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.
Many come to us here at The Law Offices of Saia & Piatt Inc. after having lost a loved one terrified that the decedent's estate may now have to go through probate. This is no doubt due to the many horror stories told by people in Columbus about how probate proceedings can take so long that they drain all of the assets out of an estate through fees. You might have heard such tales, and thus share the same concerns. Yet it is important to remember that the purpose of the probate process is not to take away all of the assets your loved one spent his or her life working for. Rather, it is just to ensure that they are distributed correctly.
People in Columbus have been telling you for years that even if you think you do not have time to delve deep into your estate planning, you should at the very least write out a will. Why? The answer is the same as the one we here at The Law Offices of Saia and Piatt Inc. have given past clients who came to us after discovering that their loved ones died without wills: Control. You spend the majority of your life working to acquire assets; imagine how frustrating you would feel if the control over who received them once you are gone is taken away from you and your family.
After people lose a parent in Ohio, one of the many thoughts racing through their minds may be whether they are personally liable for any outstanding debts. Along with the emotional strain of the loss and the stress of planning a funeral, they do not need to add the worry of being responsible for paying a parent's bills. In Ohio, a person cannot inherit debt, and there is a system already in place for dealing with the estate and debt. It is known as probate.