Thinking about our future is human nature. For when we pass on, we particularly want to look out for our families and children. Estate planning and legacy planning are two different ways for you to think about and securing a future for your family. Here are some of the most important differences between estate and legacy planning.
Difference in Ohio between Estate Planning and Legacy Planning
Estate planning in Ohio is based on ensuring that after you’ve passed on, your property, assets, and everything else is dispersed and divided according to your wishes. An experienced estate planning attorney in Ohio will ensure effective estate planning ideas.
An inheritance may include family, friends, relatives and any other beneficiaries that you would include in your will. Your will shall hold all the details related to the distribution of your wealth and assets.
On the other hand, legacy planning is considered as a philosophy, which involves taking measures to locate any problems that may have a negative effect on the wealth you’ve accumulated over your life span. Your attorney will be required to highlight and resolve all the issues so all your wealth can be equally distributed among the successors mentioned in the will.
In estate planning, a skilled attorney will ensure you follow all guidelines mentioned in the Ohio Intestacy Law statutes. In case you pass on without a valid written will and testament, then the Intestacy succession laws will govern your estate. The statutes mentioned in the Intestacy law will help determine your next of kin suitable for the inheritance.
Under the altered intestate law, a living inheritor is an individual who lives up to 120 hours following the death of the intestate. This new addition in the Intestacy Law indicates that if the inheritor has died more than 120 hours following the death of the intestate, then such an individual will still legally qualify for inheritance.
Legacy planning includes family history, family heirlooms and other values a particular family holds important. It may include family jewels and estates owned by their ancestors. Legacy plans are designed to protect these heirlooms until they are inherited by the rightful owners.
If you wish to get further information regarding estate planning and basics of legacy planning in Ohio then contact the offices of John Grundy at 330-637-9030 to schedule a free consultation session with an experienced real estate lawyer.