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.
Previous posts on this blog have detailed the need for you to see to your estate planning while you still can. If you have already completed this process by creating a will, congratulations. However, you should know that the word "completed" used in this context is misleading. We here at Baker, Dublikar, Beck, Wiley & Mathews are constantly reminding our clients that the estate planning process is never truly over. As the years pass, your circumstances in North Canton are bound to change. Many of those changes should prompt you to revisit your will and update its terms to reflect your current situation.
When you are grieving the loss of your beloved spouse, the last thing you want to worry about is a battle over his or her estate when they died intestate, or without a will. Ohio state laws offer rules regarding statutes of descent and distribution that, as long as no other surviving relatives or heirs contest distribution, could remove this burden from your shoulders. But how do these rules affect you as the surviving spouse?
If you have adopted a child or are an adoptee, what happens when either adoptive or birth parents die under Ohio law? Do laws differ either with or without a will? Do adoptees have a right to a birth parent's inheritance, or a right to their adopted parents' inheritance?
Now that it is tax season, residents in Ohio who received an inheritance last year may be wondering if they are responsible for any taxes related to the property. The good news is beneficiaries are not responsible for any taxes on items they receive as part of an estate. However, if property was sold, the sellers may have to pay taxes.
Ohio residents who want to properly manage their money and other assets may find a trust is the way to go. Not only is it a method to protect the owner and their assets after death or in the case of mental incapacity, but the owner can also direct how the assets are distributed in a responsible manner.
With a new year around the corner, people in Ohio may be focused on getting their finances in order. Along with making sure their will is up to date, some may be thinking of setting up a trust. As a way of preserving and passing on wealth, a trust can be beneficial in certain situations. When setting up a trust, the owner needs to decide whether it is revocable or irrevocable.
Ohio residents who want their assets distributed in a certain way after they pass away need to write a valid will and name a probate administrator to manage their wishes. Probate administration encompasses a number of responsibilities and it is important to choose someone trustworthy and responsible to be in charge.
We have discussed a variety of issues that arise with estates on this blog, from undue influence to creating an effective will. However, there are far more issues to address, some of which you may be currently dealing with. For example, you may be having difficulty naming an executor for your estate, in which case it is pivotal to go over the ins and outs of your circumstances thoroughly. Our law firm recognizes how important it is to find an executor who you can count on and is fully capable of carrying out your wishes.