Those who become incapacitated for any reason may not be able to manage their finances. However, Ohio residents and others can create a financial power of attorney to resolve this problem. A financial power of attorney is a person or entity who is allowed to conduct various transactions on an incapacitated person's behalf. Without such a document, family members may need to go to court to get permission to manage that individual's money.
Whether you have recently relocated to Ohio or you have lived in the Buckeye State all your life, it is not likely that you have researched the estate planning laws in this state. In fact, the number of people who adequately prepare their estates before their deaths is quite low. When someone dies intestate, which means without a will, his or her loved ones often have a challenging time during probate.
People in Ohio thinking about the future may want to do their best to ensure that their loved ones are cared for after they are gone. To that end, they may make out a will and develop an estate plan. While people often think about real estate, bank accounts and other tangible or financial items when planning for the future, they may pay less attention to digital assets like email accounts, social media profiles, online subscriptions or even cryptocurrency wallets. People are spending more time and money online than ever before, but making an estate plan for these digital assets is often overlooked.