If you live in Ohio and are planning your future, one of the things you may be doing is figuring out your estate and planning what to do with your money, property and other assets. Part of the decision-making process is choosing an executor who will carry out the terms of your estate and distributes everything correctly. This is an important decision, so make sure you consider what the position involves.
The last thing that you want is there to be contention amongst the beneficiaries you leave behind in Columbus. Yet when it comes to the dispersal of a loved one estate amongst multiple parties, there will almost inevitably be people who are not happy with your stipulations. They may allow that disappointment to lead them to challenge the validity of your will, further complication matters and all but ensuring discord. One way for you to stop such discord from occurring in the first place is by including a no-contest clause in your will.
If you’re working on an estate plan in Ohio, you likely know how complex the process can actually be. Accordingly, there are a number of commonly made mistakes to avoid, which can impact the validity of your estate plan and even result in a protracted probate hearing. To help you sidestep any potential issues, Forbes offers the following advice.
Bringing a marriage to an end can have an impact on someone’s life in many ways. For example, their relationship with their children may change, whether they spend more or less time with their kids. Or, they may relocate to a new city or state, struggle to adjust to the single life or have a number of questions related to post-divorce legal matters such as child support. However, it is important to be aware of some other responsibilities that you may have in the wake of a divorce filing, such as changing your power of attorney.
Many people in Columbus choose to make a trust a part of their estate plans. While these documents are certainly beneficial for avoiding probate, you must make sure that you choose the trustee carefully. This person will be responsible for overseeing the affairs of your estate after you’re gone, which takes quite a bit of responsibility. Because this decision is so crucial, AARP offers the following advice.
Even a good estate plan may need to be updated from time to time. Knowing when to revisit your will and other documents is crucial; failure to do so could result in your final wishes being ignored, as well as increased strife between your family members. To prevent this from occurring, Forbes offers the following guide to when an estate plan should be updated.
Choosing a person to be your power of attorney (POA) allows you to have a surrogate act on your behalf should you suffer incapacitation and can no longer make financial or other life decisions for yourself. Some people may wonder, however, if they can or should appoint more than one person to act as a power of attorney. For various reasons, Ohio residents may wish to appoint two or more agents to act on their behalf.
There are all sorts of stressors that people have to face when they decide to split up with their marital partner. For some, such as those who have children, divorce can be especially complicated (child support, custody disputes, and so on). It is important to keep in mind that divorce can have an impact on a person’s life in all sorts of other ways also. For example, those who have an estate plan may need to take a second look at their trust or will when they divorce.
While retirement savings are best started early, many people end up getting a late start. This doesn’t have to spell disaster, however; if you live in Cleveland and are approaching your 40's without a retirement plan in mind, there is hope. TheBalance.com offers some good tips on how to get a jump start on your retirement later in life.
You might be prepared to face any potential challenge in Columbus, except the thought of your own mortality. It is for this reason that you may have put off your estate planning. Several of those that come to see us here at The Law Offices of Saia & Piatt Inc. think that estate planning only involves them preparing a will or trust instrument to deal with their assets upon their deaths. Like them, you may be surprised to learn that another major component of estate planning is preparing for those times when you may (for whatever reason) simply need the added assistance of others.