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estate planning Archives

Reducing the odds of estate plan complications during divorce

During a divorce, it may be a good idea for Ohio residents and others to review their estate plan. Failing to do so could result in having an unintended beneficiary to one or more assets. For instance, if a former spouse is named the sole or largest beneficiary to a trust, that person could receive money or other assets inside of it instead of family members.

Reasons to have a will

Regardless of how much property they may own, Ohio adults should have a last will and testament. Having a will is necessary, even if one owns only a vehicle or a checking account. Having a vast estate is not a requirement for completing a will. Wills are intended for loved ones who are left behind and so that there will be someone who can properly distribute whatever the decedent owned. Dying without a wills means that a loved one will have to verify his or her relationship to the deceased person, attend probate court and be appointed the administrator.

Why estate planning is important for people without children

Some Ohio couples are choosing not to have children and are instead focused on their careers. While people might think that estate planning is only important for people who want to pass their properties on to successive generations, it is also very important for those who do not have children as well.

How Hugh Hefner did estate planning right

There may not be many Ohio residents who viewed Hugh Hefner as a role model in life. However, he may have been a perfect example of how to create a proper estate plan. In 2010, it was revealed that he had a net worth of $43 in addition to the value of his Playboy real estate and stock holdings. In 2011, that stock was purchased for $207 million.

Digital assets treated differently for estate planning

A joint research paper by law schools at Case Western Reserve University in Ohio and UC Berkeley indicates that 83 percent of consumers believe they own digital content in the same fashion that they own material things. That is rarely the case though, according to the authors of the study. Ownership issues come up frequently with regard to digital media, and the lack of understanding can be most important when the purchaser of the content passes away.

Why a will isn't an estate plan

While a will may be an effective part of an Ohio resident's estate plan, it not necessarily sufficient on its own. For instance, assets such as an individual retirement account or a life insurance policy will not pass to a beneficiary under a will. Assets such as those will go to a person who has been specifically named a beneficiary of those accounts.

Wine as an asset in an estate plan

An Ohio resident who is appointed executor of a will might be responsible for assets outside that person's area of expertise. As executor, it is necessary that the person properly manage the asset. One example of an asset that might be passed down using a will is a wine collection. This is both a unique and a perishable asset, so there are a few things the executor must do.

How to talk about money with family

It isn't uncommon for Ohio residents to have issues talking to their family members about the financial aspects of an estate plan. However, failure to do so could have a profound impact on their parents, spouses or children. Among the topics that should be discussed with family members include what is contained within a will and who should make end-of-life decisions if an individual is mentally incapacitated.

Women may have special concerns in estate planning

Ohio women may have special factors to consider as part of the estate planning process. Because they live longer and on average have earned less income over their lifetimes, there are unique considerations in planning their wills and other related estate concerns.

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