There are many unexpected events which can upend one’s life. A divorce that someone never saw coming, a health crisis that could prove fatal and a motor vehicle collision that results in a permanent disability are just some of the crises that people have to work through. Unfortunately, for those who are involved in these crises, other important responsibilities such as estate planning matters may be pushed to the side—which can be a costly mistake.
There are many different issues to consider for those who are creating an estate plan or making revisions to an existing estate plan. From figuring out which type of trust works best (or deciding to set up a will) to naming an executor or naming beneficiaries, the estate planning process can be quite complex. There are a number of other things that people may need to consider with regard to estate plans, whether they are creating a plan, or they have been named a beneficiary. For example, inheritance can affect one’s child support payments, and those who are required to pay child support may also need to take this into account with respect to their estate plan.
Disinheriting a child is a matter that should be taken very seriously. It usually occurs when a child has been provided financial support in the long term, perhaps at the expense of other children and family members. Emotional factors may also come into play, especially if parent and child have experienced a serious falling out. No matter the underlying reason, The Balance recommends keeping the following factors in mind if you're considering disinheritance.
When you are creating your will, you may first think about how you want to distribute your physical and financial assets, such as real estate and stocks. However, it is important to consider your digital assets as well. Email accounts, digital bank statements and social media profiles may all contain vital information and content your survivors need to access. State laws may vary in how they address digital assets after death; in Ohio, the Revised Uniform Fiduciary Access to Digital Assets Act provides guidance on the topic.
The main purpose of estate planning is to ensure that one is able to leave as much of their personal wealth to their designated beneficiaries in Columbus. This is the reason why so many estate planning experts recommend that people structure their estates to avoid processes that and obligations that can eat away at an estate's assets. One element that can money away from an estate is estate taxes. Yet most likely assume that paying taxes on an estate is an inevitability. That may not be true in many cases.
It is important to see to your estate planning early on in your adult life to maintain control over the eventual distribution of the assets you will spend a lifetime accumulating. Yet another vital point to remember is that even after you have created a will, the estate planning process is not over. Your will should be reviewed throughout your life to ensure that its stipulations reflect your current desires. Oftentimes, such reviews will reveal where revisions should be made. This prompts many in Columbus to come to us here at The Law Offices of Saia & Piatt, Inc. asking how they can revoke an existing will.
Having an estate plan in place is a must for residents of Ohio. However, you must also be wary of potential scams, which target people through a variety of nefarious means. To ensure you have what it take to recognize common scams, Forbes offers the following advice.
When people are in the process of planning their estate in Ohio, one of the aspects they may consider is writing a will. This document is a place where they can relay, in detail, how they wish that their assets be distributed following their death. While most people think of their loved ones to name as heirs and beneficiaries, other options can be considered as well.
Once you begin the process of planning your estate in Ohio, you will need to make several decisions regarding the essential components of your future. Some of these decisions may include establishing guardianship for any dependents you may have, allocating assets and selecting heirs, and choosing someone who will be in charge of executing your will and guaranteeing that your estate is laid out as you have designated.
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.