One issue that may arise for Ohio couples regarding estate planning is that one spouse may be anxious to do so while the other spouse might be resistant. That resistant spouse may not realize that dying intestate could mean stepchildren, step-grandchildren or others whom the spouse would want to receive assets might get nothing.
Estate planning within blended families in Ohio
Creating an estate plan is important for all adults. When it comes to blended families where there may be children from previous relationships and children from the new relationship, an estate plan becomes critical to avoid accidentally disinheriting family members. A trust is one way to ensure that both a current spouse and children from prior relationships are taken care of. A person can set up their trust so that after their death, their spouse receives distributions throughout their lifetime. Afterward, the children receive assets. With this type of trust, a person might want to hire a professional trustee since the spouse or the children might manage it for their own benefit but not that of the other beneficiaries.
Complex issues in estate planning
Sometimes, estate planning can involve complex issues, such as dividing land among family members. Ohio residents who are in this position sometimes make mistakes during the process.
Records suggest total value of Prince's estate
Ohio fans of the musician Prince may be interested in the news that his estate has been valued at $200 million although that is still not a final figure. There are further appraisals ahead. Prince did not leave a will, and as a result, his estate will be divided between five half-siblings and his sister. However, reports say that about half of the estate will go to taxes.
What happens when trusts end
Trusts are financial instruments that are used by many Ohio residents to manage their assets. People may set up a trust to manage property while they are alive or as part of an estate plan that will go into effect when they pass away. Trusts do not last forever, and the arrangements may come to an end for a number of different reasons.
Early estate planning is critical if dementia runs in your family
Many people prefer to put off creating a last will and ensuring that their estate is settled. It can feel depressing or morbid to think over the details of what will transpire after they die. However, particularly in families with a medical history that includes dementia or Alzheimer's developing in the later years of life, early estate planning is important for peace of mind and the protection of familial assets.
