A 2011 survey found that 60 percent of Americans stated that they did not have a will. Ohio residents who are unsure about whether such a document is necessary may want to consider how one may be beneficial. Death can occur unexpectedly and sooner than many individuals may think. According to information from the National Center for Health Services, out of the 2.5 million people who died in the United States in 2011, over 90,000 of them were between the ages of 20 and 39.
Purchasing a home is among the best ways you can build wealth over time, but there are a lot of expenditures that come into play that extend far beyond a home's listed price. While a listed amount may give you a general idea of what your mortgage payment might look like, there are many additional expenses associated with buying a house that many of today's homebuyers are unaware of. These may include:
Leaving one's estate in the hands of the Ohio court system could have a serious financial impact. Dying without a will leaves little choice because officials must ensure that the assets of a decedent are rightfully distributed to legal heirs. In the process, the executor may incur expenses related to these activities, which will typically be deducted from estate assets. While this might seem like a good reason to create a will, it is important to understand that having such a document does not remove the need for probate.
Successfully challenging a will in Ohio and throughout the country is difficult because courts work on the assumption that the will conveys the wishes of the testator, or creator, and that person is no longer able to express their wishes in any other way. When a will challenge is successful, it is usually brought by a spouse and is on the grounds that either the testator was unduly influenced by someone else or was too mentally incapacitated to produce a valid will.
One important aspect of estate planning for Ohio residents may be creating a power of attorney. This allows them to appoint someone to manage their finances in the event they become incapacitated due to an accident, illness or a condition like dementia. However, there are a few things they may want to keep in mind regarding a power of attorney.