Many people in Ohio want to think about estate planning all at once and then set those documents aside for the future. Going over one's estate plan can be practically and emotionally difficult for many people. However, in order to ensure that one's assets are protected and loved ones properly taken care of, it can be important to perform a regular review of the documents, including wills, trusts and non-probate items, that comprise a person's estate plan.
Many entrepreneurs in Ohio run small businesses. In some cases, an owner might realize that he or she is going to need more capital to grow a business. While there are a variety of financial options that can work for this purpose, one of the most coveted is the Small Business Association loan.
Many small businesses in Ohio operate as partnerships with varying degrees of formality. In fact, if you operate a business with another person and do not formally establish it as a corporation or a limited liability partnership, the law may by default treat your company as a general partnership.
It is not uncommon for people to create trusts to protect assets for their minor children, but they might not think about doing the same for their adult children. However, there are a number of reasons that Ohio parents who are creating an estate plan might want to consider a trust for assets left to adult children as well.
Having an estate plan that consists of just a will is one mistake Ohio residents should avoid. There are multiple documents that should be in place to ensure that medical decisions made on people's behalf if they become incapacitated are in accordance with their wishes and that their assets are protected and managed well after they die. Typical legal documents that are part of a complete estate plan can include advanced health directives and powers of attorney in addition to a will.