While you may not want to think about the end of your life, it is a necessity if you want to make sure your loved ones are provided for. This means planning your estate. Knowing how to get started when it comes to estate planning in Ohio can be confusing. You may not have any idea what you need to do to get things going and start planning for what happens with your assets when you die.
Estate planning in Ohio is the process of ensuring your assets are managed after your death. Having a good plan ensures the court does not have to get involved and can make things much easier for your loved ones. While you have probably heard of estate planning, you may not fully understand it or why it is important thanks to the many myths out there.
As a single parent, it is your job to make sure you have prepared your estate for when you die. Death is quite unexpected, so the sooner you can formulate your estate plan, the better. If you do not create a plan, then the state of Ohio will step in and do it for you upon your death. You certainly do not want that to happen. Worse yet, your estate could end up in probate, meaning your finances cannot be touched until the court is finished, which could be bad for your family.
When you are establishing your estate plan in Ohio you may think first of a will or trust. These documents definitely are important for any estate plan, but as WebMD explains, you also should consider having a power of attorney. A power of attorney is a written legal document that designates the person(s) you choose to make decisions for you if you are unable to make them for yourself.
Understanding the various options for advanced directives is an important part of determining how you want your end of life care handled in Ohio. The differences between arrangements allows you to select the legal document that is right for you and your situation. For many people, a living will offers everything they need to make their desires known as they near their life's end.
If you are preparing your estate plan in Ohio, you may want to consider creating a guardianship. This legal process can be beneficial in a number of ways. We at Kroener Hale Law Firm can help you with this and any other questions you may have as we work together to plan for the future.
Ohio residents who have been divorced at least one time already and have found a new love can benefit greatly from creating a prenuptial agreement before walking down the aisle again. This may be especially true if one or both of the partners in a new relationship has children from their prior marriages. What are some of the benefits of a prenup for a remarriage?
While end of life decisions may not always be the most pleasant to think about, planning ahead can ease stress later on for your loved ones. This is especially true when it comes to paying for nursing home care in Ohio. If you have not yet determined how you will pay for this situation if it arises, it is important to do so as soon as possible. At Kroener Hale Law Firm, we know that determining funding is a crucial part of planning for your future.
Many people in Ohio wonder what will happen to their families and assets when they die, but another question is what will happen to your debts. Will you be relinquished of any responsibility upon your death or will your family have to pay the money in your absence?
Once you become unable to manage your accounts through death or injury and your trust becomes active, you want to be sure that everything goes according to your plans. While this may sometimes be the case, there are situations when mistakes were made in the estate planning process. These can make it possible for creditors to access your assets and your intended ownership to be denied. We at Kroener Law Firm work hard to keep this from happening by ensuring that the trust you choose is the right one for you.