Kroener Hale Law Firm

We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

During these hard and uncertain times, the staff at Kroener Hale Law Firm are still here to serve you. Please contact us at any time to schedule a free 30 minute telephone/skype consultation to discuss your legal needs. We will continue to diligently protect the rights and interests of our clients through these tough times.

Providing The Advice & Guidance You & Your
Family Need To Make Informed Decisions

Providing The Advice & Guidance You & Your Family Need To Make Informed Decisions

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.