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estate planning Archives

Handling unusual final arrangements

Many Ohio residents aren't concerned over family members or friends granting their final requests. However, some may want some guarantee that a final wish will be carried out even if it is unusual. For instance, there is a story involving the inventor of the Pringles can who asked that his ashes be placed in such a can before being buried.

The use of beneficiary designations

Ohio residents can designate loved ones to be beneficiaries of accounts such as life insurance policies and IRAs. They should carefully consider their designations and should know what should and should not be done. Emotion may play a significant part in how investors choose their beneficiaries. Investors should consider who they care for the most and would want to ensure are financially stable.

Businesses and estate planning

Ohio business owners should have certain documents on hand in the event certain decisions regarding their company have to be made in the future. These documents, which can include a living trust, a financial power of attorney and a last will and testament, will help protect the business in which the owners have invested time and money.

Uses and types of irrevocable trusts

Ohio residents who are planning their estates might want to consider creating an irrevocable trust. While an irrevocable trust has a disadvantage over a will or revocable trust in that it cannot be changed, there are a number of advantages to it as well. Furthermore, setting up an irrevocable trust in a will that comes into effect on a person's death allows the trust to be modified during the person's lifetime.

Estate planning pitfalls to keep in mind

When Ohio residents are planning their wills, there are a few key areas that are important to consider in order to make sure a will holds up in court after death. Estate planning can be complicated, and it can be critical to be aware of a number of factors that go into a will to enable an orderly distribution of the estate.

The benefits of an estate plan

Many Ohio couples live together but don't get married. However, just because someone doesn't have a spouse or children is no reason to avoid creating an estate plan. In fact, it may make it more important to create one. For example, if a person is incapacitated and unable to make certain health care decisions, a partner may not be able to make them on that person's behalf.

Involving family in estate planning

Ohio residents who are preparing their estate plan should not neglect the step of talking to their family members about it. In many cases, despite careful planning, assets are lost and conflicts are serious after a person's death. Therefore, communication can be as important as this planning in ensuring that a person's wishes are carried out.

Tips for estate planning

One purpose of an estate plan for Ohio residents may be addressing family conflict. This conflict may spring from disputes over property, or it may be a more longstanding interpersonal dispute. Some people might avoid creating an estate plan because of this, but this only means that when the estate is settled, there will be even more. Working with professionals in creating an estate plan may help people find ways they were unaware of to resolve this.

What a letter of final wishes entails

When an Ohio resident creates a will, there may not be room to include that person's final wishes in the will itself. However, it may be possible to expand upon the testator's thought process or include other notes in what is referred to as a letter of final wishes. This letter may be the perfect place to explain why one person got a larger share of the estate or where the passwords to social media accounts are being kept.

Non-probate assets, wills and estate planning

For estate planning purposes, it is important to make sure that an Ohio person's wishes regarding how assets are distributed are reflected in plans for the non-probate assets as well as in the will. Non-probate assets are assets such as life insurance policies and retirement accounts that are passed down by beneficiary designations. Real property that is jointly owned and joint accounts with rights of survivorship are also examples of non-probate assets.

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