Some Ohio residents who are creating an estate plan may find a charitable trust useful. A charitable trust is different from a noncharitable trust in several ways, but its primary difference is in laws regarding perpetuity.
Best practices for storing and sharing estate planning documents
Most people in Ohio tend to experience some discomfort when thinking about their end-of-life affairs, but estate planning professionals emphasize the need to inform heirs or executors of wills of the location of documents such as wills, powers of attorney and medical directives. If no one knows where the estate plan is kept, then the probate court might consider the person intestate.
Using trusts in an estate plan
Some people in Ohio might wonder whether a trust would be a useful part of their estate plan. A revocable living trust is one of the more commonly used trusts. It is created during a person's lifetime and allows a person to make changes to the trust.
Selecting estate planning agents
When Ohio residents creating an estate plan, one of the things that they may want to do is to select agents for powers of attorney. Powers of attorney allow people who are trusted to handle things or make choices if the person becomes incapacitated. For instance, financial powers of attorney are a common document that allows named agents to make financial decisions for the principal who can no longer make them.
Estate planning strategies for reducing tension among heirs
When someone passes in Ohio, sometimes surviving family members are dissatisfied with how the departed distributed the estate. Hostile arguments or even lawsuits might result, but estate planning professionals have some suggestions for limiting family disputes and dividing assets fairly.
