An Ohio resident who is creating an estate plan might wonder what kind of tasks the executor will have. Duties of an executor include locating assets, arranging to pay estate taxes and distributing property to beneficiaries. To make the job easier, an estate owner may want to work with the executor to ensure that all paperwork is in place.
Fans of many iconic fictional superheroes in Ohio and around the world are mourning the recent passing of writer, editor and publisher Stan Lee at the age of 95. When it comes to Lee's estate, there appears to be a tangled web of complexities that would even present some challenges for Spider-Man. While often a spouse would handle estate matters, Lee's wife passed in 2017. Also, the former Marvel chairman was accused of sexual harassment by nurses and home aides, and he made claims about money being missing from his bank accounts.
Ohio residents with large estates may consider using silent trusts if they want to keep their amount of wealth private. A silent trust differs from a traditional trust because the trustee does not regularly keep beneficiaries informed of the assets until authorized by the document.
Many people in Ohio who are concerned about their legacy may have philanthropic goals that they want to see achieved while they are alive. They also want the right legal mechanisms in place to ensure that their philanthropic endeavors will continue after they die. With the assistance of an estate planning attorney or a financial advisor, individuals can create an estate plan that addresses their charitable giving goals.
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.
Many people living in Ohio are aware of the importance of having a will. Unfortunately, this awareness does not always lead to taking action and consulting with an attorney to create an estate plan. Failure to do so can create multiple problems both before, and after, an individual passes away.
Cryptocurrency and other digital assets have increased the complexity of estate planning. People in Ohio who are creating an estate plan should ensure that they take care of both the legal and technical aspects of making digital assets accessible to heirs.
Some Ohio residents might wonder what a special needs trust is and if one might be helpful in an estate plan. A special needs trust can help a person who receives government benefits get additional assistance without having to forfeit the benefits.
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.
Estate planning can be helpful to people in Ohio and throughout the country. It can ensure that some or all assets avoid probate, facilitate greater asset protection and allow for greater control of assets after death. At the very least, an individual should have a will to increase the odds that their final wishes are met. Failure to have this basic estate plan document could lead to the state deciding where money or property goes after a person passes on.