When a parent dies in Ohio, a child could be entitled to a portion of the deceased's estate. This is true even if the parent dies intestate, or without a will. If a house or other property was put into a child's name, that generally belongs to the child regardless of claims others make to it.
Many people in Ohio thinking about the steps needed to care appropriately for their family and their assets after death may wonder what exactly happens during the probate process. Supervised by a court, probate allows a last will and testament to be officially authenticated where one exists; when there is no will, probate can also deal with the distribution of assets according to state law. The process is not limited to the will: It can also include valuing all of the deceased person's assets, paying off bills and taxes and then distributing the assets that remain.
As someone who operates your own small business, chances are, you have ideas, blueprints, recipes, product designs or other elements relating to business operations that you do not want falling into the wrong hands. Maybe you have a secret formula you use to produce a particular product or an exclusive list of contacts you use to conduct business, or perhaps you own a restaurant and feel it necessary to protect your time-tested secret recipes.
Ohio residents can use a thorough checklist to ensure that their estate plans are organized and include all of the documents they need. This will be helpful for surviving loved ones who may have to handle the estate.
Trusts can serve a valuable purpose for people in Ohio who want to manage their estates in order to avoid probate and preserve the maximum value of their beneficiaries' inheritances. However, over time, the intentions and desires of the creator of a trust can change. When this happens, individuals may be unsure if it is possible to make a change to their trust documents and how they can ensure that it is properly recorded.