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.
A will is an important part of an estate plan. Wills can be used to specify where a person’s assets will go after he or she passes away. People can also use a will to designate an executor. This individual will be responsible for the distribution process and ensuring that any taxes or debts owed by the estate are paid.
It’s also important to designate a durable power of attorney who can manage assets if the estate holder becomes incapacitated. A person with this authority could also make decisions related to taxes or finances.
Furthermore, individuals should consider including an advance health care directive, also called a health care power of attorney. These documents will specify preferences regarding the medical care an estate holder should receive if he or she is incapacitated and cannot decide.
Another estate planning tool to consider is a living trust, which allows an individual to place assets in a trust and use them during their lifetime. When the estate holder dies, the remaining assets will be transferred to his or her beneficiaries. Such a method is useful because the assets placed in trust do not have to go through the probate process.
An estate planning attorney may provide a wide range of estate administration services. For example, the attorney could engage in litigation to respond to contested wills. Assistance may also be provided to address assets that are in probate.