An Ohio resident who is appointed executor of a will might be responsible for assets outside that person's area of expertise. As executor, it is necessary that the person properly manage the asset. One example of an asset that might be passed down using a will is a wine collection. This is both a unique and a perishable asset, so there are a few things the executor must do.
It isn't uncommon for Ohio residents to have issues talking to their family members about the financial aspects of an estate plan. However, failure to do so could have a profound impact on their parents, spouses or children. Among the topics that should be discussed with family members include what is contained within a will and who should make end-of-life decisions if an individual is mentally incapacitated.
Ohio women may have special factors to consider as part of the estate planning process. Because they live longer and on average have earned less income over their lifetimes, there are unique considerations in planning their wills and other related estate concerns.
An Ohio resident's estate plan might be improved with a power of attorney. A power of attorney can be durable or nondurable, but a durable power of attorney may be best for the purposes of an estate plan because it allows a person to step in and make financial decisions in the event the principal becomes incapacitated. A nondurable power of attorney is no longer valid if the principal becomes incapacitated.
Ohio residents trying to plan their estate without the assistance of an attorney may wish to reconsider that decision. While the use of DIY legal documents has become popular for wills, trusts and powers of attorney, it also comes with risks.
Many Ohio residents aren't concerned over family members or friends granting their final requests. However, some may want some guarantee that a final wish will be carried out even if it is unusual. For instance, there is a story involving the inventor of the Pringles can who asked that his ashes be placed in such a can before being buried.
Ohio residents can designate loved ones to be beneficiaries of accounts such as life insurance policies and IRAs. They should carefully consider their designations and should know what should and should not be done. Emotion may play a significant part in how investors choose their beneficiaries. Investors should consider who they care for the most and would want to ensure are financially stable.
Ohio business owners should have certain documents on hand in the event certain decisions regarding their company have to be made in the future. These documents, which can include a living trust, a financial power of attorney and a last will and testament, will help protect the business in which the owners have invested time and money.
Ohio residents who are planning their estates might want to consider creating an irrevocable trust. While an irrevocable trust has a disadvantage over a will or revocable trust in that it cannot be changed, there are a number of advantages to it as well. Furthermore, setting up an irrevocable trust in a will that comes into effect on a person's death allows the trust to be modified during the person's lifetime.
When Ohio residents are planning their wills, there are a few key areas that are important to consider in order to make sure a will holds up in court after death. Estate planning can be complicated, and it can be critical to be aware of a number of factors that go into a will to enable an orderly distribution of the estate.