Trusts are flexible estate planning tools that allow people to have their assets used for a specific purpose or in a specific way both during their lifetime and after they have passed on. This is accomplished through the use of a trustee, who manages the assets based on the directions in the trust document for… Read more »
Posts Categorized: Estate Planning
Using Beneficiary Designations in an Estate Plan
There are many different ways and estate planning tools to pass along wealth to the next generation. The most common methods include the use of a will or trust, or sending all of the property through probate without an estate plan. However, probate can be time consuming, costly, and often leads to your heirs inheriting… Read more »
Facebook Helping with Your Digital Estate Plan
The social media website Facebook has recently announced a new feature called the “legacy contact” that allows its users to name a person to handle their account when they pass away. The legacy contact option is one example of many that show how companies that handle digital assets are making it easier for their users… Read more »
What Does It Mean To Have Power of Attorney?
It’s a term you’ll hear both lawyers and laypeople refer to on a regular basis: the power of attorney. But there can also be a fair amount of confusion over just what this legal term of art actually means. Simply put, a power of attorney is a written document giving permission by the “Principal” for… Read more »
Proper Estate Planning Can Help Ease Financial Fears
When it comes to planning a financial future, the cost of health care tops the list of concerns Americans fear most as they try to plan for retirement. That’s the conclusion of a survey undertaken early this year by Bankrate.com. The survey asked a representative sample of adults living in the continental United States, “What… Read more »
Wills and Will Substitutes in Estate Planning
Legal journals and law school textbooks are filled with horror stories covering nearly every facet of law. Some of those stories involve probate cases and the lengths to which some families are forced to go in order to settle a loved one’s probate estate. Two Types of Assets You’ll Leave Behind When a person… Read more »
Live-ins and Rights at Death
If I Love Him/Her, What Difference Does Marriage Make? In short, plenty. If a person chooses to live with another without benefit of marriage, each forfeits certain rights with respect to the partner both during his/her life and at his /her death. During life, a partner does not have the right to be appointed his/her… Read more »
Estate Planning When You’re Single
In recent years, greater divorce rates among older adults means that more elderly Ohio residents will need to think about estate planning without a spouse. Indeed, data from the Bureau of Labor Statistics suggests that more than 50 percent of American adults are single. What should single people know when it comes to estate… Read more »
Important Tips for Writing A Will
None of us likes to think about death, but it’s extremely important for every Ohio resident to make a will. Even if you don’t own a significant amount of property, it’s likely that you want to ensure that certain members of your family inherit particular items that are currently in your possession. Whether you’re concerned about… Read more »
Estate Planning and the Common Law Marriage in Ohio
It’s a scenario that’s become increasingly common around the country: A man and woman who’ve been dating for awhile decide to move in together. They share a household, routinely celebrate holidays with one another’s family, and may have purchased a car or other property together. In other words, their relationship has taken on… Read more »