Choosing a beneficiary for your estate in Ohio is a mixture of legalities and personal considerations. According to MarketWatch, you need to make sure the person you choose will be able to carry out your wishes and handle the responsibility that comes with being a beneficiary. However, you need to have one because it will ensure your family can avoid issues with probate after your death.
Making your choice is a very personal decision, but you also must keep the law in mind. For example, if you name a beneficiary who is under the age of 18, then he or she will not be able to exercise full duties until he or she becomes of age. In some situations, you may also need to name someone to manage the estate until the time your beneficiary turns 18. You should think about the tax liabilities, too, especially if you have a large estate. Generally, for example, if you leave your estate to a spouse, there will be tax breaks.
It is also important to think about the needs of your family once you are gone. Consider your current plans and how those things would play out if you were to die and leave someone else in charge. Would they respect your wishes? You also need to consider the person’s financial situation. If your designated beneficiary is in debt, whatever you leave in your estate could be seized to pay that debt.
Making a clear choice can take time, but it is important to consider every aspect of the situation to make a final decision on an appropriate beneficiary. This information is only intended to educate and should not be interpreted as legal advice.