other ways that car crashes can affect victims’ lives as well as the lives of those they love, even though it may not be at the forefront of a car crash victim’s mind immediately following a collision. For example, some car accident victims need to make revisions to their estate plan.
We have covered a number of estate issues on our blog, but some are especially emotional and difficult to work through. For example, estate-related disputes which involve siblings and other family members can create rifts in families and high levels of stress and other negative emotions. Whether you are a beneficiary who suspects that an estate is not being managed properly or you are the executor of an estate and are struggling with beneficiaries who claim you have breached your fiduciary duties, this can very tough, especially if the disagreements involve siblings.
There are many different options with respect to trusts and wills and it is important for those who are creating an estate plan to carefully look into their choices and find one that suits their individual needs best. For some people, a less common type of estate plan may be the most sensible option. For example, someone who has a loved one who is a struggling with a mental illness or a disability may find that a special needs trust works out best for their family member. There are a number of perks when it comes to special needs trusts and for some families in Ohio, these trusts help ensure that those who are struggling with a disability have the resources they need.
At Baker, Dublikar, Beck, Wiley & Mathews in Ohio, we understand that estate planning may seem confusing, especially for people who have significant assets. While you may have heard of the benefits of wills and trusts as separate tools, the truth is that they can work together to simplify matters for your beneficiaries after you die.