As one of the states that have adopted the Uniform Fiduciary Access to Digital Assets Act, Revised (RUFADAA), Ohio offers protections for fiduciaries that allow them to access a dead person's digital assets. In the past, a fiduciary had access to a person's financial...
Estate Planning
The benefits of a charitable trust
When going through the estate planning process, Ohio residents often consider charitable giving. The concept is beneficial for several reasons. First, it is a morally benevolent thing to do. In addition, for those with larger estates, the charitable deduction can help...
Estate planning as part of a legacy
Some people in Ohio may have heard the phrase "legacy planning" used interchangeably with "estate planning" or wondered what the difference in the two is. They might be uncomfortable with the term "legacy planning" because it seems to imply something grander than...
Reducing the odds of estate plan complications during divorce
During a divorce, it may be a good idea for Ohio residents and others to review their estate plan. Failing to do so could result in having an unintended beneficiary to one or more assets. For instance, if a former spouse is named the sole or largest beneficiary to a...
Reasons to have a will
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...
Why estate planning is important for people without children
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...
3 tips for establishing a business succession
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...
How Hugh Hefner did estate planning right
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...
Digital assets treated differently for estate planning
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...
Why a will isn’t an estate plan
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...