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.
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.
Owning a business is a challenge, to be sure, and it is easy to put off planning for the future. As with anything, though, getting a head start on planning is exactly what will equip you to succeed. This is especially true when it comes to determining what will happen to your business after you retire. An effective succession requires planning and research to be executed well.
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.
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.
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.