When the unexpected happens, Ohio residents who think that their estate planning is airtight can lose everything in an instant. Situations that can cause this misfortune include sudden death or theft. Loved ones can also die within close succession of one another. Examples of these incidents have been revealed in news reports regarding celebrity deaths like Carrie Fisher, Debbie Reynolds, and Zsa Zsa Gabor.
When these type of situations occur, an individual’s estate can be left vulnerable to unwanted consequences. Estate planners urge owners to be proactive in safeguarding assets before the unexpected occurs. Estates that are most vulnerable include those whose owners are wealthy, remarried, have small families, small kids, or have an heir who is disabled.
When the distribution of assets is carefully planned by including an emergency clause, estate owners can secure their family’s financial future. One way estates can be protected is by including a simultaneous death clause. This clause is designed to redirect the distribution of assets to the heirs of each deceased spouse. If a beneficiary dies before an estate owner, the asset that would have been given to the person would then be transferred to a temporary heir.
The inclusion of emergency asset designation, changing the name of assets, redirecting the distribution of assets after a beneficiary’s death, and the creation of a defined asset distribution plan if a heir is underage are vital to the protection of an estate. When estate owners are concerned about uncertain events, an estate planning attorney can often provide assistance with the preparation of documents that are appropriate to a client’s particular family and financial situation.