News stories about highly paid professional athletes who squander their earnings to the point of going broke and becoming destitute are uncomfortably common. What many people do not know is that this type of financial tragedy often happens to individuals who inherit sudden wealth as part of an estate plan; however, such cases seldom make headlines.
Wills aren't just for the wealthy
Many Ohio residents believe that they don't need a will. This is often because they have few, if any, assets and assume that there is no need to designate what happens to their money and belongings after they die. This is untrue.
Long term care planning begins at 50
Ohio residents may not think it necessary to consider long term care planning while they are still so young and healthy as they are in their 50s. But that's exactly the point. Long term care is a thing that becomes much more difficult to plan for and establish for those who wait until they need it. Generally speaking, there are three approaches people take when it comes to planning for long term care. They plan to rely on Medicaid or other government programs, pay for it themselves or purchase insurance policies to cover costs.
Tips for executors to make their jobs manageable
Ohio residents who are named the executor of an estate have many responsibilities. Fortunately, those who are unable or unwilling to fulfill the role may ask to be replaced. However, staying organized and asking for help when necessary may make the role easier to handle. Individuals who choose to undertake and fulfill their role as executors may find that they won't get much done without copies of a death certificate.
