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.
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.