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Wills And Trusts Archives

Avoiding three potential problems when planning an estate

Ohio residents who are going through the estate planning process should keep three potential problems in mind. Outdated plans, beneficiary designations gone wrong and a lack of digital information are all issues that can cause court-bound family feuds, conflict and emotional distress.

Choosing an executor

There are many aspects of developing an estate plan, such as properly drafting a will. However, one of the most important parts of creating an effective estate plan is choosing an executor. Ohio residents should give considerable thought to whom they select to serve in the role.

Funding trusts

Ohio residents who want to create an effective estate plan should know that the inclusion of a trust is necessary. Trusts can be funded or used to hold various types of assets and can ensure that the assets will be handled in the manner specified by the grantor.

Trusts and trustees

Ohio residents can use a trust as part of their estate plan to have their financial assets managed according to their wishes. However, choosing the right trustee is an important part of setting up a trust and can result in the mismanagement of trust assets if the wrong choice is made.

Estate planning can help avoid later complications

Estate and probate issues can be complex for Ohio families, especially when dishonesty or greed is involved in dealing with a loved one's estate. However, these kinds of problems can be minimized when people have developed wills, trusts and other documents to help ensure that their heirs receive their assets in a way that reflects their interests. The presence of a will can help potential heirs understand their rights and prevent unjust or unfair outcomes after a person has passed away. This can be especially important in the case of blended families, where spouses and children from multiple marriages may have more distant and less trusting relations.

Best times to update an existing will

It is never fun to sit down and think about the fact one day you will pass away. However, that is precisely what you need to do when you create a will. Unfortunately, many Americans forego a will because they either forget to do so or do not want to have difficult conversations. Reports suggest less than half of American adults actually have some kind of will.

How a trust can be useful for adult children

When people in Ohio are creating an estate plan, they may want to consider whether their beneficiaries will be responsible with assets. It is common for people to create a trust to protect assets for their minor children, but some adult children may require a similar amount of protection. Some people may simply lack the financial education to manage the inheritance. Other individuals may have problems with overspending, gambling or substance abuse.

What to know about creating an estate plan

Most Ohio residents can benefit from creating an estate plan -- even those who don't have a lot of wealth or valuable property. While many believe that estate planning only relates to how assets are distributed after a person passes, it could actually accomplish a wide range of goals. For instance, an estate plan may appoint guardians for minor children or dictate how a body is handled after passing.

Reasons to review an estate plan in 2018

Ohio residents who have an estate plan need to review it in the near future. This is true regardless when it was created, as a result of changes to federal estate tax laws. In 2018, the exemption has roughly doubled from what it was in the prior year. Very few meet that threshold. As a result, some estate plan tools that were created to minimize the impact of this tax may no longer be necessary.

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