Your estate plan ensures your heirs are well-protected after you're gone. It also helps deal with financial matters related to your estate, including the payment of debts and settling remaining taxes. While having an estate plan in place is of the utmost importance, you should also take the time to update your plan when necessary. In this case, Fidelity recommends the following advice so you can rest assured that your will and other documents sufficiently meet your needs.
Probate is the process of proving a will's validity, settling debt, and dispersing assets to heirs. When certain circumstances apply, probate may not be necessary. While the rules vary from state to state, The Balance offers a few examples of when probate is not applicable.
The idea of having to go through probate in Ohio for a loved one's estate can be intimidating. This process often goes quickly, but sometimes, it can drag on. It really depends on the circumstances. However, what you may not understand is that there are some types of assets that do not ever have to go through probate. Knowing what these are could help you when making your own estate plan.
An executor is a person responsible for handling the affairs of your estate after you’re gone. Making the right selection is crucial, as you want to ensure this person is capable of handling the many chores and tasks of handling an estate, including wills and trusts issues. AARP offers the following tips to help you make the right decision.
Can I make my own will?
If you’re currently estate planning in Ohio, chances are you’ve thought about conflicts between your heirs. It’s a sad fact that conflict is quite common when it comes to the reading of the will, as some heirs may feel slighted or as though assets weren’t dispersed evenly. In this case, there are steps you can take to mitigate the chance of conflict occurring, as illustrated by AARP’s advice.
People in Columbus are told all the time that they need to start thinking about their estate planning. The most basic step in beginning this process is writing a will. Many have likely heard stories about people drawing up wills on napkins or paper plates and leaving everything they own to a random waitress or bartender. While such parties may certainly submit these types of documents as the last will and testament of a decedent, the likelihood of them being authenticated may be slim. That is because the state of Ohio has already determined the process of how one should make and file a will.
Creating a will is something important you can do to look out for your loved ones after you die. The process is actually not that difficult, even though it is made to seem like a huge legal process. In fact, according to the Ohio State Bar Association, anyone can create a legally binding will on their own with little help.
When asked if he or she is an heir or beneficiary to his or her parents assets, one would likely respond with a "Yes." Yet is that assumption correct? It depends on the context in which those terms are being used. Most in Columbus may use the words "heir" and "beneficiary" interchangeably, when in fact they have different meanings entirely.
Estate planning experts in Columbus recommend that people begin preparing their wills at a young age. Once completed, such a document should be filed with the probate court of the county in which the testator resides. Many may think that once that is done, they no longer have to worry about estate planning. Yet depending on the age at which one prepares his or her will, life changes may dictate that changes be made to it.