Creating a will or more complex estate plan is something people do to help their loved ones. A well-drafted Ohio estate plan makes things easier for heirs and avoids potential conflicts during the settling process. However, it’s possible to further lower the risk of a conflict by including personal property in a will, naming the right executor and explaining unequal bequests.
In some cases, it’s a small thing like a belt buckle or a childhood toy that leads to conflicts among heirs. People who are going through the estate planning process may want to just ask their children and other loved ones what they want from the personal property. It’s also a good idea to make a list and keep it updated.
Naming the right executor can go a long way toward avoiding conflict. The executor should be chosen based on the skills and attributes that are required for the job rather than age, gender or relationship. In many cases, it’s a good idea to name a professional fiduciary or corporate trustee to avoid fights among siblings.
Parents often have good reasons for making unequal bequests. One of the children may be more successful than the others and not need as much money. However, conflict can be avoided in many cases by explaining why bequests are not equal.
Individuals in Ohio who are considering their estate plans might want to schedule a meeting with legal counsel. An attorney with experience in estate planning law might be able to help by examining the client’s circumstances and drafting a will that meets specific needs and goals. The attorney might suggest establishing a trust or creating powers of attorney or advanced health care directives. Trusts may be useful in estate planning because they generally allow for the transfer of assets outside of probate.