Some estate plans go into careful detail about how every item in the estate is to be distributed -- but most do not. That can leave you, as the executor of the estate, with the job of figuring out who gets which of the deceased's personal possessions.
A well-developed estate plan is the best way to preserve your assets, protect your future and shield your heirs from unnecessary taxes. Yet, it can be difficult for people to address some of the key conversations they need to have with their families as they go about their plans. Quite often, they aren't even sure where to start.
Do you have a blended family? If this is your (or your spouse's) second marriage, your family unit may include your children from your first marriage, your spouse's children from a first marriage and the children you have together. More than likely, you love all of the kids equally -- even the ones that aren't biologically related to you. That's why it's so important to understand how Ohio's inheritance laws look at the situation.
For some people, guns are just utilitarian devices that they use for hunting or protection. For others, guns are collector's items, valuable pieces of family history or part of their cultural identity. If you have a prized gun collection -- or even just a few special pistols that have been in your family for a while -- it's only natural to want to pass those on to your heirs.
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.