If your contact with your aging parents, due to job responsibilities or geographical distance, is sporadic, you may miss the first indicators that one or both is experiencing mild cognitive impairment. It can be shocking to visit after several months and see obvious signs of poor judgment or worrisome behavioral changes.
Using a durable power of attorney
Ohio residents who are creating an estate plan might want to consider including a power of attorney. A power of attorney gives a person the ability to act as another person's agent in financial or legal matters.
Why self-prepared wills can be a problem
Many Ohio residents become concerned about estate planning after they have children, experience a health scare or learn that a friend or family member has passed away. In some cases, these individuals may be tempted to make use of boilerplate wills and other estate planning forms found online.
Strange final requests and estate planning
One of Ohio's most interesting residents left behind an iconic method of food packaging along with a very unusual final request on his will. The inventor of the famous and tubular Pringles can of potato chips was 89 years old when he passed away in Cincinnati. In 2008, his children learned that the late chemist, who was known for his lively sense of humor, wanted to be buried inside a Pringles can.
Role of residence trusts in estate planning
Ohio residents have a number of options available to them for asset protection against taxation, business succession and the protection of heirs against their own bad habits or the cunning of others. In some cases, beneficiaries and trustees face a learning curve when it comes to handling trust property and carrying out the instructions.
