Planned giving is an approach to estate planning that allows people to start making charitable gifts while they are still alive. Ohio individuals, their families and their communities may all benefit from planned giving over a long period of time.
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.
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.
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.