Cincinnati Legal Blog

Ohio residents who are named the executor of an estate may have many resources at their disposal to help them do the job properly. For instance, there is literature that explains different estate plan documents and what they do. An attorney may also be consulted by an individual who needs help settling an estate. An executor is more likely to need legal or other assistance if the estate is large or otherwise complicated.

The executor is the person who is tasked with overseeing an estate through the probate process. He or she will need to locate assets, distribute them according to the will and pay taxes. It is important for anyone in this role to act in the deceased person's best interests. Otherwise, the executor could face legal consequences. Those who are concerned with legal issues may refuse to carry out the role, and in this case, another person will be appointed to act as the deceased's representative in court.

Half of the households in Ohio and around the country may struggle during retirement, according to an index developed by Boston College's Center for Retirement Research. Unfortunately, the figures are even more alarming for those who have been through a divorce. Researchers say that this is largely because divorced spouses are no longer able to save money by sharing expenses. In addition, they may be facing important financial decisions for the first time.

Couples who divorce after decades of marriage may find it especially difficult to plan adequately for retirement. The problem also seems likely to get worse in the years ahead. While the overall divorce rate in the United States has remained fairly steady in recent decades, the number of couples aged 50 or older choosing to end their marriages doubled between 1990 and 2010. Many older divorced spouses rely on alimony payments to make ends meet, but changes to the nation's tax laws could make spousal support negotiations far more contentious in the future.

Some people in Ohio might wonder whether and how they should include valuable collectibles in an estate plan. This could include art, fine wine, gems, antiques and more.

Accurate valuation is an important element of passing these collectibles on to loved ones. A person may want to have collectibles appraised while creating the estate plan or might want to suggest two or more auction houses or appraisers to provide some guidance to the executor. It may be a good idea to get a certificate of authentication for rare items of high value. People may want to make a list of all the collectibles. If there have been previous buyers for the collection, they might want to include this information as these buyers may be interested in purchasing additional items. Other information that could be helpful includes purchase date, price and the cost of any improvements.

Increasingly, couples are looking at ways to divorce that costs less and leaves them with greater financial stability. To achieve this, people in Ohio who are getting a divorce might want to consider hiring a financial planner and negotiating a divorce settlement instead of going to litigation.

The first step for a person heading for divorce may be to assemble a supportive team. This team could include family members, the financial planner and an attorney. The team can offer both financial and emotional support.