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.
When creating an estate plan, Ohio residents should consider their needs as well as the needs of those who will receive their assets. For instance, an estate holder could establish a legacy of giving by donating money to charity after passing on. However, this legacy could also be established by donating time and money while still alive as a way to set an example for future generations.
Ohio families may see more conflict over issues such as beneficiary designations and choice of guardians than wills or even powers of attorney, according to a survey by TD Wealth. Over 40 percent of estate planning professionals who responded to the survey said that family conflict was the overall biggest problem in estate planning. Domestic issues caused far more problems than changes in tax law or stock market volatility.
For many people in Ohio, dealing with estate planning can be an unwelcome and emotionally jarring task. Since it involves the distribution of assets among loved ones and forces people to think about their deaths, many individuals are relieved upon completing the task. In addition, many people believe that once they have developed a will and related documents, they have done all they need to do to protect the future of their family. However, due to changing family circumstances as well as changing laws, it can be very important for a person to regularly review and update his or her estate documents.
It may be possible for an Ohio business to survive after the original or current owner decides to leave it behind. However, business owners need to have a plan in place to make sure that happens. Ideally, an owner has at least a will as part of an estate plan. This may give that person control over where assets go after he or she passes on.